Breaking down barriers to achieve the American dream: How first-time homeownership is possible

Rising home prices and interest rates have reduced first-time homebuyers to 21% of purchases, the lowest since 1981, despite 49% of adults wanting to buy a home. Common myths include needing a 20% down payment and perfect credit, but loans like FHA, VA, and USDA offer lower down payments and credit requirements. Additional costs like closing fees and reserves also affect readiness. Various federal, state, and employer programs assist buyers, emphasizing education and flexible options to improve access to homeownership.