Recent First-Time Homebuyers Share Their Homebuying Experiences
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%)
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