- ORIGINAL NEWS
Aspiring homeowners say they face two major obstacles to buying. Here’s why 20% say it’ll ‘never’ happen
- SUMMARY
Many people who want to buy a home are struggling due to the high cost of living and low incomes.
Over half of aspiring homeowners say these factors are making it hard to save for a down payment and closing costs.
Some are pessimistic and believe they may never afford a home or that it will take years.
High mortgage rates are also a concern.
Rising interest rates increase the monthly mortgage payment, making it harder for people with insufficient income to qualify for a loan.
Homeownership also brings additional costs like repairs and maintenance, so buyers need to carefully consider if they can afford the ongoing expenses.
Other factors such as credit card and student loan debt can also be barriers to homeownership.
- NEWS SENTIMENT CHECK
- Overall sentiment:
negative
Positive
“While there are predictions that suggest rates may begin to come down this year”
“Some financial experts believe that owning a home can be a good investment, and that it can help build wealth over time”
Negative
“More than half of aspiring homeowners say cost of living and insufficient income make it difficult to afford a down payment and closing costs for a home”
“The report also found a degree of pessimism from aspiring homebuyers who think they will never be able to buy a home, or that it will take at least five or 10 years.”