June 13, 2025
As home prices and maintenance costs continue to climb, nearly half of U.S. homeowners say they regret their purchase—citing unexpected expenses and financial strain as key reasons for buyer’s remorse, according to a new Bankrate survey.
For many Americans, buying a home is a long-awaited milestone. However, for nearly half of today’s homeowners, it has also become a source of regret. A new survey from Bankrate reveals that 45% of homeowners are dissatisfied with their home purchase, primarily due to the financial burden of ongoing expenses beyond the mortgage. Senior economic analyst Mark Hamrick explained the results of the May 14 study in a CNBC report.
Bankrate’s June 2024 Hidden Cost of Homeownership Survey discovered that the average homeowner in the U.S. spends over $18,000 annually on non-mortgage-related costs. These include maintenance, property taxes, utilities, and internet — many of these expenses aren’t fully considered during the home-buying process and come as a surprise to new homeowners.
In high-cost states like California and Hawaii, these hidden expenses can top nearly $29,000 a year.
“These charges can sneak up on homeowners, especially those who buy at the top of their budget,” said Mark Hamrick, senior economic analyst at Bankrate. “That’s why it’s important to factor ongoing homeownership costs into your budget, as well as any offer you make on a property, lest you ‘get out over your skis.’”
The Bankrate study claimed that without a financial cushion or plan, these unexpected costs can quickly lead to mounting debt.
To avoid these pitfalls, experts like Hamrick recommend a few proactive strategies.
Real estate platform Zillow advises homebuyers to invest in a thorough inspection before purchase to uncover major hidden defects before they become a financial problem.
As reported by Bankrate in their study, identifying these problems early on can provide leverage in negotiating repairs, reducing the sale price, or catching the issues before they worsen.
Zillow also suggests integrating general maintenance tasks into seasonal routines. For example, a simple gutter cleaning in the Fall could prevent costly roof damage later on.
According to CNBC, Bankrate’s Hamrick left readers with a piece of advice. He tells potential buyers to take a closer look at their finances before rushing into homeownership.
Hamrick explained, “We live in a highly competitive society and economy, and I think all too often people are being overly severe with their judgements about themselves.”
“They should give themselves some grace and time if the time currently isn’t optimal for buying a home.”
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