Lack of Affordable Housing Biggest Obstacle to Home Buying, NAR Report Says

The lack of affordable homes is the top obstacle holding back potential home buyers of all races, but other obstacles to homeownership varied by race/ethnicity, according to the  2022 Obstacles to Home Buying report released by the National Association of Realtors®.

The report compares the experiences of both potential and successful homebuyers across races and ethnicities.

Here are the other top highlights from this report:

  • The biggest challenges identified are a lack of affordable homes, a lack of homes that fit their criteria, competing with multiple offers and saving for a down payment.
  • The findings show the second-ranking obstacle faced among potential Hispanic buyers was difficulty saving for a down payment.
  • For potential Black home buyers, lack of credit or credit issues was the second-highest concern, while for White and Asian potential buyers it was a lack of homes that fit their criteria.
  • Among buyers who were successful in attaining homeownership, Asian respondents (51%) were more likely than White (32%), Hispanic (35%) or Black (33%) respondents to say a lack of affordable homes was an obstacle in their home purchase.

Download and read the full report here.