The 2021 Homebuyer Insights Report from Bank of America found that across all generations, individuals are looking for a sense of connectedness and belonging when it comes to where they live. In fact, half (51%) of younger generations – those ages 18 to 43 – and nearly one third (32%) of older generations – ages 57 to 75 – say community has become more important. Homeownership has long encouraged residents to connect with neighbors, build a community and put down long-term roots which gives homeowners more reason to become involved in their neighborhoods.
Hopeful homebuyers can use digital tools to put their best foot forward
The home has also become more than a place people leave in the morning and come back to at the end of the day. Two-thirds (66%) agree that activities done in the home have changed, and this is especially true for younger generations (77%). Specifically, those ages 18 to 43 are using their homes as an office (45%), a school (31%), a movie theater (28%) and a gym (27%).
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.
Grant programs and educational resources offer future homebuyers a path to increased stability
Homeownership can provide stability and more control over one’s living environment. Despite this uncertain time, 65% of younger homeowners ages 18 to 43 say their financial security has remained stable compared to 51% of non-homeowners in the same age group. Younger prospective buyers are eager to own and nearly half (46%) say that building equity is now more important than ever.
While many can afford monthly mortgage payments, the upfront costs may make homeownership seem out of reach. To address the most common barriers to homeownership, Bank of America offers low down payment mortgages, as well as grants to help cover upfront expenses like down payment and closing costs, through its Community Homeownership Commitment. To help consumers prepare for homeownership, the First-Time Homebuyer Online Edu-SeriesTM, available in English and Spanish, provides an easy-to-understand roadmap to buying and financing a home.