Obstacles to Home Buying
Download (PDF: 1.83 MB)
- Homeownership is still the American dream. Nearly all homebuyers 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 homebuyers 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 homebuying process.