“88% said they are confident they will achieve homeownership someday.”In addition, the survey also reveals that for younger generations, the motivation to own a home may be more emotional than financial compared to previous generations:
- <50% say they want to use their home as an asset
- 78% believe it’s the best way to live the way they want, without restrictions
- 80% believe homeownership is the best way to make it on their own
1. 73% of future homebuyers are unaware of low-down-payment mortgage optionsFor those who want to purchase a home, low-down-payment options are instrumental to affording one sooner rather than later, especially given the amount of debt many younger adults have accumulated. Fannie Mae also notes:
“Among the challenges they face is an unprecedented amount of debt, along with a lack of understanding of the mortgage process and their own purchasing power. Debt, in particular, creates many obstacles such as a limited ability to save and the fear of taking on more debt.”Today, there are more than 2,340 down payment assistance programs available nationwide to help relieve this pressure. Understanding what’s out there and the options available may help many buyers become homeowners faster than they thought possible. In a year like this, with record-low mortgage rates making their mark in the history books, being able to take advantage of the opportunity buyers have right now is essential to long-term affordability.