NerdWallet recently conducted a study on homebuyers, which found that purchasing a home is still a top priority for roughly 75% of Americans.
For its report, NerdWallet surveyed more than 2000 adults, analyzed data from its mortgage calculator, and referenced even more data from the CFPB, along with other sources. Using this information, the company was able to develop a snapshot of current homebuyer sentiments, concerns, and outlooks.
According to NerdWallet’s article, its study found that most Americans are considering buying a home as a good investment. That said, the cost associated with purchasing a home is the top concern for those who currently rent and is the determining factor for those who prefer to rent rather than own.
Nearly 28% of renters also cited the mortgage application process as a primary concern for not buying a home, with loan servicing, payments, modifications, and collections being some of the main issues that these potential homebuyers worry about.
These financial and application concerns, however, have not been enough to dampen sales, as approximately 15% of those surveyed have bought a home within the past 5 years while another 32% intend to do so within the next 5 years.
For more information, including further insight and analysis, check out NerdWallet’s 2018 Home Buyer Report.