With mortgage rates still near historical lows, why aren’t more homeowners making a move? Housing analysts blame student loan debt, overly strict lending standards, and lost equity as the leading culprits behind a sluggish housing recovery. But what do homeowners say?
Mortgage information site HSH.com surveyed 786 homeowners at the end of 2013 about their experiences when it came to finding and financing their home. The top six biggest hurdles to homeownership were identified as:
Home prices (flagged by 23.5% respondents): Rising home prices are not just difficult for young homebuyers. Homeowners aged 50 to 59 reported the highest incidence of struggling with higher home prices.
Down-payment (22.9%): Those aged 18 to 29 reported the least trouble with down-payments, while homeowners aged 30 to 39 and 50 to 59 reported the highest incidence of down-payment struggles.
No issues (20.9%): A significant portion of respondents said they don’t face any hurdles to homeownership, with older homeowners reporting fewer hurdles than their younger counterparts.
Other major factors cited included:
Credit score: 12.8%HSH
Interest rates: 12.6%
Property taxes: 7.3%