Recent First-Time Homebuyers Share Their Homebuying Experiences

Recent first-time homebuyers reported co-buying, touring more than 20 homes, focusing on affordability and various other aspects of their homebuying process in a survey conducted by Opendoor. The survey included 1,000 nationally representative first-time U.S. homebuyers who purchased a home in 2023.

Co-Buying

More than 3 in 4 first-time buyers (77%) reported co-buying, or buying their home with someone else, whether it was a significant other, family, friend or someone different. Survey respondents said they purchased their home:

• With a spouse or partner (61%)
• With parents (16%)
• With friends (11%)
• With siblings (7%)

Co-buying can be a great option for first-time buyers who want to build equity but need some financial help. However, potential co-buyers should be prepared for some disagreements, as co-buying raises arguments for 49% of first-time buyers. On average, about four arguments occur when buying a home with someone else.

Sole Ownership

Although co-buying is popular for many first-time buyers, sole ownership is on the rise. Of those surveyed, 23% bought alone, which was an increase from 17% in 2022.

First-Time Buyer Motivations

First-time buyers reported being driven by:

• Stability and peace of mind from owning versus renting (44%)
• More space (43%)
• Investment opportunities (41%)
• Starting a family (23%)

Challenges and Compromises

Still, many delayed purchasing their home for various reasons, including:

• Financial reasons (53%)
• Not feeling financially ready (42%)
• Waiting for interest rates to go down (32%)
• Belief they could find a better home if they kept looking (31%)
• Market challenges (29%)
• Family reasons (22%)
• Relationship status (18%)

But with these challenges came compromises:

• 32% didn’t buy in the area they wanted
• 28% didn’t get all the features they hoped for
• 22% bought a smaller home than they originally wanted

Post-Purchase

Despite some hurdles and arguments during the homebuying process, the first-time buyers who participated in the survey closed the deal. After closing, they:

• Celebrated (73%)
• Questioned if buying a home was worth it (65%)
• Were just glad the process was over (27%)