FICO survey: Knowledge gap, not just rising prices, may be holding back homebuyers
By
Medora Lee
Summary
A FICO survey reveals that 59% of Americans don't fully understand the homebuying process, rising to 64% among first-time buyers. Even half of actively planning prospective homebuyers lack full understanding. The article argues that knowledge gaps — not just economic factors like rising prices — may be a significant barrier to homeownership, and that better financial literacy around credit scores and mortgage processes could help more people achieve homeownership.
Source
bskyFICO survey: Knowledge gap, not just rising prices, may be holding back homebuyerseu.usatoday.comKey quotes
· 3 pulled59% of Americans said in a survey shared with USA TODAY they don't completely understand the steps involved in buying a home
Even among prospective homebuyers actively planning to make a purchase, half said they don't fully understand the process
About 1 in 5 Americans, including 1 in 4 prospective homebuyers, also...
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