PHILADELPHIA (KYW Newsradio) — Many aspiring homeowners are settling for what they can get, according to a recent survey. But despite challenges like low inventory, high mortgage rates and expensive real estate, homeownership proves to be the cornerstone of the American dream.
“That outranks anything else, like being able to retire, having a successful career, or owning an automobile,” said Greg McBride, chief financial analyst with Bankrate.
A recent Bankrate study surveyed more than 2,300 Americans and found 64% are willing to buy a fixer-upper or move farther away from family to find more affordable housing.
“Some of those come with their own costs,” he said, “so even there, you may save on the sticker price of the home, but you have to evaluate the total cost. You don’t want a disruption income or unplanned expenses to suddenly become a crisis because you’re living so tight.”
The survey found baby boomers are least likely to alter their housing desires, while younger generations are more inclined to do so.
McBride said buyers often reach beyond what they can comfortably afford when prices are so out of reach. Buyers should leave room in their budgets in case of an emergency, he advised, and not push their financial limits to land a home.