65% of Americans Think Owning a Home Today Is Harder. Here's What to Do If You're One of Them

Property ownership doesn't have to be out of reach.

Buying a home is something a lot of people hope for. In fact, homeownership has long been synonymous with the American Dream. But, unfortunately, research from Ramsey Solutions shows that a growing number of Americans think homeownership is either out of reach entirely or has become increasingly difficult over past decades.

There are good reasons so many people find buying their own place to be more challenging than ever. But, for those who really want to buy their own house, there are still options out there to make that happen.

Here's what you need to know.

Buying a new home feels like a pipe dream for many Americans

Ramsey Solutions recently published research called The State Of Personal Finance In America 2022. The research shows just how many Americans now feel like owning a home isn't something they can do easily.

According to the study, more than half of all Americans (51%) believe it's not possible for most adults to own a home right now in today's real estate market and economic climate. And an even larger number -- 65% -- said they think it is much harder to become a property owner right now compared with over the past decade.

Baby boomers are the most likely to feel homeownership isn't a viable option, with 77% describing buying a place as "difficult" compared to 59% of Generation Z, 54% of millennials, and 66% of Generation X.

Rising prices over the past years -- especially during the height of the COVID-19 pandemic -- are a major contributing factor to Americans' pessimism about purchasing a property. Mortgage rates are also higher than they have been in years, which makes buying a home feel even more out of reach for many.

What can you do if you want to buy a home and feel like you can't?

If you're one of the many who thinks owning a property would be difficult or impossible right now, then at least you know you aren't alone.

And, in some cases, you may be right that you shouldn't buy a home now. If you do not have money for a down payment, if a mortgage would cost more than 30% of your take-home pay, if you don't have good credit, or if you aren't financially stable, then buying a house could be a big mistake.

But, even if you aren't yet ready to buy a home, you can start working on the obstacles standing in your way -- such as by paying down existing debt to improve your credit and free up room in your budget for mortgage payments.

If you are in a good financial place, though, then you do have options to move forward with becoming an owner even in today's climate. You'll want to:

• Shop around for a mortgage to make sure you are getting the best rate possible, even with today's higher rates
• Look around for a property that's within your budget even if that means purchasing a smaller home or buying a place that's a little bit outside of town
• Save more money for a down payment, which can allow you to borrow less, avoid private mortgage insurance, and keep your monthly payments affordable

You absolutely can still buy a house today, but it just may take a little more effort and sacrifice to do it right.