According to a recent Bankrate survey, half of aspiring homeowners feel as though the high cost of living or inadequate incomes will keep them away from home ownership, for now.
Mark Hamrick, Senior Economic Analyst with Bankrate says dramatically higher home prices since COVID, low inventories of houses for sale and higher interest rates have combined to sow these sentiments. And, they aren't just feelings, they are realities.
Aspiring homeowners will need to save up to 20% of the price of a home for a down payment. Paying down credit card debt and improving your credit score will also help. Consider getting pre-approved for a mortgage, so you know how much home you can actually afford. Also look into special incentive programs for first time home buyers.
https://www.bankrate.com/f/102997/x/868dcfc856/down-payments-survey-press-release.pdf