Americans have had a big change of heart about buying a home in the past year, with a record low of just 21% saying now is a good time to buy a home, a new Gallup poll shows.

That’s the lowest homebuyer sentiment since Gallup started asking this question in 1978—beating out the previous lows of 30% in 2022 and 20% in 2020.

It's no surprise many Americans have soured on buying a house. Thirty-year mortgages now average 6.58%, and the median home price in the U.S. is $436,800, compared to $329,000 before the pandemic, Fortune reports.

“The sad reality is that homeownership is the best path to generational wealth building for families, and this is now something that is in jeopardy throughout the majority of the U.S.,” says Maureen McDermut, a broker with Sotheby’s International-Santa Barbara. “Some relief needs to be brought to the market.”

The truth of the matter is that anyone who has not already been a homeowner or built home equity is being priced out of the market—and being put at an economic disadvantage over renters in terms of personal wealth. Homeowners have a median net worth 40 times that of renters, Federal Reserve data shows.

Home prices soared during the pandemic, as people who could work from home began migrating to different regions of the country. Some may have chosen to move because the pandemic prompted them to seek out a fresh start.

Combined with mortgages that are now 50% higher than they were before the Federal Reserve began raising interest rates (4.40% in March 2022 versus 6.58% in May 2023), prospective home buyers, especially younger buyers, are postponing home ownership dreams.

“In the past five years, the price for what we used to consider ‘starter homes’ has dramatically increased, and wages [and] earnings have not kept up pace,” McDermut says. “With rents increasing and home prices increasing, potential home buyers are being squeezed from both ends. It’s hard to save for a down payment when rent is taking up half of the monthly income of renters.”

Nevertheless, Gallup research finds that 34% of Americans still rate home ownership as the best investment they can make—beating out stocks, bonds, gold and other assets.