SCE HOUSING SURVEY
At a Glance: Findings from the 2024 SCE Housing Survey (Fielded in February)
- Households expect home price growth to increase to 5.1 percent over the next twelve months, up from 2.6 percent a year ago. This is their second highest reading in the survey’s history, but below the series high of 7 percent in 2022. Expectations over the five-year horizon declined by 0.1 percentage point, with households anticipating average annualized price growth of 2.7 percent.
- Households expect rents to increase by 9.7 percent over the next twelve months, compared with 8.2 percent in February 2023, reversing last year’s decline.
- Renters put the probability of ever owning a home in the future at 40.1 percent, a decrease from 44.4 percent a year ago, reflecting a series low.
- Households expect mortgage rates to rise to 8.7 percent a year from now and 9.7 percent in three years’ time, both numbers a series high.
- Homeowners’ expected probability of refinancing in the next year rebounded slightly to 6.3 percent from 4.1 percent last year.
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.
Press Release: Housing Price Growth Expectations Increase; Renters Express Concern for Ability to Own a Home
