But for most people it is still something to aspire to
Homeownership remains a strong ambition for most Americans with more than half of respondents to a new survey saying it is still an important part of the American Dream.
But while nearly half of all Americans (49%) are planning to buy or have already purchased their "forever home,” 38% of those that don’t ever plan to buy a home don’t believe they will ever be able to afford to.
The survey by YouGov for personal finance resource and marketplace WalletJoy reveals that the main reasons why many respondents feel they won’t ever afford to buy are salary level and obtaining a mortgage.
The Hope for Homeownership Report found that the average down payment is almost $47,000.
It also revealed that 22% of Americans say they're planning to purchase a home in the next two years, including 37% of millennials.
To finance their down payments, 42% of all Americans and 48% of millennials will look to tap into savings but millennials were more open to new, alternative loan options and were three times more likely to consider them compared to their Baby Boomer counterparts.
