Provident Bank has released the results of its First-Time Home Buyer Survey, taking stock of the generational differences in how Americans are navigating a complicated housing market. This year’s survey revealed that, not surprisingly, searching for a first home is extremely challenging. The top two factors impacting budgets are high mortgage rates and the lack of homes within an original budget. However, across generations, Americans appear to be buying their first home after only looking less than a year, signaling growing optimism in the market.
Potential homeowners are prolonging the buying process and waiting to make a final purchase:
Searching for a new home is challenging for first-time home buyers across generations. There are frequent bidding wars, which can lead to many making sacrifices for their dream home.
Amidst all of these challenges, Americans still look toward traditional financial avenues to complete the home-buying process:
Overall, potential homeowners are still looking to traditional financial institutions to help them through the home-buying process. However, there are clear differences between how generations think about their financing options and the experts available to them.
“The findings from this year’s survey support what we’ve been hearing directly from customers – in order to navigate a highly competitive home buying market, understanding all of the financing resources and capital requirements at your disposal is the key to success,” said Margaret Volk, Senior Vice President, and Director of Mortgage and Consumer Lending, at Provident Bank. “Especially as we enter a new phase of the mortgage rate cycle, we believe it is our responsibility to ensure our customers are equipped with the resources and information needed to navigate the financing process to achieve such an important life goal like buying a home.”
The survey was conducted by Survey Monkey, a market research provider, on behalf of Provident Bank. The findings are based on 1,000 responses.
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