
Nearly three-quarters or Americans said owning a home is the hallmark of economic prosperity.
According to Bankrate, 74% of Americans place homeownership at the top of the list, ahead of bring able to retire (66%) and having a successful career (60%). Homeownership also topped owning a car (50%), having children (40%) and obtaining a college degree (35%). Generation Z was the only the generation who didn’t place homeownership in the top spot; instead having a successful career edged out owning a home by 1%.
Despite longing to do so, affordability is the biggest challenge for those looking to become homeowners. Forty-three percent of non-homeowners in the survey reported they don’t make enough to buy a home, 39% cited high home prices as a barrier, 36% said they cannot afford a down payment and 22% said their credit isn’t good enough. Millennials were more likely to say high home prices were holding them back, while Generation Z was more likely to say they aren’t quite ready to become a homeowner.
With higher home prices and rising mortgage rates, some homebuyers are playing the waiting game, 42% said they are not willing to do anything different to find a home they can afford, but 27% said they would consider moving out of state to find something affordable and 21% would buy a fixer-upper. Twenty percent said they would relocate away from family and friends and 13% would endure a longer work commute to be a homeowner.
For those who did take the plunge into homeownership, 72% said they would do it the same way again, even with hindsight.
Topics
Member Discussion
Recent Articles
-
Survey Reveals First-Time Homebuyer Hindsight
- May 15, 2025
- 3 min. read
The survey found that most first-time buyers did not regret their purchase, but they did underestimate the hidden costs of homeownership.
-
1 in 3 Americans Rent Self Storage
- May 14, 2025
- 2 min. read
With space shortages growing and demand expanding, 33% of Americans use self storage, and 18% plan to rent a unit in the future, according to a survey of nearly 3,000 conducted by StorageCafe.
-
Manufactured Homes Serve as Affordable Options for Millions
- May 13, 2025
- 2 min. read
“Manufactured homes make up only 5% of the total housing stock but provide an alternative form of housing that meets the needs of various households, particularly in rural areas,” says NAHB.
Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.