Breaking down barriers to achieve the American dream: How first-time homeownership is possible

Rising home prices and interest rates have reduced first-time homebuyers to 21% of purchases, the lowest since 1981. Despite this, 49% of adults want to buy a home, though 31% find it unattainable. Down payments average 10%, but loans like FHA, VA, and USDA offer lower requirements, some as low as 3.5% or none. Additional costs include closing fees and mortgage insurance. Various federal, state, and employer programs provide financial assistance and education to support buyers. Understanding loan options and readiness factors can help more first-time buyers achieve homeownership.