Money Troubles Hold Back Nearly Half of Would-Be Homeowners

Buying a home has always been a huge financial commitment, so it’s no surprise that many people believe that their finances aren’t yet up to the task.

However, it’s a bit surprising to learn that this is the case for 45% of the would-be homeowners recently surveyed by Bankrate. That’s a big number.

Bankrate said that 29% say they can’t afford a down payment and 16% say their credit isn’t good enough to qualify for a mortgage.

Many younger adults are putting off homeownership entirely: Bankrate found that 44% of millennials don’t want to own a home right now.

On the other hand, there are many middle-aged Americans (4-in-10, according to Bankrate) who might want a home, but don’t believe they can swing it.

It’s not getting any easier, that’s for sure.

Copyright Today’s Credit Unions