Provident Bank’s First-Time Home Buyer Survey Reveals That While Homeownership Continues to Be Challenging, Many Americans Are Finding Their Home in Less Than a Year
Provident Financial Services, Inc (PFS)
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Source: GlobeNewswire
ISELIN, N.J., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, has released the results of its First-Time Home Buyer Survey, taking stock of the generational differences in how Americans are navigating a complicated housing market. This year’s survey revealed that, not surprisingly, searching for a first home is extremely challenging. The top two factors impacting budgets are high mortgage rates and the lack of homes within an original budget. However, across generations, Americans appear to be buying their first home after only looking less than a year, signaling growing optimism in the market. Potential homeowners are prolonging the buying process and waiting to make a final purchase: Searching for a new home is challenging for first-time home buyers across generations. There are frequent bidding wars, which can lead to many making sacrifices for their dream home. Over 40% of Gen Xers have been involved in a significant number
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