Most aspiring buyers say finances are blocking homeownership
A new FICO survey found that 74% of prospective homebuyers said financial barriers kept them from purchasing a home this year, with high prices and interest rates topping the list. The share rose to 85% among first-time buyers, while nearly 6 in 10 Americans said they do not fully understand the homebuying process.
High home prices, mortgage rates and uncertainty about the buying process are forcing many prospective homebuyers to delay their plans, according to a new FICO survey.
The study found that 74% of Americans who are planning to buy within the next year said financial obstacles prevented them from purchasing a home this year. The share climbed to 85% among first-time buyers.
“Prospective buyers, especially those entering the market for the first time, are delaying plans, adjusting expectations and navigating a process that many find confusing,” said Jenelle Dito, vice president of consumer empowerment and partnership at FICO.
Among Americans who do not currently own a home, 62% said homeownership feels out of reach. Still, respondents associated owning a home with independence, financial stability and achieving an important life milestone.
Key findings:
- 34% of prospective buyers cited high home prices as a barrier.
- 33% pointed to high interest rates.
- 74% have delayed or reconsidered buying within the next year.
- 59% of Americans do not fully understand the homebuying process.
- 64% of first-time buyers said they do not completely understand the steps.
- 22% underestimated or were unsure how credit scores affect mortgage rates.
- Just 15% of Americans plan to buy a home during the next 12 months.
FICO said the findings highlight an opportunity for buyers to better understand credit, financing options and the steps required to purchase a home before entering the market.
The Harris Poll conducted the online survey for FICO from June 4-8 among 3,047 U.S. adults.
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