About 38% of homebuyers in 2023 and 2024 admitted to overpaying for their homes, with 23% regretting their decision. Additionally, 50% of respondents accepted a higher interest rate than planned to secure a mortgage.
Nearly 47% of recent home buyers feel financially overextended since purchasing their homes. While 77% of prospective buyers have started saving for a down payment, 59% report feeling financially overwhelmed by the process.
For more than half of the respondents (52%), the overall home-buying experience proved more stressful than anticipated – a sobering reality check on the American dream of homeownership.
Compromises and regrets
Compromise has become the norm, with a staggering 85% of buyers settling for less than their desired home. Price was the biggest sacrifice, with over one-third (37%) purchasing homes that exceeded their budget.
Perhaps unsurprisingly, 82% express at least one regret about the homebuying process. Excessive maintenance needs topped the list at 28%, with over a third (35%) attributing this to sellers’ lack of transparency, according to the report.
