Vast majority of aspiring homeowners say they cannot afford the American dream
DFW housing and macro econ analyst Amy Nixon explains what the spike in mortgage rates means for the housing market on ‘Making Money.’
Owning a home has long been considered the main pillar of the American dream, but the vast majority of aspiring homeowners in the U.S. say they simply cannot afford it.
A new survey released by Bankrate Wednesday found 78% of would-be homebuyers cited financial factors when asked what was holding them back from making a purchase.
The latest survey from Bankrate found seven out of 10 would-be homebuyers cite lack of affordability as the reason they could not purchase a house. (David Ryder/Bloomberg via Getty Images / Getty Images)
The most common challenges cited by respondents were insufficient income (56%), followed by home prices being too high (47%) and the inability to afford down payments and closing costs (42%).
The findings come as a housing affordability crisis in the U.S. continues to escalate with no end in sight.
MORTGAGE RATES ARE RISING AGAIN. HERE'S HOW MUCH THE STEEPER RATES WILL COST YOU
As mortgage rates topped 7% last week for the first time this year, a separate report from Redfin found that the combination of steep mortgage rates and elevated home prices has pushed the median monthly housing payment to a new record of $2,775, an 11% increase from the same time last year.
In a wide-ranging interview on 'Cavuto: Coast to Coast,' The Corcoran Group founder and 'Shark Tank' star Barbara Corcoran addresses market trends and challenges in real estate.
The high costs have pushed homeownership out of reach for many Americans and have left the housing market stalled for months as many would-be buyers and sellers remain on the sidelines waiting for affordability to improve.
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