Many homebuyers have been waiting on the sidelines in hopes of lower mortgage rates and more manageable home prices. And despite signs that the market may be balancing out, affordability remains a challenge.
But some people are finally getting tired of waiting and are finding ways to make it work, according to U.S. News & World Report’s fourth annual 2026 Spring Homebuying Survey.
The survey — which compiled responses from 1,207 Americans nationwide who plan to buy a home in 2026 using a mortgage — found that 62% of respondents are waiting for mortgage rates to fall before buying a home in 2026, compared with 80% in 2025.
And of the 62% who put off buying a home in 2025 because they were waiting for rates to fall, 41% said they regret putting off their home purchase.
High Mortgage Rates Are Likely Here to Stay
Fannie Mae, the Mortgage Bankers Association and Wells Fargo all project that mortgage rates will stay above 6% for the rest of 2026 and well into 2027. And the National Association of Home Builders is forecasting that rates will hover just below 6%.
“It has been four years since mortgage rates really started to march up and be higher,” said Erika Giovanetti, a consumer lending analyst for U.S. News & World Report. “Those 3% rates are never coming back, unfortunately, and people have just gotten used to these 6% rates.”
In combination with high home prices, 29.6% of respondents said they would have to stretch their budget to buy a home in which they want to live in their local market.
Though housing stock has increased, by a small margin, in much of the nation, Giovanetti said, sellers are not willing to settle for less than what they believe their house is worth. That is keeping prices higher despite growing inventory.
Also, she said, there has been speculation about home prices crashing nationwide for years. That hasn’t happened, and it’s only gotten harder to buy a home.
What Homebuyers Are Doing to Make It Work
Rather than continuing to wait, she said, people are turning to some “unconventional” methods of buying a home. They include side hustles, co-ownership and buydowns.
About 57% of respondents are taking on some form of additional work to qualify for a larger mortgage or to cover a higher monthly payment. Others (52%) are tapping into their savings to cover their down payment or (11%) getting assistance from parents or family members.
Alternatively, 37% of respondents plan to purchase a home with someone other than a spouse or a partner. They include friends (15%), parents (12%) and siblings (9%).
For those who go that route, Giovanetti recommends consulting a real estate lawyer. Because a home is one of the biggest purchases people make, she said, it’s important for them to cover themselves if they’re sharing it with another person.
“Demand is lower now, but there’s still people who need to move, whether that’s to relocate for a job, to make space for a growing family or to downsize in retirement,” Giovanetti said. “So people who are in the market for a home are finding ways to make it work.”
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