HOME Survey Shows Affordability Concerns

Lofty home-price growth and tight supply are leading to softening confidence among renters about whether it’s a good time to buy a home, according to the latest installment of the National Association of REALTORS® Housing Opportunities and Market Experience survey. The consumer survey found that a misconception about how much of a down payment is needed to buy could be unnecessarily delaying some qualified young adults from entering the market. NAR’s third-quarter HOME survey asked consumers about their confidence in the U.S. economy and various questions about their housing expectations, including several related to down payments and the amount of money they believe they need to purchase a home. Results show that the share of home owners and renters who believe now is a good time to buy remains at a solid majority but has crept downward since the beginning of this year. Seventy-eight percent of home owners (80 percent in June; 82 percent in March) and 60 percent of renters (62 percent in the previous two quarters) said it’s a good time to buy.

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