Clever Real Estate: 43% of New Homeowners Struggle With Payments

(Image courtesy of Clever Real Estate)

Clever Real Estate, St. Louis, released a new survey, with the findings that 43% of new homeowners report struggling to make on-time mortgage payments.

Of home buyers who made their purchases in 2023 and 2024, 38% said they overpaid, and 23% said they regret overspending.

Thirty-one percent said purchasing a home was harder than expected because of financial reasons.

Moreover, 44% report taking on extra (non-mortgage) debt to maintain their lifestyle. Exactly half of the respondents said they accepted a higher interest rate than they planned.

Sixty percent said their finances have not improved since purchasing a home.

Forty-seven percent of respondents report feeling in over their heads financially since their home purchase.

Eighty-two percent reported having at least one regret

The survey also queried prospective homebuyers–77% of whom say they’ve started saving for a down payment, but 59% say it’s made them feel overwhelmed.  

Half of those respondents say it’s a bad time to purchase a home, and 70% report trying to “time the market” to avoid the highest prices. And, 59% of those potential buyers say they’re waiting for mortgage rates to drop.

On average, prospective buyers say they’re looking to purchase a home for about $483,490, about 2% less than the national average of $492,300.