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 San Joseans are tackling their finances + homeownership and how it affects their stress levels. (Read: You’re not alone if you’re sweating over downpayments. 😅)
SJ real estate stressors by the numbers
The “right” time to buy a home is after Californians have paid off their debt. When San Joseans are no longer focused on paying off debt or investing in home improvements, many are likely to consider real estate investments; 47% of whom are thinking of buying a home in the next five years.
Bonus: 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 CA customers.
Home is where success is… according to Californians. In the sunshine state, 26% of residents are likely to feel stressed by homeownership given their greater association of homeownership with success and the pressure they feel to own a home.
Californians are flexible on financing, not location. While in general, West Coast residents are more open to moving to a less desirable neighborhood to afford a home (with about one in four open to it), only 57% of Californians would make the move (compared to 65% nationally).
47% of West Coasters are open to buying a home as an individual and 27% of Californians, specifically, are amenable to non-traditional financing.
