Buying a House Causes More Anxiety Than Getting a Root Canal
As the spring home-buying season shifts into a higher gear, survey results released last week indicate that less than a quarter of Americans plan to research or consider buying a house in the next 18 months.
As the spring home-buying season shifts into a higher gear, survey results released last week from Chase indicate that just 24% of Americans plan to research or consider buying a house in the next 18 months. That is slightly less than the 26% who researched or considered buying house in the past 18 months.
Chase’s survey comprised a total of 1,098 respondents, of whom 575 identified themselves as intending to buy a house within the next 18 months. Among the homebuyers, 52% already own a house and 70% currently have mortgage on their house. Just over half, 52%, are employed full-time, and 20% identify themselves as not currently employed. Men comprise 58% of homebuyers in the survey and women 42%.
Among self-identified homebuyers, 84% plan to research or consider purchasing a house in the next 18 months.
Less than two-thirds of all respondents are optimistic about entering the housing market, while nearly three-quarters of buyers are optimistic. Among the buyers, approximately one-third cited rising rents, upgrading and low interest rates as the top reasons for buying a new house. Rising rent and a desire to upgrade tied for the single top reason, with 20% of the 575 homebuyers citing each reason. When asked the two reasons most likely to affect their purchase decision, buyers said the overall price of the house (50%) and mortgage interest rates (33%).
Among the survey respondents who are not considering buying a house, the most often cited reason is lack of cash for the down payment. When homebuyers were asked about their major and minor concerns related to buying a house, finding an affordable house was cited 84% of the time and locating a house in a quality neighborhood was cited 82% of the time.
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And that root canal? Well, among homebuyers, 70% say they are extremely or somewhat anxious about the house buying process, while 64% are equally anxious about having a root canal and 62% dread public speaking to the same degree.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
