Top compromises buyers will make to reach homeownership

By Eye On Housing

High mortgage rates and double-digit growth in home prices since COVID-19 have brought housing affordability to its lowest level in more than a decade.  Given this reality, a recent NAHB study on housing preferences* asked home buyers about which specific compromises they would be willing to make to achieve homeownership.

For 39% of buyers, accepting a smaller lot is the path to affording a home.  This finding highlights the paramount importance of reforming zoning laws that mandate lot sizes, as nearly 4 out of 10 buyers would be willing to give up land in exchange for owning a home.  For 36% of buyers, accepting fewer exterior amenities is the way to homeownership—they will simply add that deck or patio at some point in the future.  Another 36% were willing to move farther from the urban core and 35% will accept a smaller house if that’s what it takes to buy it.

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May 2024
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