Affordability, student loan debt, and down payment requirements are among the main factors in keeping many Americans from homeownership, according to a new survey from the National Association of Realtors.
As HousingWire explains, more than half of the survey’s respondents said that affordability was the top reason for not owning a home. In addition, 39 percent of respondents said that they have student loan debt, while another 59 percent said they do not want to take on a mortgage.
Down payments are also intimidating. A vast majority of the respondents said that a down payment of 10 percent or more is needed to buy a home. Many banks, though, have programs that require 3 percent (or even 0 percent) down.
NAR analyzed data from its Housing Opportunities and Market Experience survey in order to understand housing expectations and sentiment among homeowners and non-homeowners, renters and those who live with a family member.
At 63.7 percent as of Q4 2016, the nation’s homeownership rate is as low as it’s been in more than 50 years.