Confidence is Key: Home Ownership Seems More Attainable

Country Financial, an insurance company from Bloomington, IL, found that 89 percent of Americans still think buying a home is essential to the American dream.

According to their COUNTRY Financial Security Index survey, more people believe home ownership is achievable. Only 41 percent of survey responders saw home ownership as attainable in 2013, while 64 percent now believe they could own a home.

Still, some people see more financial barriers than possibilities for home ownership. Fourteen percent of responders said their credit score was too low; 13 percent said they lacked the money for a down payment; and 12 percent were impeded by the price of homes in their area.

“Younger Americans are more likely to reject the idea of home ownership. Yet, the financial challenges of buying a home can affect those of any age,” said Joe Buhrmann, manager of financial security support at Country Financial.

However, Zillow found that 82 percent of Millennials felt confident that they’d be able to afford to buy a home someday.