The longing for achieving the "American dream" of owning a home is dwindling among many individuals. According to a survey by the New York Federal Reserve, only 34% of renters believe they have a chance of owning a home, a decline from the previous year's 40% and the lowest percentage in the survey's 10-year history. A decade ago, renters were more optimistic, with 53% envisioning homeownership in their future, a perception that has waned due to ongoing home affordability challenges.

Matthew Walsh, an economist at Moody's Analytics, noted that housing affordability is at its lowest level in thirty years, resulting in many potential buyers being priced out of the market.

The survey also indicated that the prospects for easing home affordability issues are slim. Respondents anticipate that the 30-year fixed-rate mortgage rates will reach 7% in the coming year and remain at that level for three years, marking the highest figures since the survey's inception in 2014. Although current mortgage rates have slightly decreased to around 6.7% in the past month, participants predict a 4% increase in home prices over the next year.

Despite the rising costs associated with homeownership, most survey respondents believe that owning a home is advantageous, with 72% expressing a preference for homeownership over renting.