HOUSING + HOMELESSNESS

What are you willing to sacrifice to own a home?

Apr 20, 2023, 6:00 PM | Updated: 6:42 pm

for sale sign in front of home...

FILE: A for sale sign is pictured in Salt Lake City on Thursday, July 15, 2021. Most Americans still think owning a home is part of the American Dream. Aspiring homeowners are willing to make some big sacrifices, according to a survey. (Kristin Murphy/Deseret News)

(Kristin Murphy/Deseret News)

SALT LAKE CITY — Most Americans still think owning a home is part of the American Dream. So much so that aspiring homeowners are willing to make some big sacrifices, according to a survey.

Financial resource website Bankrate found that homeowner wannabes were willing to move states, downsize or buy fixer-uppers if it meant they could own a home.

Greg McBride, Bankrate’s chief financial analyst told Dave and Dujanovic that for some individuals, homeownership is more important than career goals or having children.

But being able to afford a house is still out of reach for many.

“You see there a broad recognition, not only of the affordability challenges of being able to buy a home for those that don’t currently have one but also a willingness to do something about that,” McBride said.

Bankrate’s survey asked 2,545 adults what they would give up in order to buy a home.

The most common answer? Space.

39% of respondents said they’d be willing to downsize.

Following closely, 37% of respondents would move to another state and 30% would buy a fixer-upper.

Listen to the full Dave and Dujanovic segment:

 

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What are you willing to sacrifice to own a home?