Roughly half of Americans who are planning to buy a home or are actively searching are concerned that they will be able to locate and pay for an affordable residence, according to a new poll conducted by Laurel Road
, an FDIC-insured online lender.
The national survey, which was conducted by Wakefield Research among 1,000 college-educated adults, found 53 percent of respondents admitting their apprehension on their chances to secure an affordable home for purchase. However, 46 percent of respondents admitted they were unfamiliar with alternative down payment options, while 35 percent of total respondents and 46 percent of Millennials believed they could afford a 20 percent downpayment.
Furthermore, 70 percent of Millennials were concerned that interest rates will climb to six percent, compared to 60 percent of Generation X respondents and 35 percent of Baby Boomers, while 74 percent of all respondents stated they would only accept an interest rate of less than six percent before they decided not to move forward with a purchase.
"Purchasing a home is a life-changing decision, yet despite the range of resources, people often aren't aware of the personalized options available to fit their specific situation," said Alyssa Schaefer, Chief Marketing Officer of Laurel Road.