Three in five (59%) homeowners said that owning a home is part of their American Dream and nearly a third (28%) felt financially secure after buying one, according to Freedom Debt Relief’s new survey.
However, 29% of the 1,028 homeowners surveyed said homeownership stressed them out. For 26% who would rather rent, the cost of owning a home was too much of a burden.
Of those who opted to purchase a home, 52% regret their mortgage, saying the monthly payment is too high. Forty-one percent said they were not aware of all their mortgage options.
The report showed that millennial (58%) and Gen-Z (52%) homeowners were more likely to think that their mortgage payments and interest rates were too high. Millennials (47%) and Gen-Xers (41%) said they were uninformed of all the mortgage options. Two-thirds (67%) of millennial and Gen-X (62%) homeowners also said that closing their mortgage loans left them with no savings.
Over a third (37%) of homeowners put an average of 20-29% of their monthly income toward their mortgage payments, while three in 10 set aside 30-49% of their monthly income to pay for their monthly mortgage.
The monthly mortgage cost was the most important in the home-buying process, according to 96% of homeowners. The community or neighborhood (92%), crime rate (91%), house appreciation potential (85%), commute to work (79%), school district (74%), and walkability (50%) followed.
MPA
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