With 53% of buyers actively searching for a home in Q1 2019, The National Association of Home Builders (NAHB) reports that the price of a home remains the biggest hurdle to homeownership.
The NAHB states that 46% of potential home buyers stated they are having trouble finding an affordable home. Not being able to find a home in the neighborhood of their choice was a barrier for 40% of potential buyers, and 38% said they couldn’t find a home with the features they want.
According to the report, the share of buyers who consider high prices the biggest hurdle fell 5 points when compared to 2018. The amount of people who couldn’t find a home in the proper neighborhood fell 2 points and there was no change for people who couldn’t find home with features they want.
Seniors are most likely to be actively searching for a home at 56%, with 50% of millennials actively looking to buy a home. Baby Boomers have the lowest share of people actively searching for a home at 41%. Potential buyers within Gen X came in at 42%.
The northeast has the most active potential buyers at 53%, which was followed by the west coast at 47%. The midwest has just 42% of people actively seeking a home.
A national poll states that 13% of adults in Q1 2019 are planning a home purchase in the next year, the NAHB reports.
The NAHB states that of those who were surveyed, 56% will continue to look for the “right” home in their preferred location, 41% will expand the search area and 30% are willing to accept a smaller or older home. Twenty-one percent may buy a more expensive home and 14% said they would stop looking “until next year or later.”
That 14% share of potential buyers who expect to stop looking is lowest report share in the past year. The previous low was 16%, which was recorded in Q1 and Q4 2018.