Renters Want to Buy, So What, Exactly, Is Stopping Them?
A majority of would-be buyers say they’re prepared to purchase a home, but more support is needed
Oct. 15, 2024
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Although many renters are prepared to purchase a home, they do not have the proper amount of support to afford it.
With growing concerns surrounding affordability and low housing inventory, many would-be homebuyers have continued to rent over the past several years. However, a majority of these renters say they would like to buy a home if market conditions allow. According to National Mortgage Professional, 77% of would-be buyers say they feel somewhat or very prepared to purchase a home, yet 40% say they still haven't connected with a lender.
When asked what support they need to help achieve homeownership, 32% reported wanting more information about down payment assistance (DPA) or low-money-down loan options, 31% want help understanding the full financial picture of owning a home, and 25% want assistance with boosting their borrower credentials.
