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.