Survey reveals why many Americans delay buying a home

Student-loan debt, the nationwide marriage-rate decline and confusion about the mortgage process continue slowing the housing market, according to the third-annual "America at Home" survey from NeighborWorks America.

Marietta Rodriquez, an expert with the Washington, D.C. based non-profit, said the phone survey focused on attitudes and feelings on home ownership and revealed some compelling insights.

"90 percent of the people that were surveyed say that home ownership is still very much part of their American dream, and 53 percent of those surveyed said they were more prepared to buy a home today than they were five years ago," said Rodriquez. She noted, "So, I think that tells us that we're turning the corner on the housing market. Some markets have bounced back much more quickly than others, but with the low interest rates, I think home ownership is definitely more attainable for many more folks if they just thought about their situation and connected themselves with local resources that they may not even know are available."

Many communities offer safe, low down payment mortgages or even down payment assistance programs, according to Rodriquez.

Help weeding through the complex mortgage process and understanding the unfamiliar language used also is available through non-profits such as NeighborWorks, which supports 250 organizations.

"One of the best things that we encourage any perspective home buyer, whether they're going to buy today or they're going to buy three years from now, is to seek the advice and the help of a non-profit housing counselor. They're a neutral party. Many of them offer home buyer education courses that you can usually either take online or over a couple of evenings, and what that does is, it really helps demystify the process," Rodriquez said.

Rodriquez reiterated even though people may be delaying their home purchase, they're still very much interested in home buying, which she said is usually prompted by a trigger event, such as marriage, the birth of a child or even landing a higher paying job. "All of those things can trigger a home purchase," she said. Rodriquez added, "It is more affordable to purchase than it is to rent when you compare the costs side by side."

She noted that even college graduates moving to urban cities and preferring to rent will be looking more closely at what their housing options are and examine home ownership as they become more seasoned in their careers.

"Making sure you understand how your income and your debt load and your credit profile figure into home buying, the sooner you understand that, the better position you're going to be in later, later, whenever you choose to purchase," added Rodriquez.