Obstacles to Home Buying

Key Findings

• Homeownership is still the American dream. Nearly all home buyers across races and ethnicities tested agree homeownership is still the American Dream.
• It’s the market, not the agent. Reflecting on the home buying process, both potential and successful home buyers across races and ethnicities tested say they faced or are facing obstacles like a lack of affordable homes, a lack of homes that fit their criteria, competing with multiple offers, and saving for a down payment.
• Respondents are much less likely to say they faced or are facing obstacles related to a real estate agent, such as a real estate agent not listening to a buyer's needs or not being shown all potential homes.
• Saving for a home purchase is an obstacle, but for most, it's still necessary. Approximately three-quarters of potential home buyers say they are currently planning to save for a down payment, and most say it will take between six months and three years to save.
• Successful home buyers are generally slightly less likely to say they saved for a down payment for their most recent home purchase.
• Discrimination does play a role in the home buying process. Both potential and successful home buyers report facing discrimination during the home buying process.

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