The biggest stressor for many of today’s first-time homebuyers is home affordability, according to a new survey by LendingTree. LendingTree asked Americans who plan to purchase a home within the next two years a wide-ranging series of questions about their priorities, thoughts about the market and financial profile. In addition to finding homeownership is a top priority among millennials, the survey also indicates significant education is needed about the mortgage closing process among first-time buyers. Key findings
- 66% of first-time homebuyers say a shortage of affordable homes for sale is an issue.
- 85% would consider purchasing a fixer-upper to cut costs.
- 15% of first-time buyers have a score of 740 or higher
- 25% of millennial buyers want to own a home before heading down the aisle, 43% of first-time buyers across all age groups are single.