Nearly Half of Recent Homebuyers Are Struggling To Pay Their Mortgage: Report

Paper house with drafts and money
Paper house with drafts and money Andrew Wilus

Nearly half of recent homebuyers in the United States said they are struggling to make their mortgage payments on time, a new survey found.

At least 43% of new homebuyers said they are struggling to pay their mortgages on time. A similar number of homebuyers, specifically 44%, said they had taken an additional nonmortgage debt since they purchased their homes just to maintain their standard of living. Furthermore, 47% of homebuyers said they feel financially over their heads.

That is according to the findings of the "American Home Buyer Report: 2024 Edition" survey conducted by real estate experts at Clever.

In addition to asking about their financial status, Clever polled Americans to see whether they regret buying a home. A majority of those surveyed, 82%, said they had regrets about their purchase or that buying a home did not improve their happiness. Another 23% said they feel remorse over spending too much on their home.

Compromises on Home Buying

The survey also asked homebuyers about the compromises they made to buy a home. At least 48% of respondents said they were looking for affordable properties. However, 37% of those respondents said they bought a home that cost more than they had planned.

Apart from compromising on the price tag, among 55% of buyers who prioritized finding a home in a good neighborhood, 21% said they settled for a property in a less desirable area. Of the 40% who said they were looking for a home near public transportation, 27% of respondents said they settled for a house located farther away.

Still, 68% of respondents said that based on the current market and mortgage rates, they are happy they purchased their home when they did, even if it required having a higher interest rate. As of the week ending May 9, the rate for the 30-year mortgage loan was 7.09%, while the rate for the 15-year loan was 6.38%, per Freddie Mac.

Clever surveyed 920 recent and upcoming home buyers, including 420 Americans who bought a home in 2023 and 2024 and 500 who plan to buy a home within the year or in 2025. The survey was conducted between April 4 and 15.

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