Understanding the public’s perceptions of the market and home buying
ClearPath Strategies fielded USMI’s 2024 National Homeownership Market Survey of nearly 1,200 adults (including an oversampling of African American, Hispanic, and Asian respondents) in the U.S. It was commissioned online August 12 – 20, and quotas were set to ensure a cross sample of age, gender, race, region, and education as well as homeowners, first-time homebuyers, and prospective homebuyers. The survey identified and analyzed perceptions around homeownership, the mortgage process, and the challenges people face when trying to purchase a home.
There are many interesting findings in the report, which can be downloaded below. Overall, Americans report that owning a home is “very important” to them, even more so now when compared to USMI’s similar 2021 market survey. Nearly 8 in 10 Americans (78%) believe owning a home is very important, 6% higher than in 2021. The most important reasons for owning a home from respondents were:
- Provides stability
- It is a good investment
- Provides safety for me and my family
- Provides financial security
While homeownership is very important to survey respondents, nearly 6 in 10 (58%) of all adults believe buying a home is more difficult or challenging. The main reasons it has gotten harder to buy a home are higher home prices (81%) and higher interest rates (71%). Many say the top challenge they will face when buying a home is their inability to afford a down payment. Meanwhile, only one-third of adults are aware that it is possible to qualify for financing with only 3% or 5% down. Private mortgage insurance (MI), which facilitates low down payment mortgage lending, is seen as beneficial to Americans, with the top two reasons being:
- Private MI allows for down payments as low as 3%
- Private MI increases low income families’ access to homeownership
It is clear from the survey results that renters who wish to buy need to become more aware of the many low down payment mortgage options that are available and that interest rates have been trending downward.
“The data shows that those who will help drive the rate of homeownership up in the U.S. see the down payment as their biggest challenge. However, the data also show that while mortgage insurance is perceived as helpful in breaking down barriers, there is low awareness that three and five percent down payment mortgages are as widely available as they are. Everyone in the ecosystem can help to raise awareness about low down payment options.”
– USMI President Seth Appleton
