Although several market indicators suggest homeownership is down, the desire to own a property is still high, a new survey reveals.
According to a poll conducted on behalf of real estate listing website Trulia.com, approximately 70 percent of Americans aspire to be homeowners. Among renters specifically, nearly 60 percent would rather buy a home than rent one.
Despite this desire, however, there are a variety of obstacles standing in the way of achieving their American Dream.
For instance, among renters, 51 percent said saving enough for a down payment was their biggest hurdle to homeownership. Other stumbling blocks were inability to qualify for a mortgage, having a poor credit history and not being able to pay off existing debt.
"These obstacles keep some would-be homeowners from taking advantage of low mortgage rates," said Jed Loko, chief economist for Trulia.com. He added that stronger economic recovery will help prospective homeowners achieve their dream.
In the meantime, those having trouble qualifying for a mortgage should check their credit reports, as inaccurate or unfairly reported notations may unfairly result in lower credit scores.