Depending on the age group, the biggest hurdle to home ownership can be quite different, according to the Country Financial Security Index, which measures Americans’ sentiments on personal financial security.
For example, members of Generation Y say saving for a down payment is their biggest barrier to achieving home ownership. However, those aged 30 to 39 say that having too much debt is their biggest hurdle. Those aged 40 to 49 say that job security is their biggest barrier.
“The good news is that Americans are able to overcome many of these barriers to home ownership,” said Troy Frerichs, director of investments-wealth management at Country Financial. “By creating a smart financial plan and sticking to it, they can save up to pay down their debt and build their down payments, all while improving their credit scores and making themselves more attractive to mortgage lenders.”
The study also found that more than a quarter of homeowners do not expect to pay off their mortgage by the time they turn 65.