This Fair Housing Month, KeyBank Survey Finds Guidance and Planning Can Boost Homebuyer Confidence

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KeyBank's 2025 Financial Mobility Survey reveals concerning trends in homeownership accessibility, with 46% of non-homeowners viewing homeownership as unattainable, up from 39% last year. Despite these challenges, the survey highlights positive pathways through financial education and guidance.

Key findings show that 47% of younger individuals without mortgages are reducing spending to save for homes, though 60% remain skeptical about future homeownership. However, among recent homebuyers, 30% credit meetings with mortgage loan officers for influencing their purchase decision, up from 19% previously.

The survey, conducted in September 2024 with 1,000 Americans, emphasizes that financial education and planning tools can boost homebuyer confidence. Specifically, 48% of potential buyers and 45% of renters said budgeting education for down payments and closing costs would increase their confidence. Recent homebuyers also showed the highest confidence in financial emergencies and positive economic outlook.

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While many believe owning a home is not an attainable goal for themselves nor the average American, potential homeowners do have access to more financial tools and education and are more capable than they think on their journeys toward homeownership

CLEVELAND, April 1, 2025 /PRNewswire/ -- Owning a home is a pillar of the American dream and a sign of prosperity, wealth and success. It instills a sense of pride and belonging in individuals and communities. But today, the reality for homebuyers and potential homebuyers in America continues to be sobering. KeyBank's 2025 Financial Mobility Survey found that many believe owning a home is not an attainable goal for themselves nor the average American. Still, those who have purchased a home in the past year have pointed to factors that boosted their confidence and influenced their purchasing decision — such as meeting with a mortgage loan officer to make the dream of homeownership more attainable.

April is Fair Housing Month, a time to examine and highlight ways to make homeownership more accessible and sustainable. While the market for homeownership in America remains tricky to navigate, it is important to note that potential homeowners have access to a variety of financial tools and education and are more capable than they think on their journeys toward homeownership.

Many don't believe they'll ever own a home

Forty-six percent of respondents who do not already own a home say that home ownership is not attainable for them or their families, up from 39% last year. Forty-one percent of all respondents, including current homeowners, say that home ownership is not attainable for Americans.

Half (47%) of those who are younger and don't have a mortgage are spending less to try to take on a mortgage. Despite spending less, 6 in 10 still don't believe they'll ever own a home.

Home-buying programs make a difference

Survey respondents said financial education can help them be more confident in the home-buying process. This includes budgeting for a down payment and closing costs for those in the market (48%) or renting (45%) and estimating and managing ongoing homeownership costs for those who recently purchased a home (31%). And, among survey respondents who purchased a home in the past 12 months, 30% say that meeting with a mortgage loan officer to learn about programs that make buying more affordable influenced their decision, up from 19% last year. KeyBank's Financial Wellness Center can help you understand your current financial standing and the next step of your financial and homebuying journey. 

"Owning a home is a significant milestone, and many potential buyers don't realize the valuable resources available to help them get there," said Dale Baker, President of Home Lending at KeyBank. "Banks and financial institutions offer guidance, education, and tools to help individuals navigate the homebuying process with confidence. By building a strong relationship with your bank, homeownership can become a more achievable and sustainable reality."

Homeownership inspires financial confidence

Those who just purchased a home are most confident in their ability to come up with $2,000 in a month and have the most positive economic outlook for the next 12 months.

Building a relationship with your bank can help

Whether you're in the market for a new home or looking to improve your current home, your bank can help make homeownership more affordable and sustainable. A Financial Wellness Review with a banker at your local KeyBank branch can help get you started on the path to saving for a downpayment on your first home or a new home.

KeyBank Mortgage Loan Officers are another great resource. They have information on home lending opportunities and programs to help you get started on the journey to homeownership.

It's also important to remember that even if you are pre-qualified for a certain home purchase price, the monthly payments might not be ideal for your budget. KeyBank's Mortgage Affordability Calculator can help you figure out a comfortable loan and payment amount. Don't forget to consider all the parts of a mortgage loan – down payment, principal, interest, property taxes, homeowners insurance and possible PMI.

"A home is more than just a purchase—it's a long-term investment in your financial future," said Rachael Sampson, Head of Community Banking at KeyBank. "At KeyBank, we're committed to helping all homebuyers not only achieve homeownership but also sustain it through expert guidance, financial planning, and ongoing support. From saving for a down payment to managing the costs of homeownership, we provide the tools and insights to help individuals and families build lasting financial confidence."

Our experts at KeyBank are here to support you at every step of your homebuying journey, from planning to celebrating your success.

About the KeyBank 2025 Financial Mobility Survey: This survey was conducted online by Schmidt Market Research in September 2024, polling 1,000 Americans, ages 18 – 70, with sole or shared responsibility for household financial decisions, who own a checking or savings account. The survey sought to gain insight into financial resiliency and explored respondents' spending and savings habits, levels of financial confidence and financial resiliency, economic sentiment, and impacts of societal trends and pressures over the prior year.

This is designed to provide general information only. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and subject to change. ©2025 KeyCorp. All rights reserved. CFMA #250313-3079428

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.

NMLS #399797. Equal Housing Lender.

ABOUT KEYCORP
In 2025, KeyCorp (NYSE: KEY) celebrates its bicentennial, marking 200 years of service to clients and communities from Maine to Alaska. To learn more, visit KeyBank Heritage Center. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at December 31, 2024. 

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.

 

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SOURCE KeyBank

FAQ

What percentage of non-homeowners consider home ownership unattainable according to KeyBank's 2025 survey?

46% of non-homeowners view home ownership as unattainable, an increase from 39% in the previous year.

How many young people without mortgages are reducing spending to save for homes in 2025?

47% of younger individuals without mortgages are spending less to try to take on a mortgage.

What percentage of recent homebuyers were influenced by mortgage loan officer meetings in KEY's survey?

30% of homebuyers who purchased in the past 12 months say meeting with mortgage loan officers influenced their decision, up from 19% last year.

How many Americans participated in KeyBank's 2025 Financial Mobility Survey?

1,000 Americans aged 18-70 with sole or shared responsibility for household financial decisions participated in the survey.

What percentage of potential homebuyers say budgeting education would help their confidence?

48% of potential buyers and 45% of renters say budgeting education for down payments and closing costs would increase their confidence.