Prior to purchase, a vast majority of first time homebuyers (88%) believe that they've accounted for all expenses related to owning a home, according to a study by BBVA Compass. Seemingly contradicting that notion, amongst those who had purchased a home in the past 12 months, just over half indicate that the expenses were more than they had calculated, causing a change in lifestyle.
                                

 
 
Key findings included:
· Nearly one third have anxiety over the affordability of owning a home.
· 7 in 10 indicate that the First Time Home Buyer's Tax Credit has not truly factored into the timing of when they decide to purchase a home.
· 92 percent of respondents indicate that having additional time before their first payment due date would be helpful.
Of those who have purchased a home in the previous 12 months:
· Although 7 in 10 respondents said that the unexpected expenditures leveled out over time, another 87 percent said that they changed their lifestyle as a result of the additional expenses.
· Nearly one third indicated that they paid for these unexpected expenditures with a mixture of cash and credit, perhaps indicating a lack of liquid funds.
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