An overwhelming 95% of Americans who plan to buy a home in the next five years say at least one barrier is preventing them from purchasing today, according to a new report from Best Interest Financial and Clever Real Estate, a St. Louis-based real estate company.

High home prices are the top obstacle, cited by 48% of future buyers, followed by high mortgage rates and the inability to afford a down payment, each at 33%.

Although the median U.S. home now costs roughly $403,000, nearly two-thirds of buyers (63%) say the most they can spend on a home is less than $400,000.

More than 3 in 4 buyers (77%) think it is more difficult to purchase a home today than it was five years ago, and 58% worry they may never be able to buy at all.

About 57% of future buyers say they could not comfortably afford the typical $2,000 monthly mortgage payment, and 40% are concerned they won't be able to keep up with that payment once they buy.

A drop in home prices would prompt 54% of buyers to start seriously looking, followed by increased inventory in their price range (43%) and falling mortgage rates (38%).

For many, homeownership is no longer the first priority. About 81% of future buyers say there are other life goals they would rather achieve first, led by paying off debt (36%), traveling the world (27%), and building a career (26%).

The shift is sharpest among younger generations, with 92% of Gen Z and 87% of millennials putting other milestones ahead of buying a home, compared to just 76% of boomers.

Whether they plan to buy within five years or within a year, the share of Americans who are not confident in their home-buying knowledge is identical, at 54%.

Ultimately, an overwhelming 94% of buyers admit they're concerned about purchasing a home, and 56% aren't confident they can avoid regrets at closing.

Read the full report at: https://bestinterest.com/research/future-home-buyer-report/