Home Ownership

Inflation, Rising Costs for Home Purchases and Rentals Making It Harder for People to Afford Where They Want to Live, WSFS Mortgage Survey Finds

WSFS Contributor
WSFS Contributor
3 min read
Inflation, Rising Costs for Home Purchases and Rentals Making It Harder for People to Afford Where They Want to Live, WSFS Mortgage Survey Finds
Topics Mortgage Rates

Nearly two-thirds (66%) of Americans are having trouble saving for a new home or rental due to rising costs for everyday needs, and an equal percentage of renters are struggling to compete for and afford units where they live due to rising rent, according to a new WSFS Mortgage survey.

The study, which surveyed 1,530 Greater Philadelphia and Delaware region consumers and 1,500 consumers nationally, examines the economic impacts of inflation, rising costs, reduced housing inventory and geographic preferences of homebuyers, homeowners and renters ages 25-65.

Check out the infographic below to learn more about the study’s key findings.

An infographic that says, “Challenges of buying and renting a home in 2022. WSFS Bank recently surveyed 3,030 Americans about the impacts of inflation and rising costs on their homebuying plans and found… 66% feel the impact of rising costs for everyday needs on their ability to save for a new home or rental. Financial Barriers: 42% say home prices have stopped them from buying now. 26% can’t afford a down payment. Leaning on their lender: 52% want to know about all upfront costs from their bank. 40% want their pre-approval ready to start bidding. Help is on the way? 66% of renters struggle to afford where they live due to rising rent. 39% are looking for first-time homebuyer assistance programs to buy a home. The study was conducted by research company Opinium. The sample includes 1,500 national respondents and 1,530 in the Greater Philadelphia and Delaware region from February 1-14, 2022, with a combined regional and national margin of error of +/- 2.5 percent.”

WSFS Contributor
By WSFS Contributor

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