"Consumer sentiment fell in April to the lowest level recorded in the 70-plus-year history of the University of Michigan’s [UoM's] survey," reported The Wall Street Journal last Friday. The UoM's own report said: "Assessments of personal finances declined about 11% [in April], with consumers expressing a substantial increase in concerns over high prices and weaker asset values."
But many Americans are adopting the nation's signature attitude, especially when it comes to homeownership. They're facing up to financial challenges and making smart moves to remain one step ahead of the game.
"Homeownership remains one of the most powerful tools Americans have to build long-term wealth and strengthen their communities," said Victor Alexander, head of consumer banking at KeyBank, in a news release on Monday.
"Today's buyers are approaching homeownership with more intentionality and planning than ever before, and that's where banks can make the biggest difference. When people have the right tools and support, the path to homeownership can move from possibility into reality."
Keeping Financial Mobility Alive
KeyBank's news release referred to the bank's 2026 Financial Mobility Pulse Poll, a survey that examines consumers' responses to financial pressures.
"The financial pressures people face today are real and widespread across the financial spectrum," said Dan Brown, executive vice president and director of consumer product management for KeyBank in the poll's report.
"What stands out, though, is that Americans aren’t waiting for conditions to improve. They’re being proactive and resourceful in response to these pressures, and these aren’t just one-time reactions — 88% of Americans have made at least one meaningful adjustment to their finances. People are navigating the current economic climate through daily decisions that are increasingly becoming lasting habits."
Shifting Responses to Changing Challenges
The poll identified the Top 5 financial concerns facing consumers. And, perhaps unsurprisingly, the Top 3 are all about affordability:
- Grocery prices — Cited by 58% of survey respondents, up from 55% previously
- Housing costs — Cited by 44%, way higher than the 35% previously
- Healthcare expenses — Cited by 30%, again much higher than the 22% previously
- Global factors (tariffs, inflation, interest rates) — Cited by 23%, down from 24% previously
- Credit card debt — Cited by 21%, down from 26% previously
Most Americans are making financial trade-offs either daily (33%) or weekly (31%). Those trade-offs include:
- Switched to less expensive brands or services — 59%
- Canceled or reduced subscriptions or memberships — 51%
- Taken on side work or additional hours for extra income — 35%
When the going gets tough ...
Breaking Down Homeownership Barriers
KeyBank recommends first-time home buyers consider four shortcuts to homeownership:
- Down payment assistance programs
- Low down‑payment mortgage options
- First‑time homebuyer education — Find a nearby course or do online research using credible websites
- One‑on‑one financial guidance — Absent a financial advisor, talk (with no obligation) to a lender or bank
KeyBank stresses the importance of education, planning and partnership. And it suggests beginning with a review of financial strengths and weaknesses, especially one's credit score, debt‑to‑income ratio, and savings.
The bank recommends reaching out to a bank or lender early on, perhaps 18 months before beginning the purchase process. Communicating with an expert that early can avoid nasty surprises when the time comes.
Yes, experts will hope that their mentees will borrow from them. But they should be mature enough to know that, ultimately, those they mentor should shop for the best possible mortgage deal. So, professionals should expect the business only if they match (or very nearly match) the best other loan quote.
