TAMPA, Fla. — Aspiring homeowners say purchasing a home is just out of reach. A new survey from Bankrate shows more than half of those who want to buy say they simply don't have enough money.
For many people, owning a home is not only part of the "American Dream" — it's a way to build wealth. But that's getting more difficult recently for people to do for any number of reasons.
First, this Bankrate survey showed that most haven't saved enough money for that 20 percent down payment. Add to that higher mortgage rates and the monthly payment is higher than they can afford.
Finally, getting a handle on current debts can also be an issue.
Mark Hamrick is a Senior Economic Analyst with Bankrate: "Some people have too much credit card debt. Some people have too much student loan debt. Some people don't have high credit scores that will help them to get the best rate, interest rate on the mortgage they apply for."
Inflation has also been a major issue when it comes to affordable housing. Homes are more expensive and interest rates are high. But Hamrick is hopeful that rates will come down a little by the end of the year. He says to be patient and save money.
"Maybe waiting another 6-12 months or longer isn't the worst thing in the world and by that time we might see home prices come down a little bit. I think we will see more supply of homes come onto the market if we get mortgage rates lower and of course with lower mortgage rates then we have a lower payment," Hamrick said.