For those seeking to get into their first home, barriers such as high downpayment and closing costs, the lending industry’s credit-scoring system, and income-to-debt ratios can be daunting. A nationwide survey of 1,000 urban and suburban residents in 25 markets, commissioned by the National Association of REALTORS® (NAR), revealed these concerns among would-be homeowners and renters:
74% said having enough money for a downpayment and closing costs was the biggest obstacle to having a home of their own
73% said they could not afford the cost of maintaining a home because property taxes are too high
73% cited having enough money to pay high rent every month
72% said having enough confidence in their job security
70% said being able to find a home that they like and can afford
59% said they couldn’t afford to maintain a home because of the high cost of homeowners insurance
56% did not have the confidence that they would be approved for a mortgage loan
46% did not know how to get started with the buying process
29% were concerned about facing discrimination or social barriers that might prevent them from buying a home in an area where they wanted to live
For those seeking to get into their first home, barriers such as high downpayment and closing costs, the lending industry’s credit-scoring system, and income-to-debt ratios can be daunting. A nationwide survey of 1,000 urban and suburban residents in 25 markets, commissioned by the National Association of REALTORS® (NAR), revealed these concerns among would-be homeowners and renters:
