Buyers Trust Realtors® Most for Homeownership Info, Survey Finds

Nearly 70% of non-homeowners said the homebuying process is complicated.

NeighborWorks found that many would-be buyers are struggling on the steps to homebuying. In fact, more than half of non-homeowners (57%) said they need guidance on saving to purchase a home. Even before they start their search, 35% said they feel as if homeownership does not seem like a viable option because of their current financial status, while 26% said they have too much debt to begin the process.

Not surprisingly, 49% of non-owners said affordability is the most important factor when it comes to home shopping. Including affordability, the other top features Americans want in a home include a home that feels safe or secure and a neighborhood that feels safe and secure. While 94% of respondents want a home that feels safe and secure, only 40% of them feel that way about their current house, and while 93% want a safe and secure neighborhood, only 37% said their current neighborhood is. Ninety-one percent of respondents want an affordable home, but only 37% of respondents felt their home is.

Eighty-four percent of respondents said one of the benefits of homeownership is that it would give them or gives them a peace of mind, while 85% said it would give or gives them a sense of safety or security. Seventy-two percent believe it increases a person’s financial stability, while 71% said it makes or would make them feel connected to the community.

The report also found a lack of minority homeownership. Only 40% of Blacks own homes, down from 48% in 2019, while only 46% of Hispanics and Latinos own home, a decrease of 5% from last year. White homeownership has increased 69% to 70% over the past 12 months.

Only half of Americans feel secure in their housing situation, and not surprisingly, 33% are looking for a new place to live. Sixty-eight percent of people said they would use a Realtor® for homeownership information, more than any other source, while 29% said a Realtor® was the first place they turned to for homeownership advice, again, more than any other source.