Real Estate Witch’s research has been featured in CNBC, Yahoo! Finance, Chicago Tribune, Black Enterprise, and more. In 2020, Real Estate Witch was acquired by Clever Real Estate, a free agent-matching service that has helped consumers save more than $160 million on real estate fees. Since 2016, Real Estate Witch has demystified real estate through in-depth guides, honest company reviews, and data-driven research. You shouldn’t need a crystal ball or magical powers to understand real estate. Each respondent answered 20 questions related to their homeownership and financial situation.Īre you a member of the media interested in learning more about our research? Feel free to reach out! Contact this article’s author here. The proprietary data featured in this study comes from an online survey commissioned by Real Estate Witch. More than half of homeowners say they wouldn’t be able to afford a $3,000 emergency repair without going into credit card debt. Rising prices are stretching homeowners thin, threatening to land those without home warranty plans in trouble if faced with an unexpected bill. Nearly 9 in 10 homeowners (85%) say inflation has impacted the cost of homeownership, including 35% who say it has had a major impact. Utility prices and other costs have made a noticeable dent in homeowners’ finances over the past year. Inflation affects more than just gas and groceries. Just 10% say no costs have been higher than expected.Ĩ5% of Homeowners Say Inflation Has Impacted the Real Cost of Homeownership Maintaining the home’s appearance (24%).Homeowners are most likely to be caught off guard by the cost of: In all, 90% of homeowners say some aspect of homeownership has been more expensive than they expected. When asked which costs of homeownership are higher than they anticipated, the most common answer from homeowners was property taxes (33%), followed by renovations (27%), utilities (27%), and roof work (25%). The typical owner spends $2,795 on property taxes and another $1,516 on homeowners insurance each year - a combined total of $4,311. In addition to maintenance, upgrades, and utilities, two of the largest expenses homeowners face are property taxes and homeowners insurance. Negatively affecting their mental health (26%)ĩ0% Say Owning a Home Is More Expensive Than Expected, Especially With Taxes and Insurance.Not attainable for the average American (40%).Fixer-upper owners are 67% more likely than other homeowners to say their house has negatively affected their mental health.Īs a whole, homeowners say owning a home is: That’s especially true for those who bought homes requiring significant maintenance. 1 in 4 Say Homeownership Negatively Affects Their Mental HealthĪlthough 91% of homeowners say they’re proud to own a home, they’re willing to admit that homeownership comes with a great deal of stress and responsibility. Meanwhile, about 23% of buyers say they did not schedule a home inspection before closing, and those buyers are 11% more likely to report regrets than those who arranged an inspection. First-time buyers are 15% more likely to have regrets than repeat buyers. It’s worth noting that certain types of home buyers are more likely to report regrets than others. They never feel home buyer’s remorse (35%).They rarely feel home buyer’s remorse (26%).They sometimes feel home buyer’s remorse (26%).They often feel home buyer’s remorse (14%). Unfortunately, many buyers feel less confident about their purchase in hindsight.Ībout 65% of homeowners say they feel some level of buyer’s remorse, up from 35% in 2019. 54% of homeowners could not afford a $3,000 emergency repair without going into credit card debt.ĭeciding to buy a home is a serious commitment, especially with prices climbing rapidly over the past few years.85% of homeowners say inflation has impacted the cost of owning their home.90% of homeowners say some aspect of owning their home was more expensive than they originally expected.Homeowners spend $4,975 on utilities each year - nearly 2x more than renters ($2,845). The most expensive hidden cost of homeownership is the price of utilities.34% of homeowners say the seller was not upfront about how much maintenance the home required.The average homeowner spends $4,283 a year on maintenance and upkeep.26% of homeowners - and 35% of those who own fixer-uppers - say their home negatively affects their mental health.53% of homeowners find owning a home stressful.First-time buyers are 15% more likely to have regrets than repeat buyers.73% of homeowners have regrets about their home purchase.65% of homeowners report feeling buyer’s remorse, up from 35% in 2019.The average homeowner spends $17,459 on their home each year - in addition to mortgage payments.Key Statistics: The True Cost of Owning a Home □
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