MortgageReal Estate

Half of home shoppers say they can’t find a house in their budget

Housing affordability is the issue, again

In the second quarter of 2019, more than half of buyers (55%) who were actively looking for a home were unsuccessful, even after searching for three months. 

According to the National Association of Home Builders, there is a five-point increase in the amount of homebuyers who say high prices are keeping them from purchasing a home. In the second quarter of 2018, 45% said high prices kept them from purchasing a home.

As for the reasons, 50% of shoppers told NAHB that not being able to find a home they can afford is what was holding them back, while 43% said that the reason was not being able to find a home in the neighborhood of their choice, and 40% said they couldn’t find a home with the features they want.

NAHB cant buy home

(Photo courtesy of NAHB. Click to enlarge.)

Veteran homebuyers who have shopped in the last three months said for the most part, they will search in the same location, 62% to be exact. 

After searching for three months, 36% said they plan to expand their search areas, 21% will accept a smaller/older home, and 16% would buy a more expensive home. 

Waiting a year or more to buy a home is what 16% of homebuyers said they'd do after searching for three or more months, the same number of homebuyers who said that last year, too. 

A poll conducted during Q2 2019 showed that 12% of adults say they plan to purchase a home in the next 12 months, lower than 14% a year earlier.

NAHB prospective homes

(Photo courtesy of NAHB. Click to enlarge.)

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