First-time homebuyers feel unprepared, discriminated against, a new survey shows

Aly J. Yale
Aly J. Yale
The Mortgage Reports Contributor
September 30, 2019 - 1 min read

Homebuying is hard

First-time homebuyers don’t feel prepared to buy a home. According to a new survey, nearly half expect to make a costly mistake, while even more say buying a house is more difficult than it should be. Some even say they’ve been discriminated against in the process.

First-time homebuyers face uphill battle

According to a new survey from the homeownership education site Framework, 58 percent of potential first-time homebuyers say the process is too difficult, while 53 percent of recent buyers said the same.

What’s worse? More than 44 percent of would-be buyers think they’ll make a costly mistake when purchasing a home. A whopping 36 percent of recent homebuyers said they already did.

Affordability is a top concern among first-time buyers, with 40 percent saying it’s on their mind. Property taxes, in particular, are a point of contention — especially with prospective buyers. For buyers who just recently went through the process, affording home repairs and maintenance is the No. 1. Concern.

Home affordability is rising — especially in these five cities

Discrimination abounds

First-time homebuyers are also reporting discrimination as a major player in their buying journey. Out of recent buyers, nearly a quarter said they experienced discrimination based on race, gender or another trait when buying a home. Of prospective buyers, 43 percent have.

Hispanic and black first-time buyers were the most likely to report these experiences.

Qualifying for a mortgage: What lenders don’t consider

Homebuyers are also reporting overall unpreparedness. Only 30 percent of recent buyers took a homeownership class before buying their home, and nearly 60 percent of potential buyers don’t feel well-prepared for the process.

Get today’s mortgage rates

Want to be prepared? Need to gauge what buying a home might cost you? Then shop around and see what mortgage rates you qualify for today.

Popular Articles

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.