Strong interest in home-buying exists, with 27% of U.S. adults planning to buy a home within a year. Affordability challenges hinder many, with one-third citing insufficient income as a barrier. Additionally, 22% are waiting for home prices to decrease before buying. Misconceptions about down payments persist, with 40% believing a 15% down payment is necessary, while the median for first-time buyers is only 9%. NeighborWorks America aids potential buyers in accessing assistance programs. Home-buying intentions vary significantly by demographics, with Black adults exhibiting the highest intention to purchase a home.
Despite a strong interest in home-buying, 27% of U.S. adults plan to buy a home in the next year, but face affordability challenges and misconceptions about down payments.
One-third of potential buyers postpone their plans due to insufficient income compared to home prices, and 22% are waiting for prices to lower before buying.
Nearly 40% of respondents mistakenly believe a 15% down payment is necessary, while the median for first-time buyers was 9%, with many programs allowing as low as 3%.
Demographic differences reveal that 39% of Gen Z and Millennials plan to purchase homes compared to 23% of Gen X and 10% of Baby Boomers.
Collection
[
|
...
]