Financial wellness and homeownership are two sides of the same coin. A recent study from Opendoor found that 56% of current + prospective homeowners think about their finances for at least 30 minutes every day. (We feel that. 💸)
Homeownership is a major milestone of financial security that many aspire to — but it can be just as stressful financially as other ultimate goals like saving for retirement and saving for a child’s education.
Fast facts:
- 37% of prospective homebuyers believe that homeownership will improve their quality of life.
- More than 78% are considering buying their first home in the next five years.
- 53% want to buy within the next two years.
If you’re a part of these percentages, join us as we take a look at how Raleighites are tackling their finances + homeownership and how it affects their stress levels. (Read: You’re not alone if you’re sweating over downpayments. 😅)
RAL real estate stressors by the numbers
The top homebuying stressors are:
- Taking on additional debt (74%)
- The burden of saving enough funds to complete the transaction (67%)
- Fear of future monthly payments (53%)
Millennials feel added stress because of financial guilt. 16% of respondents noted that they feel stress while home buying due to feeling guilt from receiving financial support from family members.
Millennials are more likely to buy a home as an individual compared to Gen Xers and Boomers — adding to millennials’ existing stress levels. On the flip side, they’re concerned about societal stigmas around being a single homeowner.
Opendoor aims to remove the hassles that come with traditional real estate sales to create a stress-free experience. Get a free offer on your home or browse available RAL listings.
