Research from J.D. Power reveals that first-time homebuyers regret not securing better information regarding the total costs associated with homeownership. Bruce Gehrke indicates that younger buyers are especially unprepared for expenses beyond monthly mortgage payments, such as insurance and maintenance. The hidden costs of homeownership now average over $18,000 annually, primarily due to increasing home values and rising inflation. Additionally, a recent survey shows that a growing number of borrowers consult lenders before home searches, highlighting a trend towards better financial preparedness.
First-time homebuyers regret not understanding the full costs of homeownership, indicating a critical gap in necessary information for effective budgeting.
Younger borrowers are particularly surprised by the expenses involved in homeownership, such as insurance and maintenance, which extend beyond just monthly mortgage payments.
The average hidden costs of homeownership are now over $18,000 annually, reflecting a significant increase due to rising home values, inflation, and insurance rates.
A survey indicated that 43% of mortgage borrowers now interact with lenders before searching for homes, demonstrating an increasing trend in financial preparation.
#homeownership-costs #first-time-homebuyers #mortgage-awareness #financial-planning #housing-market-trends
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