Tough-to-Crack Housing Market Has U.S. Buyers Eyeing Second Jobs
Survey finds potential homeowners are getting creative as they try to save money for down payments.
A "For Sale" sign outside a house under construction at the Norton Commons subdivision in Louisville, Kentucky, U.S., on Tuesday, Feb. 8, 2022.
Photographer: Luke Sharrett/BloombergWould-be homeowners are getting creative — or you might say desperate — in how they plan to save for downpayments and purchase homes, according to a new survey. To afford a house, many Americans would consider taking a second job, starting an online store or selling some of their belongings.
The U.S. housing market has been on fire for the better part of two years, keeping many first-time buyers on the sidelines. Now, after a surge in mortgage rates, it’s becoming even more difficult to find affordable properties. In a survey released by Bank of America Thursday, respondents cited expensive home prices (56%), higher interest rates (40%) and uncertainty about affording closing costs (30%) as reasons they might hesitate to buy.