- ORIGINAL NEWS
Aspiring homeowners say they face major obstacles to buying. Here’s why 20% say it’ll ‘never’ happen
- SUMMARY
Many Americans aspiring to own homes face challenges due to the high cost of living and insufficient income.
The Bankrate report shows that over half of potential buyers cite these factors as obstacles, particularly in urban areas.
Aspiring homeowners are becoming pessimistic, with 20% believing they may never be able to afford a down payment and closing costs.
High mortgage rates further compound the income shortage, making housing less affordable for many.
Besides these primary obstacles, aspiring homeowners also struggle with other financial burdens such as credit card and student loan debt.
Experts emphasize that owning a home comes with ongoing expenses like repairs and maintenance, which can strain finances if not adequately prepared for.
- NEWS SENTIMENT CHECK
- Overall sentiment:
negative
Positive
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.”
“With various factors keeping homeownership out of reach for Americans, many aspiring homeowners are pessimistic, doubting they will ever achieve that goal.”