Poll: Few Homeowners Regret Purchase
Princeton Survey Research Associates
Surprise! Ninety percent of homeowners say they don't regret buying their home despite a nationwide tsunami of foreclosures, short sales and loan modifications, according to a national poll commissioned by Bankrate.com. By contrast, just 9 percent of homeowners answered "yes" to the question, "Do you have any regrets about buying your current home?"
Americans' contentment with their homes is probably the biggest surprise in a June 24 to June 27 poll of 1,001 randomly selected adults, conducted by Princeton Survey Research Associates.
Here's a result that's not so startling: Homeowners have become savvier about their mortgages.
In this year's survey, only 8 percent of homeowners with mortgages didn't know whether they have a fixed-rate or adjustable-rate loan, or something more exotic. Compare that to two years ago, when a Bankrate-commissioned poll found 26 percent of borrowers couldn't identify their mortgage type.
Among homeowners who regret having bought their homes, 31 percent said they feel woeful because they are unable to sell and move on. Another 22 percent said it was because they couldn't afford the monthly mortgage payments. Some 23 percent said they have regrets for other, unspecified reasons. The rest volunteered their own reasons for wishing they hadn't bought their home.
There's one caveat to these stats. Overall, the poll of homeowners has a margin of error of plus or minus 4.2 percentage points. But the number of regretful homeowners is so small that the figures in the accompanying chart have a margin of error of plus or minus 14 percentage points.
Real Trends Issue #1222, July 16, 2010
Surprise! Ninety percent of homeowners say they don't regret buying their home despite a nationwide tsunami of foreclosures, short sales and loan modifications, according to a national poll commissioned by Bankrate.com. By contrast, just 9 percent of homeowners answered "yes" to the question, "Do you have any regrets about buying your current home?"
Americans' contentment with their homes is probably the biggest surprise in a June 24 to June 27 poll of 1,001 randomly selected adults, conducted by Princeton Survey Research Associates.
Here's a result that's not so startling: Homeowners have become savvier about their mortgages.
In this year's survey, only 8 percent of homeowners with mortgages didn't know whether they have a fixed-rate or adjustable-rate loan, or something more exotic. Compare that to two years ago, when a Bankrate-commissioned poll found 26 percent of borrowers couldn't identify their mortgage type.
Among homeowners who regret having bought their homes, 31 percent said they feel woeful because they are unable to sell and move on. Another 22 percent said it was because they couldn't afford the monthly mortgage payments. Some 23 percent said they have regrets for other, unspecified reasons. The rest volunteered their own reasons for wishing they hadn't bought their home.
There's one caveat to these stats. Overall, the poll of homeowners has a margin of error of plus or minus 4.2 percentage points. But the number of regretful homeowners is so small that the figures in the accompanying chart have a margin of error of plus or minus 14 percentage points.
Real Trends Issue #1222, July 16, 2010
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