Most renters aspire to be homeowners. But down payment barriers have many concerned if they’ll ever be able to own one day, according to a survey of 2,500 consumers from LendingTree.
Eighty-eight percent of respondents said they’d rather own a home than rent. Yet, 48% of renters say they worry about whether they’ll ever be able to buy, the survey shows.
Down payment barriers, home prices being too high, and difficulty qualifying for a mortgage due to a low credit score are the biggest concerns and obstacles to homeownership, respondents said. Further, “as the country grapples with a shortage of homes available to meet demand, many who don’t own homes fear they never will,” the research notes.
Many renters see the value in homeownership over renting. The main reasons they prefer to own are the flexibility to do what they want with a space and the stability of not having to worry about renewing a lease, the survey finds.