A whopping 84 percent of Americans say that buying a home is a priority to them, which is a nearly ten percent jump from 2018. Whether it is due to the low mortgage rates, strong job market, or combination of both, Americans want a home of their own. On the other hand, however, 75 percent of Americans think it is harder to buy a first home now than it was 25 years ago. With large, required down payments, low housing inventory, and stagnating wage growth, potential homeowners’ desire for a home does not matter if they cannot afford a home or find one in the first place.
Mortgage rates are low, applications are up and an increase of Americans say they plan on purchasing a home.
In fact, 84% of Americans said buying a home is a priority to them, up significantly from 2018’s 75%, according to the latest NerdWallet Home Buyer Report.
The survey estimates that nearly 100 million Americans plan on purchasing a home in the next five years, while about 27 million are planning to buy in the next 12 months.
More Americans are seeing the brighter side of things, as 44% said they feel better about their ability to buy a home this year.
“There is colossal pent-up demand for homeownership, both among young people who are ready to pair up and start families, and those who see owning a home as the next step in adulthood,” says Holden Lewis, NerdWallet home and mortgage expert.
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