Only 40% of renters think they’ll be able to buy a home

(CNN)– According to a new survey, fewer than half the renters in the U.S. think they’ll be able to buy a home. The rate is actually 40%

That’s the lowest number since the Federal Reserve Bank of New York started its survey ten years ago.

Sky high real estate prices coupled with high mortgage rates are putting home ownership out of reach for many.

The most pessimism is in the northeast where only 26% of renters think they can buy a home.

That’s down from 51% in just a year.