Industry News

Renters say they can’t afford a home or get a loan

Survey finds less than 2% worried about timing market

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The biggest factor deterring renters from making the plunge into home ownership is not the fear of falling property values, but that they simply can't afford to buy, according to a Bankrate Inc. poll released Monday. In a nationwide poll of 1,004 adults taken this month, less than 2 percent of renters said fear of falling prices was keeping them out of the market. The National Association of Realtors has maintained that consumer psychology contributed to the housing slowdown that began in 2006. NAR launched a nationwide advertising campaign in November aimed at boosting buyer confidence, proclaiming, "It's a great time to buy or sell a home." According to the Bankrate poll, affordability is the single biggest issue cited by renters who were asked what, if anything, was holding them back from buying a home today. Nearly 40 percent of renters polled nationwide said they could not afford a home, with price being an even bigger issue in the Northeast (49 percent) and western states (48 pe...