Home prices are falling, but the housing market is still too expensive for most Americans, according to a new survey by Bankrate.
High home prices, income and closing costs are holding back nearly three in four aspiring homeowners, Greg McBride, chief financial analyst at Bankrate, said Wednesday.
“Affordability is a central issue for owners and non-owners alike,” he added, “with 64% of Americans willing to sacrifice, such as downsizing or moving out of state, to find more affordable housing.” There may be hope on the horizon: Home prices fell 3% in March, the largest year-over-year drop since 2012, according to real-estate brokerage Redfin RDFN said on Wednesday. That follows February’s 1.2% dip. The drop in March was the largest in a decade, which is as far as the company’s records go on home prices.
Generation Z, aged 18 to 26, said they simply did not have enough income, or weren’t ready yet to own a home. Younger generations — millennials and Gen Z — were more willing to take action to do that, the Bankrate survey noted, as compared to Gen X-ers and boomers.
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