A majority of would-be homebuyers in the U.S. say they have been priced out of the market and cannot afford the American dream, according to a new survey.
Owning a home has long been considered the main pillar of the American dream, but the vast majority of aspiring homeowners in the U.S. say they simply cannot afford it. A new survey released by Bankrate Wednesday found 78% of would-be homebuyers cited financial factors when asked what was holding them back from making a purchase.
As mortgage rates topped 7% last week for the first time this year, a separate report from Redfin found that the combination of steep mortgage rates and elevated home prices has pushed the median monthly housing payment to a new record of $2,775, an 11% increase from the same time last year.
Forty-four percent of respondents said they could downsize their living space, while 34% said they would either move out of state or buy a fixer-upper. Another 26% said they would be willing to move farther away from loved ones, 24% said they might consider taking on roommates or living with additional family members and 20% said they could move to a less desirable area. Seventeen percent said they would be willing to move farther away from work.
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