ST. LOUIS–Since purchasing their home, 44% of recent home buyers are reporting they have had to take on additional debt to maintain their lifestyle, and 43% have struggled to make mortgage payments on time.
That’s according to a new survey from Clever Real Estate.
The Findings
According to the survey:
- Upcoming buyers plan to purchase a home that costs $483,490 on average, but 52% of Americans who have purchased a home since 2023 spent more than $500,000.
- 31% of 2023 and 2024 home buyers say purchasing a home was harder than expected because of financial reasons, such as exceeding their budget (40%) and high interest rates (38%).
- Since purchasing their home, 44% of recent buyers have had to take on additional debt to maintain their lifestyle, and 43% have struggled to make mortgage payments on time.
- 82% of Americans who bought a home in 2023 or 2024 have at least one regret about the home-buying process, with buyers most likely to regret that their home requires too much maintenance (28%).
- 85% of recent home buyers compromised on their priorities when purchasing a home.
- Although 48% of buyers wanted an affordable home, a whopping 37% bought a home that was more expensive than they planned.
- In a previous survey, 94% of home sellers supported a new commission structure that would require the home buyer to pay their agent, but that percentage dropped to 61% among buyers in this new survey, Clever reported.
- 50% of upcoming buyers say they would consider forgoing an agent because of recent changes that would require them to pay commission.
- The typical buyer's agent commission rate across the U.S. is 2.66% of the final home sale price, but 51% of buyers think a fair commission rate is 2% or less.
The full survey can be found here.
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