The pursuit of the American Dream during the COVID-19 pandemic has become an environment rife with anxiety, according to a new national survey conducted by Clever, an online real estate platform.
In a May 31-June 2 poll of 1,000 homeowners who bought their residences between January and May, approximately 75% of respondents admitted being concerned about paying their mortgage due to COVID-19-related financial hardships. This is understandable, considering 55% of the respondents stated at least one person who made financial contributions to housing costs had lost their job since buying their home.
Furthermore, 63% of homebuyers who acquired their property in the beginning of the year reported being concerned that their home ran the risk of going underwater – in comparison, 53% of respondents who bought during the pandemic had those concerns.
The survey also found 37% of recent homeowners have taken out more than $2,000 in nonmortgage debt since buying their home while nearly 25% had less than $1,000 in emergency savings.
As for the properties in question, 23% of buyers who bought during the pandemic never set foot in the property during the transaction, only viewing photos or doing a virtual tour. But whether or not a property inspection occurred did not seem to matter – 42% of homeowners who bought during the pandemic reported entering a bidding war to acquire their new residences.