35% say they don’t want to be homeowners yet

35% of non-homeowners cited not wanting a home as the main reason for not owning. (PRNewsFoto/Bankrate, Inc.)

35% of non-homeowners cited not wanting a home as the main reason for not owning. (PRNewsFoto/Bankrate, Inc.)

(Source: Bankrate) NEW YORK –¬†Almost half of non-homeowners say their financial situation stands in their way of purchasing a home, according to a new Bankrate.com (NYSE: RATE) report. 29% say they can’t afford a down payment and 16% say their credit isn’t good enough to qualify for a mortgage.

Additionally, more than one-third of non-homeowners (35%) say they don’t own because they just don’t want to be homeowners yet.

Interestingly, 44% of millennials don’t want to own a home right now, suggesting that more millennials are planning on settling down later in life and are not looking for long term commitment. What’s more surprising is that over 4-in-10 middle aged Americans don’t own a home, 31% of those non-homeowners cite not being able to afford a down payment as the main reason and 20% claim bad credit is preventing them from getting a mortgage.

“It’s not surprising that a lot of millennials aren’t interested in home ownership yet. Renting allows them more freedom to move,” saidHolden Lewis, Bankrate.com’s senior mortgage analyst. “For people in the prime child-rearing years of 30 to 49, it’s more complicated. A lot of them have income and credit issues that might have roots in the recession.”

Lewis also suggests that many non-homeowners are unaware of the numerous down payment assistance programs available. He recommends that individuals reach out to a nonprofit housing counseling agency to help get their finances in order, so they’re well-positioned for a purchase when the time comes.

SOURCE: BANKRATE

Princeton Survey Research Associates International obtained telephone interviews with a nationally representative sample of 2,002 adults living in the continental United States. Interviews were conducted by landline (1,000) and cell phone (1,002, including 631 without a landline phone) in English and Spanish by Princeton Data Source from January 21-24 & 28-31, 2016. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 2.6 percentage points.

Erik Sandstrom
LoanSafe's Mortgage Expert
I'm a Senior Loan Officer and LoanSafe mortgage expert. If you need a live rate quote, or need help getting a new mortgage, please call me direct anytime at 619-379-8999.