Recent Homeowners Are Taking On Debt To Stay Afloat

Recent homeowners are finding out how unprepared they were to buy a house in today’s high-rate, high-price market, taking on debt to stay afloat and regretting their decisions. In a new survey from Clever Real Estate, 38% of 2023 and 2024 homebuyers said they overpaid for their home, with 50% locking in a higher interest rate than they planned in order to get a mortgage. Since that purchase, 44% have taken on extra debt to maintain their preferred lifestyle, while 43% have struggled to make mortgage payments on time. These buyers feel in over their heads since buying a home, and many of them ended up compromising on their priorities, including spending more than they budgeted for. “Often, homeowner regrets…