11% Of San Jose Homeowners Wish They Rented: Zillow

CAMPBELL, CA — It seems homeownership is still a widely-held goal for those seeking the American dream, but it doesn't come without regrets for some.

A large majority of homeowners polled from 20 metro cities said they don’t necessarily envy their renter peers: Only 8 percent of homeowners wish they were renting instead, according to the Zillow Housing Aspirations Report. And the rental prices in the South Bay haven't help — some price tags equating to a monthly cost that surpasses a mortgage.

Still, homeowners do have some regrets – most notably the curse of unexpected repairs: 36% percent of homeowners wish they didn’t have to deal with unexpected repairs and maintenance. The next-biggest regret among 27 percent of them is the inability to relocate, followed by the bane of having too much yard work for a quarter of these people, the June report adds.

"What struck me is the report showing that homeownership comes with a lot of responsibility. There's no reason people would be skilled or even interested in repairing a house — not when you can hire someone to do it," Zillow economist Jeff Tucker told Patch. "We all shouldn't have to be handymen."

When one aspect of the house proves stable, another thing or two breaks. Tucker referred to the endless cycle of keeping up a home as two steps forward and one back or vice versa.

Almost three quarters have at least one regret about owning their home, though rarely do they mention that it’s too big. Despite the tiny home craze and a trend toward downsizing, only 11 percent of homeowners think their house is too large.

Of 20 U.S. metropolitan cities, San Jose's top most common laments range from 20 percent having too long of a commute to almost 10 percent more claiming unexpected repairs taint the view of homeownership. Eleven percent of people say they wished they'd rented instead, which is higher than the average among the 20 cities, according to the aspirations report.

Younger homeowners are more likely to have regrets about having a mortgage, perhaps from mounting student loan debt and pricing that has shot through the roof in recent years since the 2009 recession.

That said, 45% of renters wish they owned — more than five times the share of U.S. homeowners in major cities who would rather be renting.

American tenants’ top regrets in these cities consist of not being able to build equity and customize or improve their rentals. In this case, over half of those surveyed mentioned the plights. Then, exactly half wish the rents weren't so high — with 60 percent of San Jose tenants wanting a lower monthly price tag for shelter. Time and time again, South Bay housing reports have shown rentals going up to coincide with market values that have topped $1 million.

"Talk is cheap" though as Tucker pointed out, referring to the "grass is always greener analogy."

Still in comparison, there are "many more renters who wished they bought a home," he added.

Renters in the 40 percentile also found their spaces were too small, compared to 21 percent of homeowners. In San Jose, the figure goes up another 5 percent. Nearly half the American city dwellers also complained of a lack of private outdoor space, in contrast to 25% of homeowners regretting all that yard work).

Across major metros, 87 percent of renters have at least one regret about their space, compared to 72 percent of homeowners. The metro with the largest share of renters reporting at least one regret is Phoenix at 93 percent, followed by 92 percent among San Franciscans, with Denver, San Diego and San Jose all coming in at 1 percent lower.