NAR released its newest study, 2022 Obstacles to Home Buying, this week, which found the #1 obstacle holding back buyers of all races is the lack of affordable homes. Despite challenging market conditions, the report also noted nearly all homebuyers agree homeownership is still an important part of the American Dream.

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Highlights

• Homeownership is still the American dream. Nearly all homebuyers across races and ethnicities tested agree homeownership is still the American Dream.
• It’s the market, not the agent. Reflecting on the home buying process, both potential and successful home buyers across races and ethnicities tested say they faced or are facing obstacles like a lack of affordable homes, a lack of homes that fit their criteria, competing with multiple offers, and saving for a down payment.
• Respondents are much less likely to say they faced or are facing obstacles related to a real estate agent, such as a real estate agent not listening to a buyer's needs or not being shown all potential homes.
• Saving for a home purchase is an obstacle, but for most, it's still necessary. Approximately three-quarters of potential home buyers say they are currently planning to save for a down payment, and most say it will take between six months and three years to save.
• Successful homebuyers are generally slightly less likely to say they saved for a down payment for their most recent home purchase.
• Discrimination does play a role in the home buying process. Both potential and successful home buyers report facing discrimination during the homebuying process.