There’s a great sense of accomplishment that comes with buying a home, but many first-time buyers are also getting a crash course in all the challenges that come with a mortgage.
A recent survey by insurance company Nationwide reveals that 71% of first-time homebuyers found the process more stressful than landing their first job. And more than half (59%) ranked it above planning a wedding or finding a long-term partner.
The results are from an online survey of just over 1,000 adults in the U.S. over the age of 18 who purchased a home in the past year.
Two big challenges cited by respondents were finding trusted sources as a first-time buyer and fully understanding what purchasing a home entails (both 48%).
Unexpected expenses caught nearly half of survey respondents off guard (47%), and the same number said it was tough to find affordable home insurance.
When asked what warning label should have come with their house, 28% wished they’d known “there’s always a hidden cost lurking around the corner,” with 1 in 4 buyers reporting expensive repairs within six months of moving in.
Respondents also say that homeownership comes with a surprising shift in how they spend their time and money. Over a quarter admitted their weekends are now dedicated to yard work and home improvement projects.
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Getting into a home in today’s market often means making tough choices, too. Recent buyers reported making the following compromises:
- Commuting farther to work (32%)
- Settling for a less-than-ideal location (31%)
- Giving up amenities like garages or backyards (28%)
- Buying a home that needs significant repairs (27%)
- Downsizing from original plans (26%)
Despite these trade-offs, the vast majority said homeownership boosted their financial confidence and gave them a greater sense of control. Even more said that owning a home made them feel more like adults.
And nearly two-thirds see their first home as their forever home, not just a starter property. They’re thinking more along the lines of long-term stability and wealth-building.
In a summary of the findings, Casey Kempton, president of P&C personal lines at Nationwide, explains how the results reveal what first-time buyers need:
“First-time buyers aren’t just looking for a place to live; they’re building the foundation of their financial future.”
For those still renting and dreaming of ownership, these insights offer valuable perspective. Be prepared for all the challenges and changes that come with owning your own home. But also know that recent buyers overwhelmingly agree that having a place to truly call your own makes it all worthwhile.
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