Bank of America releases its latest Homebuyer Insights Report

We are pleased to share the findings from our latest Homebuyer Insights Report. For the first time, the report ─ which explores the attitudes, behaviors and preferences of the modern homebuyer ─ also looked specifically at current renters who plan to someday own a home.

This fall’s report finds that millennials are redefining life’s priorities by placing homeownership above nearly all other key milestones, including marriage. Millennials equate homeownership with personal and financial success, and it’s encouraging to see this generation aspire to homeownership.

We were also encouraged to learn that first-time buyers are already being purposeful in their home purchase planning and are considering who to buy with, when to buy and where to buy. While the majority plan to buy with a spouse or partner, many are venturing out on their own and say they will buy their first home solo. Regardless of who they are buying with, first-time buyers are getting ready to pull the trigger, as nearly two in five plan to buy within the next two years.

In taking a closer look at our renter group, it is clear there are inconsistencies and a knowledge gap in the “own vs. rent” debate. While contradictory, many think renting will be just as or less expensive than owning in the long-term, but they fully acknowledge their rental costs will continue to go up over time. This group is further held back by persistent homebuying myths surrounding down payments, private mortgage insurance and “perfect” credit scores.

While finances and misconceptions are ongoing barriers to homeownership, we are here to support each of our clients. At Bank of America, we’re committed to helping our clients find the path that’s right for them through financial guidance, education and planning.

9/12/2018


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