Madison Troyer
3 min read
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
It may be a buyer's market right now, but a survey by Bankrate found that 42% of homeowners have regrets about purchasing their current homes.
The most common regret is not being aware of how much maintenance and other hidden costs would amount to. Bankrate's Hidden Costs of Homeownership Study found that the average cost associated with owning a home in the U.S. is $21,400 per year. That cost has risen over the last five years as inflation and interest rates have increased, and the market has gotten more competitive.
Don't Miss:
-
Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.
-
Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can invest with $1,000 at just $0.30/share.
Other regrets for homeowners include buying too small or too large a home, overpaying, choosing a bad location, having mortgage rates and mortgage payments that are too high, and not thinking that purchasing a home was a good investment.
"For most folks, buying a home is the most expensive transaction of their lifetime," Bankrate Senior Economic Analyst Mark Hamrick said. "After the purchase is complete, we find that affordability issues rank high on the list of regrets. While homeownership is still associated with the proverbial American dream, it is prudent to consider and plan for the many ongoing costs of ownership, not just getting over the threshold of the down payment and settlement."
Despite these regrets, 70% of those surveyed said they would repurchase their current home if they had to do it all over again. Meanwhile, 17% said they would not repurchase, and 13% were unsure if they'd make the same decision.
Trending: Arrived Home's Private Credit Fund’s has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum.
Additionally, Bankrate found that home ownership is still a major part of the American Dream for many people. Some 82% of adults say that owning a home is a key part of the American Dream, more so than the ability to retire or have a successful career. Gen Xers and Baby Boomers, in particular, feel that home ownership is a marker of success.
"Americans consider homeownership to be the cornerstone of the American Dream, more so than anything else," says Bankrate Chief Financial Analyst Greg McBride. "This belief hasn't wavered and has only gotten stronger despite increasing affordability challenges with a record high percentage of Americans, 82%, citing homeownership as part of the American Dream."
