Building a better path to homeownership 

For millions of Americans, owning a home remains an important goal. But the path to getting there has become increasingly complicated. Home prices, interest rates, everyday expenses and the challenge of saving for a down payment can all affect when and whether someone feels ready to buy. There is no single solution to those broader affordability pressures. There are, however, parts of the homeownership journey we can improve. We can help consumers prepare earlier. We can continue improving the information used to understand their financial lives. We can also better connect the organizations consumers rely on throughout the process. Preparation should begin before the application Experian’s research provides one indication of why earlier engagement matters. Thirty-four percent of consumers surveyed said they have delayed exploring homeownership because they assumed their credit history or score wouldn’t qualify them. While credit is only one piece of a much larger affordability picture, that finding tells us something important: Some aspiring homeowners may be making decisions based on assumptions before they fully understand their options. That’s a barrier we can address. Consumers...