Finances Are Preventing Almost Half of Non-Homeowners from Buying Homes

As homeownership rate drops to 63.4%, lowest since 1967, Bankrate reports that almost half of non-homeowners say their financial situation stands in their way of purchasing a home. The reasons are that 29% of respondents say they can’t afford a down payment and 16% of respondents say that their credit isn’t good enough to qualify for a mortgage. “Hispanics were the ethnic group most likely to report that their credit is holding them back from homeownership, while the most-cited reason among blacks and whites was they just don’t want to own a home yet.” (bankrate.com)