For many Americans, buying a home remains an elusive dream despite the current affordability crunch. A recent survey by Real Estate Witch found that 69% of homeowners regret their purchase due to financial strain and unexpected costs. Nearly half of respondents said they’d approach homebuying differently if aware of the actual cost.
The American Dream has long been tied to homeownership, but a combination of factors has made this goal unattainable for many. Low inventory, high mortgage rates, and rising prices have pushed aspiring first-time buyers out of the market. The survey also revealed that homeowners are struggling with property insurance premiums, HOA fees, and other expenses.
On average, American homeowners spend $24,529 a year on their home, excluding mortgage payments. This includes utilities, repairs, maintenance, taxes, and insurance. Homeowners in HOAs face even higher costs, paying an extra $3,077 per year.
Millennials are particularly affected, with 23% saying the cost of homeownership has made them want to return to renting. The same percentage of Gen X owners also expressed regret over their purchasing decision.
The survey highlights the growing disillusionment among American homeowners. Fifty-six percent believe owning a home is unattainable for the average American. A recent NerdWallet study found that 54% think there’s too much pressure to own a home in the US.
Source: https://www.newsweek.com/american-homeowners-have-regrets-about-buying-their-house-2023988