Nationwide: First-Time Buyers Experiencing High Levels of Stress

(Image courtesy of Ketut Subiyanto/pexels.com)

Nationwide, Columbus, Ohio, reported that recent first-time buyers found buying a home more stressful than some other major life milestones.  

Seventy-one percent said it was more stressful than finding their first job, 68% said it’s more stressful than meeting new people, 59% said it ranked above planning a wedding and 56% above finding a long-term romantic partner.

First-time buyers are making sacrifices to purchase their first home, including 32% who report commuting further to work or other daily locations, 31% who are buying a home in a location that wasn’t their first choice and 28% who are buying a home with fewer amenities.

A considerable majority of first-time buyers, at 83%, believe their home is an asset instead of a liability.

A vast majority also believe that owning a home has improved their sense of control over the future (86%), owning a home is one of the most important achievements one can make in their life (84%) and owning a home has improved their sense of control over finances (82%).

First time buyers are seeing stressors beyond just their purchases, too. In response to the prompt: “I finally understand the true terror of the phrase ‘unexpected repairs,’ ” 69% answered yes.

Sixty-seven percent each said yes to the prompts that “I’ve become a professional at Googling ‘how to fix [insert problem here]’ ” and “I finally understand all my parents’ frustrations with my childhood home.”