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MortgagePoint September 2023

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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 86 J O U R N A L September 2023 to worry about renewing a lease (58%) as the top reason to prefer homeownership. Being proud of homeownership (49%) and expecting a home to increase in value (47%) are also among the top-cited reasons for buying a home. » Both renting and homeownership have their drawbacks. Home maintenance and repair costs are the top aspect homeown- ers dislike about their decision to buy, at 36%; property taxes (35%) are a close second. Among renters, 30% say the worst part about their current situation is the unexpected rent increases, followed by having to deal with a landlord (22%). "While homeownership can be a great goal to strive for, there are more important things in life," LendingTree senior economist Jacob Channel said. "If you're in a position where you can afford it and are willing to take on the responsibilities of homeowner- ship, buying can be well worth it. But if you're not in a position to buy, you shouldn't be too hard on yourself." Most Americans think homeownership is a key milestone. In fact, 94% of consumers say owning a home is part of the American Dream—though 38% of this group say it's less important than it used to be. And not all Market Trends MORE THAN HALF OF AMERICANS FEAR THEY WILL NEVER OWN A HOME W hile owning a home has been seen as a sign of success, other- wise known as a quintessential part of achieving the American Dream, the path to homeownership remains a tough one for many Americans. Although 84% of Americans say they'd like to own a home one day, some 51% of Americans who don't currently own a home fear that they never will. That's according to a new survey from LendingTree. Key findings of LendingTree's survey include: » For those who rent, the path to homeown- ership is full of challenges. Among those who would own a home in an ideal world but don't now, 49% say they cannot afford a down payment and 40% say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19% citing it as a roadblock to homeownership. They're also the generation most concerned about interest rates, at 41%. » Those who want to own a home crave the stability and flexibility homeowner- ship offers. Of the 84% who'd rather own a home than rent, 59% say they like the flexibility to do whatever they want with the space—that's just ahead of not having

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