WASHINGTON – The lack of affordable homes is the top obstacle holding back potential and successful homebuyers, according to the 2022 Obstacles to Home Buying report by the National Association of Realtors and Morning Consult.
The report compares the experiences of both potential and successful homebuyers across races and ethnicities.
Lack of affordable housing is the top obstacle for all races, but other obstacles to homeownership varied by race/ethnicity.
The second-biggest obstacle for potential Hispanic buyers was difficulty saving for a down payment. For potential black home buyers, lack of credit or credit issues was the second-highest concern. For white and Asian potential buyers, it was a lack of homes that fit their criteria.
Approximately three-quarters of potential home buyers are currently planning to save for a down payment, which most noted will take from six months to three years.
Among buyers who were successful in purchasing a home, Asian respondents (51 percent) were more likely than white (32 percent), Hispanic (35 percent), or black (33 percent) respondents to say a lack of affordable homes was an obstacle in their home purchase. The second-biggest obstacle white and Asian buyers faced was competing with multiple offers, while for black buyers it was finding neighborhoods in which the buyers were comfortable.
The Texas Real Estate Research Center has a wealth of economic information online for free.