How often do buyers bust budgets to get a home?

NEW YORK – May 28, 2019 – A nationwide housing shortage has eased somewhat. Home price gains have moderated. And bidding wars are no longer commonplace. Yet buyers are still blowing through their budgets by ever-higher amounts to lasso their dream homes, according to a recent survey by Owners.com, a real estate brokerage.

Among the different age groups of buyers:

  • 39% of Gen Xers went over budget and by $35,000 on average, up from 34% who topped their spending limits by an average $13,996 a year ago.
  • 27% of baby boomers busted their budgets by an average $25,000, compared with 19% who went over by $8,024 last year.
  • More millennials surpassed their spending caps – 46% – up from 40% last year. But they cut the average amount they overspent in half to $12,000.

The finding shows that even in a more buyer-friendly market with more choices, many shoppers still struggle to land the house that meets their needs.

“Finding the right house is still very challenging,” says Dario Cardile, vice president of growth at Owners.com. “To get quality, they need to go up.”

Source:  Copyright 2019, USATODAY.com, Paul Davidson. USA TODAY

Read More.

About the author

rrickel

rrickel

%d bloggers like this: