One Third of Homebuyer's Would Exceed Budget for the Right Home


According to a Pollara survey for BMO Harris Bank of an online sample of 2500 Americans, 61% of those who say they are likely to purchase a house in the next five years have a budget in place for the purchase price. However, 36% would go over the planned budget if they really wanted the house. Among first-time homebuyers, 54% are not likely to stick to their budget.  
When current homeowners were asked about their buying experience, 49% had set a max purchase price and stuck to their budget. 19% of American homebuyers went over their budget and on average, exceeded it by over $31,000. 13% of homebuyers came in under budget, by an average of over $25,000. 20% did not have a budget at the time they purchased their current home.

Source: Pollara survey for BMO Harris Bank, April 2014. 

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