National Housing Survey Results for 2017

The U.S. housing market experienced a landmark year in sales in 2017, but misunderstandings about applying for a mortgage and buying a home hold back some potential buyers–according to a recent survey by NeighborWorks America.

It states that 74% of adults perceived the homebuying process as complicated. The numbers were even higher for millennials –84%!

Millennials also mistakingly assumed that the minimum down payment for a home is 21%.

This survey asked 1000 U.S. adults and 500 millennials (meaning, adults 18-34 years of age), also revealed that few knew where to find advice about qualifying for a mortgage or buying a home.

Source: neighborworks.org/Homes-Finances/Homeownership/Survey-Results