Thousands of potential homeowners fail to pursue the American Dream due to confusion over the homebuying process, according to the fifth annual America at Home survey from NeighborWorks America.
The new survey found that the average Millennial believed that the minimum required down payment is 21 percent, while 70 percent of adult respondents believed they lacked the necessary funds for a down payment. Seventy-four percent of adults and 84 percent of Millennials found the homebuying process complicated, while 29 percent of respondents said they knew someone who delayed homeownership because of student loan debt.
Furthermore, nearly 73 percent of all consumers and 62 percent of Millennials were either unaware or unsure about down payment assistance programs in their communities for middle-income homebuyers. Among those familiar with these programs, 53 percent reported receiving “not much information” or “nothing at all” about them.
However, there was still reason to be optimistic despite the mostly negative data: 93 percent of adults believed owning a home is part of the American Dream, while 81 percent of adults and 72 percent of Millennials felt homeownership increases financial stability.