ST. LOUIS–At the same time credit unions nationally remain active in attempting to boost home ownership, especially among first-time homebuyers, a new survey has found nearly 70% of homeowners have regrets about their home purchase.
“In fact, 60% of homeowners say they would have approached buying a house differently had they realized the true cost of homeownership,” according to Real Estate Witch, which conducted the survey titled “The True Cost of Homeownership 2024.”
Among the findings:
- 21% would've purchased a home that requires less maintenance
- 21% would've negotiated a better price or contingencies on their current home
- 16% would've waited to buy a home until they had more money saved
- 15% would've paid for an inspection
- 14% would've purchased a less expensive home
- 14% would've waited until mortgage rates fell
“Owning a home isn’t always what it’s cracked up to be. About 36% of homeowners say their home has negatively affected their finances, and 23% say it's negatively impacted their mental health,” Real Estate Witch said. “Approximately 42% of homeowners say renting is easier than owning a home, and 41% say renting is less expensive than owning a home.
The survey further found approximately 21% of homeowners say owning a house is not worth the cost, and 25% say homeownership hasn't been worth the hassle.
Additional Findings
Among the other findings:
- 88% say the true cost of owning a home is higher than expected.
- The average homeowner spends $17,958 each year on additional expenses — an increase of about $500, or 2.9%, from 2023. Over a 30-year mortgage, that's an additional $538,740 — “enough to buy a second house!”
The nearly $18,000 in additional costs consists of:
- $4,392 on maintenance
- $3,784 on renovations
- $5,362 on utilities
- $2,904 on property taxes
- $1,516 on homeowners’ insurance
“The typical homeowner expects to pay just $10,094 each year on their home, which is only 56% what they actually pay,” according to Real Estate Witch. “About 35% of homeowners say they plan to spend at least $10,000 on renovations in 2024 alone.”
Years of Home Improvements
The survey also found:
- Homeowners spend 588 hours per year — totaling 24.5 days — working on home upkeep and improvements. “That means, every 15 years, homeowners lose a year of their lives to home maintenance.”
- “Shockingly, 19% could not afford a $500 emergency repair without going into credit card debt, and 42% of homeowners say they've skipped a home repair or maintenance because they didn't have the money.”
- What’s more, of those who already own a home, 58% say they have buyer's remorse, and 46% of recent home buyers say they overpaid for their home.
The full survey can be found here.
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