About 30% of consumers who planned to buy a home this year changed their minds due to the economy or their personal budgets, including 7% whose credit scores took them out of the running, according to a new consumer survey by credit score monitoring firm ScoreSense®.
The survey, “ScoreSense Market Report: Survey of Prospective Home Buyer Behavior and Credit Outlook Analysis,” focused on consumers’ plans for buying a home this year and analyzed consumer spending and credit activity for the first quarter of 2022.
The survey showed that nearly one out four people who planned to buy a home this year are now undecided, and nearly 30% of the respondents said their plans changed because of the economy or due to their personal budget. Inflation is driving up consumer spending, the report showed, with credit card spending skyrocketing, which is affecting budgets.
Inflation was also the top reason that consumers would change their home buying plans this year, but 7% of respondents said it was their credit score, the survey showed. And consumers said that finding an affordable home is the “most concerning factor” in the process.