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Homeownership is a major life milestone that marks a significant step toward long-term financial stability. However, those in the market for a home today are navigating a complex landscape, with inflation, competition in the market, down payment size and more influencing their purchasing decision. KeyBank’s 2024 Financial Mobility Survey1 notes that inflation is an extreme concern on the path to homeownership, with 40% of those in the market or who have recently purchased a home stating that inflation is their top purchasing influence.
With this top of mind for consumers, many are hesitant to enter the homebuying market. 29% of Americans do not own a home and do not plan on purchasing one in the next 12 months. Only 1 in 10 of those Americans feel that homeownership is very attainable. Homeownership may also come with unexpected expenses. 51% of Americans expect to use more of their savings in the next year. The usage of savings decreases for those in the market for a home (45%) and those who do not own a home (35%).
Despite this, homeownership is an incredibly important step to building financial equity over time. Key’s data shows that 71% of new homeowners believe they could come up with $2,000 within a month if needed and are very/somewhat confident in the ability to grow their finances (86%).
So how can Americans save up to buy a home in 2024? This Fair Housing Month, KeyBank is sharing how they can help potential homebuyers save for their big purchase. Creating a dedicated savings account is a great first step to saving for a home. In fact, that it is the top step taken by 43% of Americans to save for a new home. Working with a professional financial advisor, reducing unnecessary spending and increasing income by taking on side gigs are a few other steps Americans are taking to save money for a home.
While achieving homeownership may feel daunting, there are a number of resources available to help guide you on your journey. KeyBank is committed to helping our clients achieve their dream of home ownership with equitable and accessible resources. To get in touch with one of our expert mortgage loan officers, click here. Everyone deserves equal access to homeownership, and KeyBank is here to assist you in your big purchase.
NMLS# 399797. KeyBank Member FDIC. NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice
1The KeyBank 2024 Financial Mobility Survey was conducted online by Schmidt Market Research. 1,000 Americans, ages 18-70, with sole or shared responsibility for household financial decisions, who own a checking or savings account, completed the survey in September 2023. The survey asked respondents about their financial attitudes, understanding, awareness and actions over the prior year.
