Low Pay and High Mortgage Rates Seen as Biggest Barriers to Homeownership, Survey Finds
Housing affordability remains one of the biggest concerns facing Americans today, and a new national survey suggests most people see the problem as deeply personal. For many, the issue isn’t abstract housing policy or long-term planning—it’s the simple reality that their income doesn’t stretch far enough to buy a home.
According to a Bright MLS survey of nearly 3,000 Americans, more than 90% believe housing affordability is a serious problem. When asked why, respondents most often pointed to low incomes and high mortgage rates, far more than construction shortages or zoning issues.
More than half of respondents said incomes are simply too low to support today’s home prices, while about half cited high mortgage rates as a major barrier. Although supply does matter, fewer people view it as the main culprit. Just over 40% said there aren’t enough affordable homes being built, and only about a quarter felt there aren’t enough homes in the places people want to live.
Interestingly, nearly a third blamed real estate investors for affordability challenges—even though investors account for a relatively small share of purchases overall. That response highlights how frustration with rising prices often looks for visible targets, especially when homeownership feels increasingly out of reach.
Across age groups, the message was consistent. Income topped the list for younger and older adults alike. Younger respondents were slightly more focused on location and availability, while older Americans were more likely to say affordable homes simply aren’t being built. Still, personal financial pressure dominated every demographic.
Recent economic trends help explain why consumers feel this way. After years when incomes and home prices moved roughly in sync, that balance broke in 2020. Home prices surged far faster than wages, while mortgage rates climbed sharply, pushing monthly payments higher even when prices stabilized.
Construction has improved compared to the years after the Great Recession, but over the long run, housing supply still trails population growth. That gap matters—but for today’s buyers, the immediate strain comes from paychecks that haven’t caught up and borrowing costs that remain elevated.
The bottom line is clear: most Americans experience the affordability crisis not as a supply debate, but as a household budget problem. Until incomes grow faster or financing becomes meaningfully cheaper, housing affordability will continue to feel out of reach for many.
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