The real estate market is the main barrier prospective homebuyers are experiencing.
Prospective homebuyers across races/ethnicities tested have not yet bought a house mainly because they are waiting for prices to drop. Additional reasons cited are also market-related, such as waiting for mortgage rates to drop.
Saving for a house down payment is also an obstacle for prospective homebuyers.
In thinking about what is holding them back from saving for a sufficient down payment, prospective homebuyers across races/ethnicities tested cite current rent/mortgage payments and credit card payments as barriers. Despite this, awareness of existing down payment assistance programs is low.
Discrimination also plays a role in the homebuying process.
About one in six prospective homebuyers across races/ethnicities report facing discrimination in the homebuying process. More than half of Black (63%), Asian (60%), and Hispanic (52%) who report this say it was due to their race/ethnicity. Despite this, most discrimination during the homebuying process goes unreported.
Topics Covered in the Report
- Homebuying Status and Preferences
- Common Homebuying Barriers
- Experiences with Home Loans
- Experiences with Down Payment Assistance Programs
- Experiences with Discrimination