The cost to rent or buy a home is rising faster than the growth in wages in Harris County, according to an analysis by real estate data company Attom Data. But even people who are able to able to buy a home are finding them unexpectedly difficult to afford.
Nearly two-thirds of millennial homeowners have regrets about their purchase, according to a study by Bankrate.com. The most frequent complaint is finding out that maintenance and other costs are more expensive than had been expected.
Bankrate Analyst Deborah Kearns said homebuyers should set aside 1 percent of their home’s purchase price each year for such unexpected costs.
“Budgeting early on can prevent dipping into emergency savings or going into debt to handle these added expenses,” she said. “Buyer’s remorse can easily be avoided with adequate research and planning.”
Sixty-three percent of homeowners ages 23 to 38 had regrets about their current home purchase. Of those, 29 percent cited unexpected costs, 19 percent said they bought too small of a house and 13 percent regretted the location. The age group had more regrets than any other; Only a third of baby boomer homeowners, ages 55 to 73, had regrets about their purchase.