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 Fort Worthians are tackling their finances + homeownership and how it affects their stress levels. (Read: You’re not alone if you’re sweating over down payments. 😅)
FTW real estate stressors by the numbers
Money is top of mind. Texas residents are among the least confident in their financial security with nearly two in three stating they do not (or sometimes do not) feel secure financially.
Pro tip: Opendoor recently announced a financing app that enables consumers to get a mortgage pre-approval in less than two minutes — and it’s currently available to TX customers.
Financing is the top stressor for Texas homebuyers. When it comes to buying, 51% of Texans wrestle with understanding the mortgage/lending process (compared to 38% nationally).
One thing to note: Texans are paying off their debt before making their next milestone purchase. While more Texans are troubled by paying off college loans (35% vs. 28% nationally) than the stress of saving for retirement (69% vs. 77% nationally), the recently-announced Student Debt Relief Plan may relieve some of this stress and help Texans make milestone purchases (like buying their first home).
