This broad-based skepticism transcends the headline figures. Just 32% of consumers expect their personal finances to improve over the next year, while 23% anticipate things will get worse. Most people—45%—expect little change, which aligns with a record high share (77%) saying their household income has remained about the same as it was a year ago. Only 14% report significantlyhigher income, suggesting that wage gains are failing to keep pace with higher living costs and financial pressures, and yet only 8% report significantly lower income, indicating stability.
For aspiring homeowners, the outlook is especially grim. When asked whether it’s a good time to buy a home, just 27% said yes, while a resounding 73% think it’s a bad time. The net share of respondents who view buying conditions as favorable fell two percentage points month-over-month to negative 46%—a level that has persisted since the summer.
Recent HPSI data confirms Americans’ skepticism. Throughout 2025, the portion of those saying it’s a bad time to buy has hovered around 70%, several times higher than the share who feel now is a good time. Persistently rising home prices and steep mortgage rates have contributed to these negative perceptions, making affordability an ever-greater challenge for most buyers.
Looking ahead, 40% of survey participants expect home prices to rise in the next 12 months, while 22% believe they’ll fall, and 38% foresee stability. The net share predicting price increases is 18%—unchanged from August. Meanwhile, opinions are split on mortgage rates, with roughly a third expecting rates to go down and another third bracing for further increases. Notably, just 2% now believe mortgage rates will decline—down five percentage points from the previous month—indicating that expectations for relief on borrowing costs remain low.
The Fannie Mae data points to a sustained period of uncertainty and challenge for Americans. With most consumers wary about both the broader economy and their personal financial prospects, and with homebuying seen as increasingly out of reach, it is clear that deep anxieties about the nation’s financial trajectory are shaping everyday decisions and dampening optimism as fall gets underway.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
