Aspiring Homeowners Say Cost of Living, Incomes as Barriers to Buying a House: Survey

Most aspiring homeowners say the high cost of living and insufficient incomes are barriers to purchasing a home in today’s real estate market, according to a new Bankrate survey. Fifty-one percent of people who want to buy a residential property think the cost of living is too high. Fifty-four percent believe their income is not high enough to cover a down payment or the closing costs for a home. Other reasons listed in the Bankrate survey for being unable to buy a home are the lack of financial assistance (15 percent) and student loan debt (10 percent). A fifth of prospective homeowners also say they will never be able to save enough to purchase a home. Close to one-third (30 percent) believe it will take five years or more, while 10 percent think it will take a decade or longer....