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First-time home buyers are likely to be feeling the stress of a highly competitive market—even before they start house hunting.
A new Rocket Mortgage survey of more than 800 prospective home buyers revealed the items during the purchasing process that stress out first-time buyers the most. The biggest stressor is saving for a down payment, with 72% of prospective and recent home buyers saying they received help from family members. Prospective buyers ages 30 and under also appear to be more debt averse than older buyers. Debt is another top stressor, with 47% of millennials listing “wanting to avoid debt” as a reason for delaying a home purchase.
Prospective home buyers of all ages cited the following reasons for delaying a home purchase:
- Need to save for a down payment (59%)
- High home prices (54%)
- Want to avoid debt (43%)
- Uncertain where to live (32%)
