- Households expect home price growth to decline to 2.6 percent over the next twelve months, down sharply from 7.0 percent a year ago. This marks the lowest such reading since the series’ inception in 2014. Expectations over the five-year horizon rose, with households anticipating average annualized price growth of 2.8 percent from 2.2 percent.
- Households expect rents to increase by 8.2 percent over the next twelve months, compared with 11.5 percent in February 2022.
- Renters put the probability of owning a home in the future at 44.4 percent, up slightly from 43.3 percent a year ago.
- Households expect mortgage rates to rise to 8.4 percent a year from now and 8.8 percent in three years’ time.
For more details:
The SCE Housing Survey, which has been fielded annually in February since 2014, is part of the broader Survey of Consumer Expectations. The interactive web feature below presents time trends for variables of interest for the overall sample as well as for various demographic groups. As in previous years, we are also releasing a detailed background report that describes the sample and presents summary statistics for a larger number of questions.
Press Release: Short-Term Home Price Expectations Drop Sharply; Rental Price Growth Expectations Remain Elevated