Key Highlights
- According to a new study by Lawnstarter, 1 in 7 new homebuyers are NOT happy with their new homes.
- Approximately 925,000 homebuyers are NOT happy with their home purchase.
- Lawnstarter’s New Homebuyer Happiness Index indicated an average score of 81
Lawnstarter, a national, on-demand lawn and landscaping service, just released data from its New Buyer Happiness Survey and its New Homebuyer Happiness Index (NHHI). Turns out that 81 was the average score on Lawnstarter’s NHHI and that 1 in 7 new homebuyers were not happy with the home they purchased during 2019.
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New homebuyers who purchased either existing or newly constructed homes were asked 18 questions including…
- Are your neighbors friendly?
- Does the neighborhood feel safe?
- Is the job market good?
- Do you regret your home purchase?
- Would you buy the same house again?
Four factors about the house played significant roles in the homebuyer’s happiness: price of the home, location of the home, square footage of the home and the number of bedrooms in the home.
The message from this survey? Bigger is better. Buyers who purchased homes with 5 bedrooms or more were +17% happier than buyers who purchased homes with one bedroom. Those who bought homes with 3,000 square feet or more were happier than those who purchased smaller homes. And buyers who had to make significant sacrifices (taking on a second/third job, not going out to eat as regularly or not at all, taking on an on-site renter while currently living in the house, etc.) in order to purchase the house were less happy than buyers who had to make no sacrifices to purchase their new home.
Homebuyers who purchased their homes in Iowa had the highest score (86.8) on the Lawnstarter Homebuyer Happiness Index. Iowans were happy with the affordability of their homes, the location of their homes (good place to find a job, good place to get a good quality education, a growing high tech startup sector) and with the overall place being a good and safe place to raise a family.
Homebuyers in Wyoming, on the other hand, were the least happy with their home purchases. Wyoming buyers registered the lowest score (68.75) on the NHHI. Nearly one half of the homebuyers in Wyoming regretted their purchases. These buyers were not happy with the job market and their unfriendly neighbors.
Factors leading to the happiest homebuyers included:
- Home price
- Home size and number of bedrooms
- Location
- Move-in readiness
- Proximity to family
- Homes built after 1960
Thanks to Lawnstarter’s Logan Freedman for source data.
https://www.lawnstarter.com/blog/homebuyer-happiness/national/
Also read: What First-Time Buyers Want from Government, Are Low Rates Driving Luxury Sales?( Big Takeaways from ATTOM’s Year-End Sales Report
