New Homeowners Are Struggling to Make Mortgage Payments

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Owning a home is a major milestone that’s been part of the traditional American Dream. For many folks, being able to close on a mortgage is a sign they’ve done things right and achieved a certain level of success.

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Unfortunately, more people are starting to question whether the American Dream is still alive and well. Today, many folks who have yet to own homes wonder if they ever will.

As another sign of the times, current homeowners are struggling to keep up with their recurring payments. Some are even spending significant majorities of their monthly earnings just on housing, making them “house poor” by definition.

New findings from Clever’s real estate experts shine a light on the struggles many Americans are facing, including those who have newly reached homeowner status.

A widespread problem

43% of Americans who just purchased their homes admit to having issues with consistently paying their mortgages on time. 44% have also accumulated debts outside of homeownership recently. What’s truly telling is that 47% of new homebuyers believe they’ve bitten off more than they can chew financially.