From Fortune Magazine:

The housing market in 2023 proved to be a nightmare for first-time homebuyers, with high mortgage rates, skyrocketing home prices and limited inventory putting the American Dream out of reach for many. A study from This Old House found that half of aspiring homeowners have given up on ever owning a home, while many others are struggling to afford the costs associated with buying a house. The study also revealed that 85% of aspiring homeowners still hope to purchase a house this year, despite the challenges.

Despite the difficulties faced in 2023, 72% of unsuccessful buyers still plan to purchase a home in 2024. Many are willing to take significant measures to make homeownership happen, such as increasing their budget, adjusting their location preferences, and easing up on square footage expectations. There has also been a rise in millennials and Gen Zers working side hustles to save for down payments, as well as asking for money to buy a home on wedding registries.

While many aspiring homeowners have given up on homeownership, others remain optimistic about their chances in 2024. Some are hopeful that home prices will decrease and that inventory levels will improve, while others plan to use programs to help lower their down payment. Additionally, some are waiting to see how the 2024 presidential election will impact the economy and the housing market before making any decisions on purchasing a home. This Old House suggests several tips for pursuing homeownership in 2024, including doing the necessary research, securing a mortgage preapproval, and making a moving budget.



Read more: Homebuyers are showing ‘evident desperation,’ This Old House study shows