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.