These debt roadblocks hinder Americans from buying a home

Younger generations would not buy a house if it means pinching their pennies for one

These debt roadblocks hinder Americans from buying a home

Americans said they were burdened with various debts that keep them from purchasing a home, according to a recent report from the Freedom Debt Relief survey.

The survey showed that 28% of people in the US consider the cost of the down payment to be the largest barrier in buying a home in 2019. Meanwhile, 27% reported a lack of overall savings was the biggest hindrance; 26% said it was the cost of the monthly payment; and 19% pointed to the amount of debt they had.

Looking at the barriers by generation, 43% of Gen Z said the lack of savings weighed them down most of all, 36% said the cost of monthly payment was the largest obstacle, and 19% said it was their debt.

For millennials, down payment was the biggest barrier (39%) followed by the lack of savings (36%). Meanwhile, 31% of millennials saw the cost of the monthly payment and 25% thought their debt were the hardest roadblock that’s stopping them.

The survey also found that every generation had trouble increasing their overall savings due to everyday expenses.