FICO's new homeownership survey reveals what's really holding back today's aspiring buyers
Homeownership still ranks among Americans' most deeply held financial goals. For most who planned to act on it this year, it stayed out of reach.
The FICO Homeownership Survey, conducted by The Harris Poll on behalf of FICO from June 4-8 among 3,047 US adults, found that 74% of prospective homebuyers say financial obstacles prevented them from buying this year.
For first-time buyers, that share climbs to 85%.
Just 15% of all Americans told FICO they plan to buy a home in the next 12 months. The results land as mortgage brokers continue to navigate a client base that is determined but financially strained.
"Buying a home is one of the most significant financial decisions a person can make, yet for many Americans, rising home prices and interest rates are putting that goal further out of reach," said Jenelle Dito, vice president of consumer empowerment and partnership at FICO.
"These economic pressures aren't just discouraging buyers — they're fundamentally changing how Americans plan and prepare for this milestone."
Sam Khater of Freddie Mac said the latest decline in 30 year mortgage rates is an encouraging sign for the housing market, with investors now watching upcoming Federal Reserve updates and key economic data for further direction.https://t.co/lTCnE5U6IR
— Mortgage Professional America Magazine (@MPAMagazineUS) July 6, 2026
The pressure on first-time buyers
High home prices (34%) and high interest rates (33%) rank as the two leading financial barriers, according to the FICO survey.
Rising rates alone have influenced homebuying decisions for 73% of prospective buyers and 81% of first-time buyers, with many either exploring more affordable markets or pausing their purchase plans altogether.
Among Americans who do not currently own a home, 62% say homeownership feels out of reach today, a figure that holds at 57% among first-time buyers specifically.
Despite those barriers, Americans still attach deep meaning to the goal: 57% associate ownership with independence and 53% with financial stability, while 49% of first-time buyers describe it as achieving a major life milestone, per the FICO data.
For brokers navigating this environment, calibrating client expectations has become as important as structuring the deal.
"Buyers, especially first-time homebuyers, have to be a little bit more flexible," Matt Gouge, mortgage broker and founding partner at UMortgage, told Mortgage Professional America in an earlier interview on how buyers are coming to terms with today's housing affordability challenges.
"They have to start thinking about housing, especially their first house, as a stepping stone, not a forever home."
Meanwhile, first-time homebuyers accounted for 49% of all new purchase loans originated by Newrez in 2025, according to originations data released this week by the lender.
The 49% share represents a decline from 56% in 2022, per Newrez data, but the median age of first-time buyers held steady at 33.
A credit knowledge gap brokers can close
Beyond price-and-rate barriers, the FICO survey identified a financial literacy gap that brokers are well positioned to address.
Nearly 3 in 5 Americans (59%) say they don't completely understand the steps involved in buying a home, a figure that rises to 64% among first-time buyers.
About 1 in 5 respondents (22%) either underestimate or are unsure how their credit score affects the mortgage rate they are offered, the survey found.
The data points to inaction at a critical juncture: 17% of prospective homebuyers hadn't taken any steps to improve their credit score ahead of a planned purchase, and more than a quarter (26%) hadn't encouraged a co-applicant to do the same.
This gap stands in contrast to the broader attitude shift the survey documents, 85% of Americans now view credit score management as a wealth-building strategy, not merely a borrowing tool.
"Consumers don't need to wait to take action," Dito said. "By better understanding their FICO Score and the role it plays in mortgage access and affordability, they can start building a stronger foundation for homeownership."
Those gains may be coming incrementally. Odeta Kushi, deputy chief economist at First American Financial Corporation, previously noted that US housing affordability is poised to improve in 2026 as incomes rise faster than home prices in many markets.
For brokers working with first-time clients right now, however, the FICO data suggests that the educational conversation — about credit, process, and realistic expectations — may be as consequential as the rate conversation.
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