A new survey from Bankrate paints a picture of the housing market through the eyes of struggling homebuyers.

“Homeownership is still the cornerstone of the American dream,” Bankrate Chief Financial Analyst Greg McBride said.

More than 80% of people in Bankrate’s survey said owning a home is part of the American dream.

Homeownership topped other aspects of the American ideal, including being able to retire, having a successful career, having children or getting a college degree.

But more than 80% of aspiring homeowners also told Bankrate that affordability issues are holding them back. Nearly 60% said they don’t have enough income.

Fifty-five percent said home prices are too high. More than 60% of Gen Xers and millennials said home prices were too high for them to buy a house. And 46% of people said they can’t afford a down payment and closing costs.

The median existing-home sales price was $398,400 in February, according to the National Association of Realtors. That was the 20th consecutive month of year-over-year price increases.

NAR will release existing-home sales figures for March next week.

High prices and high mortgage rates have kept home sales sluggish. Younger buyers are struggling, with first-time homebuyers hitting a record low. Baby Boomers now make up the largest generational group of homebuyers, according to NAR.

Jessica Lautz, NAR deputy chief economist, said in a news release half of older boomers and two out of five younger boomers are buying homes entirely with cash, bypassing high mortgage rates.

NAR forecasts that existing-home sales will increase 6% this year and 11% next year. Median home prices are expected to increase between 3% and 4% in each of the next couple of years.

And NAR forecasts mortgage rates will remain above 6%.

The average 30-year fixed-rate mortgage continues to trend down, according to Freddie Mac. But it’s still around 6.6% now, compared to about 3.3% during the same period five years ago.

The Bankrate survey found about two-thirds of people are willing to make a change — such as downsizing, moving to another state or buying a fixer-upper — so they can get a more affordable home.

“A lot of those affordability challenges remain as daunting as ever,” McBride said.

McBride offered some advice for aspiring homebuyers, saying they should take the time to build up savings and pay down other debt.

“Homeownership that seems out of reach now might be much more tenable in 12 or 24 months when you’re on the other side of that next promotion or pay raise,” McBride said. “So, finish that degree, get that certification, those type of things that can propel your earning power forward.”

Affordability challenges tend to lead buyers to stretch to their limits, but he said it’s important to budget in a buffer “so that unplanned expenses or any kind of income disruption isn’t cause for a crisis.”

He recommended keeping your monthly mortgage payment — principal, interest, taxes and insurance — at no more than 28% of your gross monthly income.

“You want to have a little bit of breathing room,” McBride said.

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