Things I Wish I knew

Here's the 1 thing Americans regret most about homeownership

While the sentiments around homeownership are usually positive, there are still some things that Americans wish they could do over.

A new survey from Trulia is breaking down the biggest regrets people have about their current home or the process they went through when choosing it.

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Want to learn from others’ housing mistakes? See some of the biggest things that have people frustrated right now:

1. People wish they had chosen a bigger home.

The tiny home trend isn’t for everyone, and it looks like people tend to want more square footage these days. The top regret among homeowners is not buying a bigger home.

Things haven’t changed much since 2013, when Trulia last conducted this survey — the numbers were about the same. Interestingly, while 33 percent wish they had gone bigger, nine percent wish they had gone smaller — turns out upkeep can sometimes be a downer.

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This tiny home is an off-the-grid oasis

Play Video - 1:56

This tiny home is an off-the-grid oasis

Play Video - 1:56

2. Millennials have the most regrets.

Seventy-one percent of those ages 18-24 said they have regrets about the process in which they chose their home with the majority of those wishing they had picked a larger home.

Millennials were also twice as likely to wish they were more financially secure before making their housing decision. And 24 percent wished they had remodeled, compared to just 12 percent overall. Guess all those HGTV shows are inspiring.

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Those with the least regrets about homeownership? Americans 65 and older. Only 28 percent were unhappy with their housing situation.

3. Renters also regret renting.

Owning your own home is part of the American dream, and 41 percent of renters are wishing they were already living it.

However, most renters said they couldn’t afford to buy a home right now. In fact, one in four of those with a household income of $100,000 or more believed they could not afford to buy a home in the current market.

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The biggest takeaway from the survey? Avoid the issues that may lead to regrets by keeping these things in mind when choosing your home. See the rest of the survey results here.

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