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High Home Prices Weigh on Buyers Pushed Into Market by Rent Costs

A recent Redfin poll finds external financial factors have little influence on decisions to buy.

By Natalie Dolce | nataliedolce | Updated on August 29, 2016

realestatehousemoneyHomebuyers have grown increasingly worried about affordability this summer, real estate broker Redfin reported on Thursday. Affordability concerns are especially acute among millennials, many of whom worry about being able to make a down payment.

According to an article posted by GlobeSt.com sister publication, ALM’s Think Advisor, some 28% of homebuyers in a national survey, asked what their biggest concern about the housing market was, said prices were too high or were rising. Redfin said in a statement this was the largest percentage to cite the affordability concern in more than a year.

Other worries paled by comparison. Thirteen percent of respondents complained about too much competition from other buyers, and 12.4% about lack of inventory to choose from.

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