JANUARY 16TH, 2019
Last quarter’s “2018 Homeownership Opportunities and Market Experience” survey, conducted by the NAR, revealed more about consumer affordability issues entering into 2019. The survey found that although 75% of non-homeowners still see homeownership as part of the American dream, affordability is presenting a challenge for a large portion of want-to-be buyers. 43% of non-homeowners stated they were not in a position to purchase a home, 33% cited current life circumstances not being suitable for homeownership as the reason for not owning, and 16% stated they need the flexibility of renting. This leads to the question: what needs to happen for them to be in a position to buy a home? The largest group of respondents (31%) said an improvement in their financial situation would motivate them to buy, while 30% said it would take a significant life change (marriage, retirement, etc) to get them to buy.
What can you do today to help potential homeowners get into a financial situation in which homeownership can be realized?