As mortgage rates hit their highest point in two decades – Americans who made a pandemic-related move may have to stay put longer than expected.
- Image Credit: Cookie Studio/Shutterstock.
A new nationwide survey finds nearly 40% of Americans moved between 2020 and 2023… and 1 in 5 regret it. One of the main reasons? Money.
- Nearly 1 in 4 regrets how much they paid for their new home and say they have buyers remorse
- Top moving regrets: unexpected costs (#1), miss old neighborhood/city (#2), miss old home (#3)
- Americans spent an average of $4,000 on unexpected repair costs while moving
Not everyone who moved in the past few years got to take advantage of the pandemic-fueled dip in mortgage rates. More than half (62%) say their rate is 6% or higher.
As for those who haven’t moved recently, it’s not for lack of trying. Nearly 1 in 3 Americans want to move, but feel trapped by their current living situation due to high interest rates.
The Housing Market
- Image Credit: Maridav/Shutterstock.
The housing market continues to be a huge variable in homeownership for many Americans. Nearly 1 in 2 (48%) are worried about a housing market crash, and over 2 in 5 fully believe that a crash will happen in 2023.
But the grass isn’t always greener on the other side. When it comes to renters, 60% say they’re struggling to pay for rent, and over half (58%) say their monthly rent increased in 2022. New year, new possibilities? Maybe… but 73% say they expect rent to increase due to inflation.
What Do They Want?
- Image Credit: AndreyPopov
So, what are Americans looking for? 38% say they would move states in search of lower taxes, and 40% say rising interest rates impact the commitment to buying at all. Of those who are looking to buy, 46% say they are willing to go over budget to buy their dream home – by a whopping $84,500!
The housing market remains a significant factor in homeownership for many Americans, with nearly half expressing concern about a potential market crash.
Factors such as inflation and a potential recession are believed to contribute to this potential crash. However, some believe the crash may not be as severe as the 2008 one, while others believe it will be worse. Renters are also facing challenges, with a majority reporting an increase in rent and difficulty paying due to inflation. On the other hand, some homeowners are optimistic that mortgage rates may decrease in the near future.
Buying a Home Is a Rite of Passage
- Image Credit: Leszek Glasner/Shutterstock.
Ryan Graves, CFA, Bemiston Asset Management, says, “For many Americans, buying a home is a rite of passage. Buying a home is much more difficult now, as interest rates and prices have surged in recent years. Those who want to own a home must take more drastic measures than previous homeowners. Downsizing apartments is a great way to save on monthly expenses and pocket extra cash.
- Image Credit:
massonforstock via DepositPhotos.com.
12 Frugal Hacks That Make All The Difference
A Reddit user who started the frugal journey with his wife a couple of years ago wanted to know the frugal hacks people had that made all the difference.
According to the OP, shopping grocery sales every week and planning their meals helped cut their bill from $250 to $100 per week. Other users shared their stories about frugal hacks they had that made some difference in their lives. Here are some of the best ones.
12 Items Frugal People Proudly Exclude From Their Shopping List
Frugal people are known to spend their money wisely. They live within their means and don’t spend a lot of money. According to a thread on Quora, here are some common things frugal people never buy.
23 Side Hustles You Never Considered That Make More Than Your 9 to 5
Have you ever wanted to make a lot of money from a side hustle and quit your 9 to 5? You may know about the typical side hustles, but I bet you never even heard of these lucrative side hustles!
9 So-Called “Frugal” Habits That Are Actually a Waste of Time and Money
Not everything is frugal! I am sure you have read articles and tips that promote frugal living and give some ideas that are just not frugal! These frugal myths float around and sometimes even cost people a lot of money!
10 Stupid Scams People Won’t Stop Falling For
It seems like every day there is a new scam popping up, promising to make you rich or solve all of your problems. Yet, despite the prevalence of scams and the numerous warnings about them, people still fall for them.