Buyers Cite Unaffordable Prices as Biggest Hurdle to Homeownership in Q4 2022
Roughly 45% of buyers who have spent three or more months searching for a home without success cite unaffordable prices as their biggest hurdle to homeownership, NAHB Eye on Housing reports. The second most common reason for prolonged house hunts is an inability to find a home in a desirable neighborhood or being outbid by other buyers (tied at 30%).
Despite ongoing challenges, 46% of active buyers plan to continue searching for a home even after three months or longer without success. Of that share, 38% say they will expand their search area, 23% will accept a smaller or older home, and 16% will expand their budgets.
The inability to find an affordable home (45%) is the most common reason buyers looking for 3+ months can’t make a purchase.
Meanwhile, the share who plan to give up their home search until next year or later fell to 21%, down from 28% in the third quarter. This is the first time the share has declined in six quarters.