For most people buying a home is an achievement, a milestone, and the realization of part of the American Dream.
But for some, the initial euphoria turns to regret as the responsibility of homeownership bites; and the monthly cost of a mortgage is one of the main sources of remorse.
A survey of 1000 homeowners by Clever Real Estate, a platform that connects home buyers and sellers with top agents, found that high monthly mortgage payments was one of the top regrets among those who showed homebuyer remorse.
For millennials, high mortgage costs were the top regret (41%) while across the wider sample (35% expressed homebuyer remorse) mortgage costs were second to ‘house requires too much maintenance (second place for millennials).
More than two thirds of millennials put less than 20% down, leading to their higher mortgage payments.
Other regrets among all demographics include a lack of required features, depreciation since purchase, and high interest rates.