By Jann Swanson | Mortgage News Daily
Five barriers to homeownership are identified in a new study released by the National Association of Realtors® (NAR). The white paper, titled “Hurdles to Homeownership: Understanding the Barriers” was prepared for NAR by the Rosen Consulting Group (RCG) and examines why, “Despite steadily improving local job markets and historically low mortgage rates, the U.S. homeownership rate is stuck near a 50-year low.” The study was released at the Sustainable Homeownership Conference sponsored by NAR and the University of California, Berkeley’s Fisher Center for Real Estate and Urban Economics.
“The decline and stagnation in the homeownership rate is a trend that’s pointing in the wrong direction, and must be reversed given the many benefits of homeownership to individuals, communities and the nation’s economy,” said NAR President William E. Brown. “Those who are financially capable and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream.”
