A report from Bankrate found that a whopping 59 million people in the U.S. are considering purchasing a home this year. Of that number, 16 million said they are “very likely” to buy.
Realty Biz News reports that these figures indicate that people are too confident about potential homeownership. New and existing home sales reached 6 million in 2016, and housing affordability, mortgage rates, and inventory levels are expected to become even less favorable for buyers this year.
The Bankrate survey also broke down homeownership plans by demographic.
Over 80% of current homeowners say their mortgage payment is preventing them from saving more money. In fact, more than one in three mortgage holders report that their monthly payment has a “major impact” on their ability to save. That number jumps to over 50% for parents.