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Owning a home has long been considered a mainstay of the American dream, but the vast majority of aspiring home buyers in the United States say they simply can’t afford it.
A new Bankrate survey released Wednesday found that 78% of potential homebuyers cited financial reasons when asked what’s keeping them from buying a home.
A new Bankrate survey found that seven out of 10 potential residents cite lack of affordability as a reason for being unable to purchase a home. (David Ryder/Bloomberg, Getty Images/Getty Images)
The most common challenges cited by respondents were insufficient income (56%), followed by home prices being too high (47%) and being unable to afford down payments and closing costs (42%).
The survey results come amid a housing affordability crisis in the United States that things continue to grow with no end in sight.
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High costs put homeownership out of reach for many Americans and drive them away Real estate market Property transactions have stalled for months as many potential buyers and sellers wait for affordability to improve.
A new Bankrate survey found that nearly 7 in 10 Americans say they are willing to take at least one step to find affordable housing.
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Forty percent of respondents said they might downsize, while 34% said they would move out of state or buy a fixer-upper home.
A “For Sale” sign outside a home in Teaneck, New Jersey on November 24, 2022. (Yuvraj Khanna/Bloomberg/Getty Images/Getty Images)
Another 26% said they’d be willing to move further away from loved ones, 24% said they might consider finding roommates or living with other family members, and 20% said they might move to a place that’s less remote. 17% said they would be willing to move further away from their workplace.
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“Owning a home is at the core of the American dream, but affordability is a major barrier to achieving it,” said Greg McBride, chief financial analyst at Bankrate. Insurance fees, reducing space may not reduce associated costs. “
Fox Business’ Megan Haney contributed to this report.
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