Bank of America’s 2021 Homebuyer Insights Report looks at how Americans are making homeownership a reality in today’s competitive market

Every year, Bank of America’s Homebuyer Insights Report explores homebuyer and homeowner preferences and behaviors. We examine how individuals are responding to the ever-changing landscape of homebuying, including the impact of record-low mortgage rates, increasing home prices and generally low inventory, in order to provide the best resources for homebuyers. With so many facets of homeownership to examine, here are the topics our report delved into in 2021.

Father hugging son

First-Generation Homeowner Spotlight

To better understand the challenges and opportunities prospective buyers today may face, we explored how first-generation homeowners achieved the dream of homeownership. We found that the homebuying journey wasn’t always easy for those who are first-generation homeowners, but familial support instilled in them the importance of homeownership and helped them stay on track. With a home of their own, seven out of ten first-generation homeowners (69%) say the importance of homeownership has increased over the past year.

While homeownership can feel far away, it’s never too early to start thinking about your savings goal. In fact, the path to homeownership doesn’t begin when you start to look at homes, but rather from your first banking experience. Our free financial education platform, Better Money Habits, connects people to the information and tools they need to help take control of their finances – whether to learn how to budget or build a solid credit history.

For those with a healthy financial picture, Bank of America makes homeownership accessible and affordable with low down payment mortgages, as well as down payment and closing cost grants, through the Community Homeownership Commitment.

Mother and daughter painting wall

Home Improvement and Equity Spotlight

A greater reliance on the home as a workplace, family and entertainment center meant taking a closer look at how individuals are updating their living spaces. We found that many homeowners are tackling home projects themselves, as nearly three-quarters (72%) of younger homeowners – those ages 18 to 43 – have completed DIY work around their homes recently, compared to 42% of older homeowners – ages 57 to 75.

We recognize that rising home prices mean many homeowners are building home equity. As such, a conversation with a lending specialist can help determine whether a home equity line of credit is the right way to finance customizing the look and feel of your home.

Family in kitchen

Connected Communities

It’s no surprise that homebuyer preferences have shifted over the past year, so we delved into what prospective buyers are prioritizing. More than anything else, individuals across all generations are looking for a sense of connectedness and belonging when it comes to where they live. In fact, half (51%) of younger generations and one third (33%) of older generations say community has become more important.

For buyers ready to start their homebuying journey, the Bank of America Digital Mortgage Experience® allows buyers to secure preapproval online or via their mobile banking app, so they can begin the house hunt with a competitive edge. Additionally, the Bank of America Real Estate Center® provides a simple way to research neighborhoods, shop for homes and identify properties that may be eligible for the bank’s homebuyer grants.

This material is provided for your convenience and information only. Bank of America assumes no liability for loss or damage as a result of your reliance on information in this publication. Our goal is for the content of this publication to be accurate as of the date this issue was printed. However, due to rapid changes occurring in the programs, products, and services offered within the home financing industry, we do not guarantee the accuracy or completeness of the information presented.

 

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Homebuyer Insights Report Materials

Learn more about the aspirations and perspectives of today’s homebuyers and homeowners.