The 2020 Hope for Homeownership Report from WalletJoy, a personal finance resource and marketplace, finds that 59% of Americans believe owning a home is still an important part of the American Dream, and more than half (55%) of millennials agreed.
Despite those numbers, 38% of those Americans who do not plan to ever purchase a home do not believe they will ever be able to afford to buy one.
WalletJoy’s survey of 1,227 American adults found that the most common perceived obstacles to homeownership among those that don’t think they will ever be able to afford to purchase a home are salary level (48%) and the ability to attain a mortgage or loan to finance the purchase (39%).
According to the report, half of poll respondents (49%) are planning to buy or have already purchased their “forever home.” Notably, this includes 46% of millennials. The report also found that the average American spends nearly $47,000 as a down payment for their home purchase.
Despite obstacles to homeownership, 22% of Americans say they’re planning to purchase a home in the next two years, including 37% of millennials. To finance their down payments, 42% of all Americans and 48% of millennials will look to tap into savings.