Nearly three in four first-time homebuyers (74%) feel optimistic about the current housing market, with nearly half (47%) saving for a down payment despite concerns about housing affordability, according to a new survey by TD Bank.
The bank’s survey of first-time homebuyers found that a large majority believe their personal financial situation is stable and that homeownership is important. However, nearly two in three (64%) said they are concerned about their ability to afford a home due to interest rates. Nearly the same percentage (62%) said inflation is a concern, as they’re worried about being able to afford their other expenses on top of purchasing a home.
Eighty-eight percent of respondents have taken actions to boost their credit score in anticipation of purchasing a home, with 51% paying down as much debt as possible and 44% ensuring their credit report has no errors, according to TD Bank. Roughly a third (33%) said they received a gifted down payment from family or loved ones.
