The excitement of buying a new home has worn off fast for almost half of Americans.
Forty-four percent of homeowners have some regrets about their current residence or the process they went through when choosing it, according to a survey by Trulia, a residential real estate website. The site polled 2,000 adults in late June.
Buying a house is often the biggest purchase a person will ever make, so it’s natural that many experience some buyer’s remorse. The median U.S. home price was $252,800 in May, up 5.8 percent from a year earlier, according to the National Association of Realtors.
Trulia found the top homeowner regret was not choosing the correct home size (42 percent), including a third of homeowners who wished they’d bought a larger home. Even among wealthy Americans earning $100,000 or more, 16 percent regretted not buying a larger home.
Home size has been a common gripe over the years, especially as housing gets more expensive and people have to settle for smaller spaces, said David Weidner, managing editor for Trulia’s housing economics research team.
“It’s probably not something that has just dawned on people after they’ve been in their home a few years,” he said. “I think many people faced with higher mortgages and higher rents are having to settle for less when it comes to space.”
Renters’ top regret was wishing they had bought instead of rented (41 percent). Some may have been too cautious because of the lingering effects of the housing crisis, Weidner said.
“In every U.S. major market, it’s cheaper to buy a home than it is to rent … over seven years,” he said.