American investment preferences have shifted in response to ongoing economic insecurities, according to a new Gallup poll.
When asked which is the best long-term investment, a plurality of respondents still said real estate, but the share sank to 34% this year from 45% last year.
The drop brings the preference for real estate more in line with the average from 2016 to 2020, after soaring in the pandemic boom. It also highlights the downturn in housing markets, as high mortgage rates have induced price slumps and reduced investor confidence.
Meanwhile, gold surged to second place, with the share who view it as the best long-term investment jumping to 26% this year from 15% in 2022. The share favoring stocks fell to 18% from 24%, marking the first time in 10 years that gold topped stocks.