Survey: First-Time Homeowners Overwhelmed by Costs

Published: June 15, 2024

Angi, a leading home services platform, released the results of a new survey of first-time homeowners that uncovers a surprising gap in homeowner knowledge regarding ongoing maintenance and repair costs. While many meticulously budget for the down payment and mortgage, the survey reveals a significant knowledge gap.

Key findings of the survey:

  • 41% of first-time homeowners spent more than expected on maintenance and repairs compared to those who’ve owned multiple homes (31%).
  • Young homeowners (18-24) are most likely to feel overwhelmed by these unexpected costs (43%).
  • Despite the financial stress, homeownership satisfaction increases over time. Only 53% initially found owning a home enjoyable, but that number jumped to 65% after just one year.
  • First-time homeowners are more diligent: They are significantly more likely to attend home inspections (68% vs.54%) and locate key safety features like the water shut-off valve (81% vs. 72%).
  • They’re also eager to personalize their space: Compared to repeat buyers, first-timers are more likely to want to complete home improvement projects upon purchase (34% vs. 28%). However, nearly 30% regret not tackling more projects within the first six months.

You can view the full findings here.

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