ANN ARBOR, Mich.–A majority of Americans say they are no longer actively saving for a home, according to a new report.
The findings were released as part of the State of Savings Report from Plinqit.
According to Plinqit, the State of Savings Report found that less than 20% of surveyed adults are saving to purchase a home, mirroring the current trends of declining mortgage applications.
Record-high home prices and, more recently, rising interest rates have likely contributed to the roadblocks today’s Americans face, but most Millennials and Gen Z adults still dream of owning a home, the company said.
The company noted in releasing its findings that in the third quarter of 2022 the Mortgage Bankers Association reported that mortgage applications fell to the lowest level in more than two decades.
Many Roadblocks
“Record-high home prices and, more recently, rising interest rates have likely contributed to the roadblocks today’s Americans face, but most Millennials and Gen Z adults still dream of owning a home,” the company stated.
But Plinqit, which offers a solution that helps consumers to save for specific expenses, said the report also found that most Americans are uncertain they can save enough money to afford buying a home.
“Home prices remain stubbornly high, and affordability grows more challenging as inflation persists,” Kathleen Craig, founder and CEO of Plinqit, said in a statement. “Financial institutions can help their customers realize that owning a home is within reach and that saving is the first step because it is never too late to begin pursuing the path toward homeownership.”
The full State of Savings Report can be found here.
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