A version of this post was originally published July 2023.
June is National Homeownership Month, a time to celebrate the benefits that homeownership brings to families, neighborhoods, and communities across America.
What is National Homeownership Month?
National Homeownership Month has gone through many iterations to get to where it is today.
1920’s: The concept for celebrating homeownership begins as a week-long celebration thanks to local realtor associations wanting to promote the idea of homeownership
1956: The National Association of Realtors picks up the concept and celebrates it officially
1976: The week is officially renamed Private Property Week
1986: Renamed again to American Home Week
2002: President George W. Bush proclaims June as National Homeownership Month as the celebration is absorbed into an initiative created by the Department of Housing and Urban Development
Today, the mortgage industry continues the message of helping people realize the dream of responsible homeownership.
A snapshot of obstacles to homeownership in 2026
Affordability continues to define the path to homeownership in 2026.
Mortgage rates remain elevated, with the 30-year fixed-rate mortgage averaging 6.47% as of June 18, 2026. At the same time, a typical family earning the national median income would need to spend 32% of that income on a median-priced home, while lower-income households may need to allocate as much as 65% according to NAHB Cost of Housing Index.
Additionally, supply constraints continue to compound the issue. The U.S. housing market is still short an estimated 3.7 million homes, putting sustained pressure on both prices and availability.
These conditions are reshaping who can enter the market. First-time buyers made up just 21% of homebuyers, with the median age rising to 40—a reflection of how long it now takes many borrowers to save and qualify.
While the overall homeownership rate held steady at 65.3% in early 2026, access remains uneven across borrower demographics, reinforcing the need for targeted solutions that address both affordability and access. Yet, homeownership still remains the ‘American Dream’ over getting married or even building a successful career…
Navigating the current environment
The market is improving, but affordability remains a challenge.
Mortgage rates have eased compared to prior peaks, and forecasts point to modest gains in inventory and affordability in 2026. Buyers are still highly payment-sensitive and often revisit loan options before moving forward.
Affordability now reflects the full cost of ownership. Expenses like homeowners insurance have risen more than 40 percent in recent years, adding pressure to monthly payments.
In this environment, success depends on clear guidance and thoughtful structuring. Helping borrowers compare options and understand tradeoffs remains critical.
What we in the industry can do to help
Helping borrowers move forward starts with expanding access and making complex decisions easier.
Mortgage insurance continues to open the door to homeownership by enabling low-down-payment options. In 2024, more than 800,000 borrowers used MI-backed loans to purchase homes. Enact supports this with solutions aligned to 97 percent LTV programs, helping qualified borrowers buy sooner without waiting to save 20 percent down.
Just as important is how those loans are structured. Flexible MI options allow lenders to tailor scenarios around payment, cash to close, or long-term cost, helping borrowers find a path that aligns with their financial goals.
For borrowers facing upfront affordability challenges, HFA and down payment assistance programs can help bridge the gap by reducing cash-to-close requirements and expanding access to homeownership.
Beyond the transaction, ongoing support matters. Enact’s Ready. Set. Home.℠ helps lenders deliver value through education, borrower benefits, and post-close support designed to make homeownership more manageable over time.
Homeownership in 2026 FAQs: what borrowers need to know
Can borrowers buy a home in 2026 without 20% down?
- Yes. Options as low as 3 percent down or 97 percent LTV are available
What determines how much home a borrower can afford today?
- Monthly payment including rate, insurance, taxes, and debt obligations
- Homeowners insurance and ownership costs have increased in recent years
Are there ways to reduce upfront homebuying costs?
- Programs may help lower down payment and closing costs
- Often include education requirements and borrower eligibility criteria
Is mortgage insurance tax deductible again in 2026?
- Yes. Permanently deductible starting in tax year 2026 for eligible borrowers
Why do buyers take longer to purchase in today’s market?
- Higher costs and limited inventory
- Buyers are more likely to pause, re-evaluate, and compare options before committing
Want to learn more?
We offer underwriting services and training resources to help you effectively navigate your borrowers’ unique situations during their journey to owning a home. You can also stay proactive and knowledgeable with recent industry updates to help make home happen for more people, beyond Homeownership Month.
Be sure to make the most of your MI experience, too. If you need some extra insight, you can always contact your Enact Sales Rep for more info. They’ll be happy to help you meet your business needs, answer questions, and point you in the right direction.
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