As Housing Costs Rise, Many Buyers Regret Their Purchases

Home costs have soared in recent years, but it’s not just a home’s price tag that has caused recent homebuyers to regret their purchases. According to National Mortgage Professional, some homeowners feel as though they’d rather turn back to renting as the cost of home maintenance has grown to $24,529 per year, or about $2,044 per month. Over the course of a 30-year home loan, this can cost $735,870, nearly matching the cost of the average mortgage itself. However, those are not the only costs homeowners are incurring. Property insurance along with down payment costs have also grown over the last few years.

Although homeownership is still viewed as an “integral part” of achieving the American dream, 44% of those surveyed stated that renting was all-around easier, and 1 in 7 respondents admitted they have considered returning to renting due to the unpredictable nature of homeownership expenses. And with the cost to rent starting to stabilize, they might be onto something. Read more