Only six percent of consumers have tried to purchase a home in the last year, according to survey from American Consumer Credit Counseling
Boston, MA – July 30, 2018
With home and condo prices soaring around much of the nation and limited inventory that can lead to bidding wars, a large majority of consumers have not tried to purchase a home within the last year, according to a new survey by national nonprofit American Consumer Credit Counseling.
“Homeownership is a major financial investment and an important life milestone consumers weigh heavily before making,” said Steve Trumble, President, and CEO of American Consumer Credit Counseling. “Given a variety of factors in the housing market – particularly soaring sales prices – many consumers are choosing not to move or purchase a house.”
The survey found that only 6 percent of respondents have tried to purchase a home within the last year. According to the National Association of Retailors’ report, sales in June decreased 0.6 percent from May and 2.2 percent from June 2017. Of the respondents living in a single-family home, 24 percent say the cost of housing has forced them to be late or miss monthly bills. Almost half – 41 percent – of respondents say that they would like to move to another home but in the current climate they cannot afford to. The report also found that the median cost of a single-family home has increased 5.2 percent, soaring to $279,300, from June 2017.
According to the survey, 40 percent of respondents have refinanced their mortgage. Of those that have refinanced their mortgage, 42 percent are spending 20 percent or less of their income per month on housing.
The survey also found that a majority of homeowners are spending less of their monthly income on housing (52 percent spend 20 percent or less of their monthly income), compared to a majority of renters (48 percent spend 31-35 percent of their monthly income).
The online poll surveyed 344 consumers on the organization’s website, www.consumercredit.com. You can view the infographic illustrating the survey results here: https://www.consumercredit.com/debt-resources-tools/infographics/information/housing-survey
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling and student loan counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at https://www.consumercredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt counseling, bankruptcy counseling, housing counseling, student loan counseling and financial education. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday consumer debt issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit https://www.consumercredit.com/debt-help/.