Forty-four percent of recent home buyers have had to take on additional debt to maintain their lifestyle, and 43% have struggled to make mortgage payments on time, according to Clever Real Estate’s American Home Buyer Report.
Further, 47% of recent home buyers say they feel in over their head financially since purchasing their home.
About 85% of buyers compromised on their priorities when purchasing a home, according to the report.
More than one-third (37%) bought homes that exceeded their planned budget — making price the most-compromised priority.
Thirty-eight percent of buyers admit they overpaid for their home, and 23% regret spending too much, the survey results show.
Half of respondents (50%) had to accept a higher interest rate to secure a mortgage.
In addition, 60% of Americans who bought homes in 2023 or 2024 state that their finances have not improved since purchasing a home.
An overwhelming 82% expressed at least one regret about the home-buying process.
Photo: Alexander Grey