Recent first-time homebuyers reported co-buying, touring more than 20 homes, focusing on affordability and various other aspects of their homebuying process in a survey conducted by Opendoor. The survey included 1,000 nationally representative first-time U.S. homebuyers who purchased a home in 2023.
Co-Buying
More than 3 in 4 first-time buyers (77%) reported co-buying, or buying their home with someone else, whether it was a significant other, family, friend or someone different. Survey respondents said they purchased their home:
- With a spouse or partner (61%)
- With parents (16%)
- With friends (11%)
- With siblings (7%)
Co-buying can be a great option for first-time buyers who want to build equity but need some financial help. However, potential co-buyers should be prepared for some disagreements, as co-buying raises arguments for 49% of first-time buyers. On average, about four arguments occur when buying a home with someone else.
Sole Ownership
Although co-buying is popular for many first-time buyers, sole ownership is on the rise. Of those surveyed, 23% bought alone, which was an increase from 17% in 2022.
First-Time Buyer Motivations
First-time buyers reported being driven by:
- Stability and peace of mind from owning versus renting (44%)
- More space (43%)
- Investment opportunities (41%)
- Starting a family (23%)
Challenges and Compromises
Still, many delayed purchasing their home for various reasons, including:
- Financial reasons (53%)
- Not feeling financially ready (42%)
- Waiting for interest rates to go down (32%)
- Belief they could find a better home if they kept looking (31%)
- Market challenges (29%)
- Family reasons (22%)
- Relationship status (18%)
But with these challenges came compromises:
- 32% didn’t buy in the area they wanted
- 28% didn’t get all the features they hoped for
- 22% bought a smaller home than they originally wanted
Post-Purchase
Despite some hurdles and arguments during the homebuying process, the first-time buyers who participated in the survey closed the deal. After closing, they:
- Celebrated (73%)
- Questioned if buying a home was worth it (65%)
- Were just glad the process was over (27%)
Topics
Member Discussion
Recent Articles
-
Protect Against a Cyberattack
- February 19, 2025
- 5 min. read
“Cybercrime is increasing exponentially, and the reality is that’s the 21st century,” said John Iannarelli, who served 20 years as an FBI special agent and national spokesperson.
-
How Much Did Home Construction Cost in 2024?
- February 18, 2025
- 1 min. read
In 2024, the average cost of construction of a home in the U.S. was $428,215, which accounted for 64.4% of the average price of a home ($665,298), according to NAHB.
-
How to Take Your Value Prop to New Levels
- February 17, 2025
- 3 min. read
During RISMedia’s Rocking in the New Year virtual educational event, a few real estate agent panelists discussed how others can take their value proposition to new levels.
Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.