Home prices may have cooled this year, but many first-time home buyers still worry they can’t afford to get in the game. Median U.S. home values jumped 32 percent from 2000 to 2005, according to the Census Bureau. Last year, a third of homeowners spent at least 30 percent of their household income on housing costs, the threshold after which costs are considered excessive, according to the Census. An AP-AOL poll found that: [ ap ]
– 80 percent believe it is difficult for most first-time buyers to afford a home, while 59 percent–particularly younger adults and minorities–think it is harder now than it was five years ago.
– 46 percent think the housing market in their area is overpriced.
– 84 percent worry that interest rates on mortgages will go up, and 65 percent worry they won’t be able to afford their mortgage payment.
