What Are the Biggest Barriers to Homeownership?

Unison recently conducted a national survey to determine the largest barriers of home ownership. The survey was conducted by Atomik Research, with a sample of 2,018 respondents between the dates of August 7 and August 11, and focuses on the various factors that consumers consider when deciding whether or not to buy a home. Most of those questioned lived in major metropolitan areas.

According to the report, most American’s pooled understand that owning a home is a responsible financial investment, although they do not understand the intricacies of equity that homeownership allows. As per the report, 77 percent of respondents understand that believe that being a homeowner is a good investment, although 15 percent don’t understand the details as to why or how this is the case. Further, when compared to renting, 63 percent of those questioned believe that have a place to call home will reduce stress, as well as anxiety.

The survey also compared the cost of renting versus the cost of a mortgage, and the associated bills that come with reduced anxiety and stress. Fifty-four percent of respondents thought that having the consistency of a home allowed for more capitol to spend on healthier food, and resulted in less doctor visits.

The report also details that millennials, while still a major factor in the first-time homebuyer market, are still the most hesitant to take the plunge into home ownership when compared to older generations, such as baby boomers (56 percent concerned compared to 47 percent, respectively).

The report further shows that millennials are less educated in the intricacies of homeownership—and the ensuing benefits—than baby boomers or Gen Xer’s, although more millennials (65 percent) believe that a mortgage is an opportunity to own a home, compared to 59 percent of Gen Xers, and 51 percent of baby boomers polled.

You can read the full report here.