The lack of affordable homes is the top obstacle holding back potential home buyers of all races, but other obstacles to homeownership varied by race/ethnicity, according to the2022 Obstacles to Home Buyingreport released by the National Association of Realtors®.
The report compares the experiences of both potential and successful homebuyers across races and ethnicities.
Here are the other top highlights from this report:
- The biggest challenges identified are a lack of affordable homes, a lack of homes that fit their criteria, competing with multiple offers and saving for a down payment.
- The findings show the second-ranking obstacle faced among potential Hispanic buyers was difficulty saving for a down payment.
- For potential Black home buyers, lack of credit or credit issues was the second-highest concern, while for White and Asian potential buyers it was a lack of homes that fit their criteria.
- Among buyers who were successful in attaining homeownership, Asian respondents (51%) were more likely than White (32%), Hispanic (35%) or Black (33%) respondents to say a lack of affordable homes was an obstacle in their home purchase.