U.S. Homeownership Becomes Increasingly Unattainable for Many

A recent Bankrate survey reveals that over half of aspiring homeowners are hindered by high living costs and insufficient income, with 20% believing they will never afford a down payment.

• Around half of potential homebuyers in the U.S. are unable to afford a down payment and closing costs, primarily due to inadequate income and the high cost of living.
• 54% of survey respondents cite insufficient income as a barrier to homeownership, while 51% are deterred by the high cost of living.
• 20% of aspiring homeowners feel they will never be able to save enough for a down payment, with another 30% estimating it would take more than five years.
• High mortgage rates and rising home prices further exacerbate the affordability crisis, with median home prices having risen by 16% since 2020.
• Experts predict a slight decrease in mortgage rates by late 2024, but caution that affordability challenges are likely to persist.

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