Survey looks at consumer confidence when buying a home

FRESNO, Calif. (KFSN) -- A survey conducted by the financial services company Bankrate shows 54% of Americans say their income is not high enough to afford a down payment and closing costs needed for a home.

Thirty percent of those surveyed figured they would need at least five years to save up for a down payment.

"Sadly, about one in five prospective homeowners told us they didn't think they'd ever be able to afford a down payment for a home," says Bankrate Senior Economic Analyst Mark Hamrick.

Hamrick says the survey allowed them to get a better understanding of the frustrations home hunters are going through.

More than half the people polled, 51%, say the cost of living poses an obstacle to their home-buying plans.

"It's one thing to talk about housing affordability or lack thereof, but it's another thing to see that a majority of Americans that would like to buy a home say they just can't pull it off right now, and that's sort of the state of play with the housing market nationally as well as locally," Hamrick said.

Twenty-three percent of home buyers polled said their family and friends either gifted or loaned money to help them buy a house.

"Some people were fortunate enough to have help from friends or family," Hamrick said. "That certainly is a nice option to have, but the reality is that's not an option for most individuals."

For those renting a home or apartment, Hamrick says he was encouraged to see rent prices have stabilized a bit after steadily rising the past few years.

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