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Market Perspective

Jul 231 min read

Americans Still Believe in Homeownership

What do today's consumers think about owning a home? The answers may surprise you.

Market Perspective: Fast Facts About the Housing Market

For the first time since 2018, Fannie Mae has updated its comprehensive Mortgage Understanding Study (click here to access it). This data shows that today's homebuyers are motivated. With the right support, many could buy sooner rather than later. 92% consider homeownership important. 95% would prefer to own rather than rent. 74% plan to buy on their next move, including 43% of current renters. 70% believer homeownership is a safe investment. Buyers would benefit from more industry outreach and education.

90% overestimate or don't know typical down payment minimums. 60% are unaware of mortgage counseling services. 68% are unfamiliar with low down-payment programs. 55% lack confidence about navigating the mortgage process. 73% of buyers get mortgage information online, but they're most influenced by real estate, lending, and financial professionals.

Consumers are getting smart about credit scores. 84% have checked their credit score in the past year. 86% are confident they can improve their credit score. 21% of renters are preparing financially for homeownership. 30% of consumers expect to move within the next 3 years.

Source: Fannie Mae Mortgage Understanding Study: 2023 Refresh.

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