Many first-time homebuyers feel more certain about their financial situations than they did two years ago, according to a new survey by TD Bank. The poll of potential first-time homebuyers found that 54% of respondents claimed they are now better off financially than they were in 2021. It also found that 39% believe now is a good time to buy, with 48% starting to save for a down payment. Additionally, more than eight in 10 (85%) respondents said buying a home was a good long-term investment.
Still, reservations remain. Sixty-nine percent of respondents were concerned about the economy, while 64% were concerned about their ability to afford a home with rising interest rates. At the same time, rising rents were convincing many to make the leap into homeownership. Forty percent of respondents who are exploring buying a home in 2023 cited rising rent prices as the top reason prompting them to make the switch to ownership.