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December 2023 » thefivestar.com 77 December 2023 J O U R N A L you're hoping that the housing market will crash and make it easier for you to buy a house, you'll probably be disap- pointed. Not only does data indicate the odds of a housing crash in the next few years are slim, the past shows that when the market crashes, it tends to hurt more people than it helps." Some Nonhomeowners Believe a Housing Market Crash Is the Only Way They Could Buy a Home Despite the potential consequences of a market crash, 32% of nonhome- owners believe a downturn is the only way they could afford a home. That's particularly true among young Amer- icans—39% of Gen Zers and 38% of millennials who don't own. Across all demographics, those earning $50,000 to $79,999 (41%) and those with children younger than 18 (39%) are also among the most likely to share this sentiment. Mortgage interest rates likely play a large role, though nonhomeowners aren't the only ones worried. The average rate for a 30-year fixed mortgage was 7.50% as of the week of November 9, and 53% of Americans are worried rates will remain high. That's particularly true among those with children younger than 18 (61%), those earning $75,000 to $99,999 (60%) and millennials (59%). In addition, wom- en (56%) are more worried about high interest rates than men (49%). Separately, 79% expect rates to rise for at least another year, with 53% of this group believing rates will rise for over a year or longer. Regardless of how long they expect rates to rise, though, 27% of Americans believe mortgage rates will be 8.00% or higher a year from now. Beyond that: » Approximately 19% believe mortgage rates will be between 5.00% and 5.99% » Some 15% believe mortgage rates will be between 6.00% and 6.99% » Roughly 13% believe mortgage rates will be between 7.00% and 7.99% Gen Zers are the most optimistic age group, with 21% thinking rates will be between 5.00% and 5.99%. Meanwhile, 21% of baby boomers think rates will be between 7.00% and 7.99%. While it's difficult to predict what mortgage rates will look like in the fu- ture, Channel reported there is reason to believe rates will go down next year. "Across the board, interest rates have risen dramatically since the start of 2022, and mortgage rates are no exception," he said. "Fortunately, just because rates have Do you think the house market is at risk of crashing in the next year? Do you think you'll ever be able to buy a home again in the future? "Right now, home prices are high, as are mortgage rates," Channel said. "With that in mind, I can understand why some might wish for a housing crash that brings lower prices. Unfortunately, if the national housing market were to crash, odds are that it would bring down the rest of the economy with it." However, Channel believes there's hope for potential homebuyers. "It's not impossible for home prices to fall and make a given housing market more affordable," he said. "It's also not necessarily impossible for the housing market to outright crash next year while the rest of the economy remains relative- ly OK (though it's very unlikely). But if