23
HOMEOWNERS
FEELING EXTRA
FINANCIAL
STRESSES
Many homeowners are still feeling some
concern about their ability to pay their
mortgage, according to a survey by Clever.
According to the survey, 2020 home buyers
are more than twice as likely to report feelings
of anxiety and stress than home buyers who
bought in the last five years, and they're less
likely to report feelings of comfort, security,
happiness, and pride.
Roughly 75% of 2020 home buyers
reported feeling concerned about paying their
mortgage due to COVID-19-related financial
hardships. ese recent home buyers have
had very different experiences than those who
purchased their homes before the pandemic.
Most notably, they experienced more negative
effects related to homeownership, higher
levels of buyer's remorse, and more concerns
about finances than those who bought
between 2015 and 2019.
Over half of the homeowners surveyed
said that at least one person who typically
contributes to housing costs had lost their
job since purchasing their home, leaving
many with a new mortgage and far less
money coming in. Pre-pandemic buyers
who purchased before the WHO declared
COVID-19 a pandemic were slightly more
likely to be affected by those widespread job
losses with nearly 60% of homeowners losing
one income compared to 50% of those who
purchased since March.
Additionally, 63% of home buyers who
bought in the beginning of 2020 reported
being concerned about their home going
underwater compared to 53% of people who
bought during the pandemic. Homeowners
overall are feeling more anxious about
homeownership than before. More specifically,
2020 home buyers are more than 2x as likely
to report feelings of anxiety, 1.6x as likely to
report stress, and nearly half as likely to say
homeownership makes them feel comfortable
and secure than those who bought in the last
5 years.
However, despite COVID-19 fears, it's
still a seller's market. 42% of homeowners
who bought during the pandemic reported
entering a bidding war.
