The Federal Reserve Bank of New York released its Survey of Consumer Expectations for May 2014. The survey found that home price change expectations fell slightly for the third straight month, reaching a new low of 3.77 percent.
Other key market indicators reported by the survey include increases in gas, rent, and the cost of a college education. The survey found that respondents believe gas prices will rise by 5.2 percent, rent will increase by 5.72 percent, and a college education will jump by 9.13 percent in one year.
Inflation also provided a snapshot into consumer's feelings towards the economic future of the country, while jobs continued to be a sticking point among respondents.
"Consumer inflation expectations rose slightly at the one-year ahead horizon but declined at the three-year ahead horizon. Median earnings growth expectations declined to 2 percent, the lowest level this year while the mean likelihood of finding a job among the employed also declined," the Fed said.
Expectations in April for finding a job fell slightly from March—if respondents lost their job today, 46.57 percent of respondents in April believed they could find a job in the next three months. The job expectations rate fell from March's rate of 48.96 percent.
Median earnings growth expectations also drew back, declining 2 percent, the lowest level this year.
The Fed reported, "Mean household income growth expectations increased to 2.64 percent, the highest level since August 2013 and household spending growth expectations increased slightly."
Finally, the survey found that the probability of respondents not able to make minimum debt payments increased to 14.28 percent in April, up from March's figure of 13.79 percent.
Perceived credit availability was largely unchanged, according to the New York Fed.