By Joseph Philippone
KeyBank Central New York Region Home Lending Market Leader
Owning a home is a pillar of the American dream and a sign of prosperity, wealth and success. It instills a sense of pride and belonging in individuals and communities. But today, the reality—or at least perceived reality—for homebuyers and potential homebuyers in America is sobering.
According to KeyBank’s 2025 Financial Mobility Survey, many people believe owning a home is out of reach for themselves or the average American. Still, those who have purchased a home in the past year have pointed to factors that boosted their confidence and influenced their purchasing decision, including financial resources, education and access to expert advice from mortgage loan officers that made their dream of homeownership attainable.
April being Fair Housing Month, it’s a great time to highlight ways to make homeownership more accessible. While the market for homeownership in America can be tricky to navigate, it’s important to note that potential homeowners are not alone on their journey and homeownership may be closer than they realize.
Many don’t believe they’ll ever own a home
Forty-six percent of respondents to the KeyBank survey who do not already own a home say home ownership is not attainable for them or their families, up from 39 percent last year. Forty-one percent of respondents, including current homeowners, say home ownership is not attainable for Americans.
Nearly half (47 percent) of those who are younger and don’t have a mortgage are spending less to try to take on a mortgage. Despite spending less, 6 in 10 still don’t believe they’ll ever own a home.
Home-buying programs make a difference
Survey respondents said financial education can help them be more confident in the home-buying process. This includes budgeting and saving for a down payment and closing costs for those in the market (48 percent) or renting (45 percent), as well as estimating and managing ongoing homeownership costs for those recent home buyers (31 percent).
Among survey respondents who purchased a home in the past 12 months, 30 percent say meeting with a mortgage loan officer to learn about programs that make buying more affordable influenced their decision, up from 19 percent last year. Resources like KeyBank’s Financial Wellness Center can help you understand your current financial standing and the next step of your financial and homebuying journey.
Owning a home is a significant milestone, yet many potential buyers don’t realize the valuable resources available to help them get there. By accessing these tools and resources, you can better navigate the homebuying process. Furthermore, building a strong relationship with your bank can grow your confidence and financial capability, making homeownership a more achievable—and financially sustaining—outcome.
Banks are resources
Whether you’re in the market for a new home or looking to improve your current home, your bank can help make homeownership more affordable and sustainable. Financial reviews with a banker at your local branch can help get you started on the path to saving for a down payment on your first home or a new home. For example, KeyBank offers free Financial Wellness Reviews
Loan officers are another great resource. At KeyBank, our Mortgage Loan Officers have information on home lending opportunities and programs to help you get started on the journey to homeownership.
It’s also important to remember that even if you are pre-qualified for a certain home purchase price, the monthly payments might not be ideal for your budget. KeyBank’s Mortgage Affordability Calculator can help you figure out a comfortable loan and payment amount. Don’t forget to consider all the parts of a mortgage loan—down payment, principal, interest, property taxes, homeowners insurance and possible PMI.
A home is more than just a purchase
Buying a home is a long-term investment in your financial future. It should be treated that way, and your bank should be committed to helping you not only achieve homeownership but maintain it and use it as a tool to grow wealth. Following expert guidance, financial planning and getting ongoing support can get you there.
From saving for a down payment to managing the costs of homeownership, your bank should provide the tools and insights to help you and your family build lasting financial confidence. It should support every step of your homebuying journey, from planning to celebrating your success.
About the author: Joseph Philippone is Home Lending Market Leader for KeyBank in the Central New York Region. NMLS #532124. He may be reached at [email protected].
8 steps to homeownership
Knowing the steps in the mortgage process before making an offer can better prepare you for your purchase and save you time, money and stress.
- Get conditionally approved. Complete the online prequalification application and find out what you can afford. Set your home-buying budget and learn how much of a down payment you should be prepared to bring to closing.
- House hunt and make an offer. Once you have found your dream home and are ready to make an offer, review your planned offer with your MLO before submitting it to the owner of the property.
- Complete your loan application. Gather information about you, your finances and the property; then work with your MLO to complete the loan application.
- Application processing. Your lender’s loan processing team will review the application and determine if more information is needed, based on what you have provided. An appraiser visits the property to determine its value.
- Receive initial loan approval. Your lender’s underwriting team will review the application, the property appraisal, your credit report and other financial details to confirm that you are eligible for the loan.
- Prepare for your loan closing. Your loan approval might have some conditions that you need to complete before signing for your loan, such as obtaining property insurance. A title company or attorney will work with your lender to prepare the mortgage note, deed and title work required to transfer the property.
- Close and sign final paperwork. Working with a title company or attorney, you will sign the paperwork related to your loan. Any additional down payment and closing costs will be due at this time.
- Get the keys to your new home! Once funds are collected and the contract is verified, you will receive the keys to your new home.
