Recent and would-be buyers report: What is motivating them?

Housing affordability continues to deter many homebuyers.

More than half of would-be homebuyers in a recent survey from Experian reported they are not purchasing a home this year due to properties being less affordable. Regionally, 53 percent of those from the Northeast fell into this category.

Not surprisingly, the survey found that those aged 18 to 34 are the largest generation waiting to buy. One-third of millennials reported they will not be homeowners this year, including 26 percent of those in the Northeast.

It is not just affordability, some are delaying homeownership due to a desire for flexibility to relocate (37 percent), while 26 percent reported both not wanting to take on the debt and not wanting the responsibility to maintain a home leading them to forgo homeownership for now.

Credit scores are influencing homeownership for 63 percent of respondents, 43 percent reported they were denied a home loan, and more than half said it was due to their limited or poor credit history. However, 54 percent said they delayed purchasing to better their credit score, and 56 percent are actively working to improve it, so they can get a better home loan rate, the survey found. Of those who have recently purchased a home, 67 percent reported their credit score was higher than they had anticipated, while 22 percent said it was lower. Additionally, after purchasing, 35 percent reported checking their credit more.

Eighty-three percent of recent buyers reported feeling happy with their experience homebuying, while 44 percent of potential buyers reported they were happy with their experience thus far.

And despite a decline in inventory on the market, 64 percent that there is an adequate amount of homes to choose from on the market.