Here are the top stressors in the housing market, ranked by region
While the housing market may share commonalities across the country, different regions come with different stress factors. Opendoor’s Financial Wellness Study sheds light on real estate in different states.
9/26/2022 · 2 min read
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New Yorkers feel the most pressure to buy a home, according to the study.
77% of respondents report being most stressed by the idea of having to move.
6 out of 10 respondents have difficulty finding who to trust.
Real estate can look very different across the country. From different points of interest, desired amenities, attractions and budgets, no two states are exactly the same.
In Opendoor’s first-ever Financial Wellness Study, we spoke to folks around the United States to get a deeper understanding of what they want and what part of the market is stressing them most.
State of affairs
While mortgage rates may vary slightly based on where you live, participants in our study gave vastly different answers about their top stressors based on region.
In New York, about 1 in 4 participants said they felt pressure to buy a home. But the story is different in the Midwest, where 8% of respondents in Ohio said they felt pressure, and only 5% in Kansas and Missouri, making them the least likely to feel the heat regarding home buying.
Stress across state lines
While some prospective home buyers feel varying pressures in their respective regions, our study found that some triggers travel beyond state lines.
Of the prospective buyers surveyed who said they were worried about securing a down payment, their top compounding worries were:
74%: taking on more debt
67%: saving enough to complete the home buying process
53%: recurring future monthly payments
Similarly, the study found that some worries are universal. The top real estate stressors, overall, were:
71%: costs and fees
Some of these worries may stem from how complicated the financing process can be. 6 in 10 respondents indicated that figuring out who to trust was a source of stress, and another 6 in 10 admitted that understanding the costs can be difficult.
This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.
Jena Greene is the Managing Editor at Opendoor. She covers real estate, personal finance, money management, and market best practices. Jena is passionate about empowering people to find their dream homes and making the home-buying process a delightful one.
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