The rising cost and challenges to obtain homeownership have many worried that dream may never quite be within reach. According to a new survey out by LendingTree, 48 percent of renter report concern that they won’t ever be able to buy a home.
LendingTree researchers surveyed 2,050 consumers to gauge their feelings on homeownership and find what’s stopping them from buying. Though 88 percent report that they would rather own their home than rent, down payments are the biggest barriers holding back those who want to own a home but don’t currently.
The study found 54 percent say they can’t afford a down payment. Other common barriers include home prices being too high in their area (36 percent) and difficulty qualifying for a mortgage due to a low credit score (32 percent).
Among generations, 55 percent of Gen Xers who don’t currently own are concerned they will never be able to purchase property—more than any other age group. More than half of millennials (52 percent) share the same fear.
For more on the study, click here.