Financial wellness and homeownership are two sides of the same coin. A recent study from Opendoor found that 56% of current + prospective homeowners think about their finances for at least 30 minutes every day. (We feel that. 💸)
Homeownership is a major milestone of financial security that many aspire to — but it can be just as stressful financially as other ultimate goals like saving for retirement and saving for a child’s education.
Fast facts:
- 37% of prospective homebuyers believe that homeownership will improve their quality of life.
- More than 78% are considering buying their first home in the next five years.
- 53% want to buy within the next two years.
If you’re a part of these percentages, join us as we take a look at how Columbusites are tackling their finances + homeownership and how it affects their stress levels. (Read: You’re not alone if you’re sweating over downpayments. 😅)
CBUS
Ohio residents are less likely to leave the state to find their dream home (43% compared to 31% nationally).
Regardless of region, consumers are less likely to move to a less desirable neighborhood for a more affordable home. 71% of Midwesterners feel they would not consider such a move, and, like moving out of state, even more Ohio residents (82%) are opposed to this. Would you?
Just the idea of home buying or selling can cause some anxiety. Midwesterners are more likely to stress out over selling their current home (58%). The top two contributors to this stress are:
- The fees (according to 78%)
- Packing associated with selling a home (according to 79% — we feel that)
In fact, 57% of Ohio residents would rather spend hours at the DMV over navigating a home transaction (compared to 44% nationally)...yikes.
Midwesterners are less likely to consider buying a home as an individual. The 34% of Midwesterners who would purchase a home alone see the most stress of the transaction in working with:
- Real estate agents
- Lenders, and
- Other parties on their own
