Bank of America’s 2022 Homebuyer Insights Report explores competition in a hot housing market

Every year, Bank of America’s Homebuyer Insights Report explores consumer preferences and behaviors to better understand the goals and challenges facing homebuyers and homeowners. This year, we explored the trade-offs people are willing to make to own a home, where they are open to compromise and what they are not willing to give up. Our goal is to provide the best resources available for homebuyers, whether they are first-time buyers or planning to buy a second home. Here are the topics we looked at:

Navigating a Competitive Homebuying Market

Between surging demand and low inventory, there’s no denying the housing market is fierce this Spring homebuying season. According to Redfin, homes spent an average of 25 days on the market in February 2022, less than half as long as two years ago (56 days), and Bank of America predicts U.S. home prices will finish the year up 10 percent. Despite the competitive market, our Homebuyer Insights Report found that 41 percent of prospective homebuyers intend to buy a home according to their original timeline, and 12 percent plan to buy even sooner than originally intended.

To make these homeownership dreams a reality, prospective homebuyers are willing to make financial trade-offs and compromises to put them closer to their goals. Whether it's turning a passion into moonlighting to save more money for a home purchase (56%) or buying a smaller home than originally intended (71%), prospective buyers are maneuvering around the tight market to do what’s necessary to buy their homes.

To help modest income buyers compete in tight markets, Bank of America offers low down payment mortgages and down payment and closing cost grants through the Community Homeownership Commitment. Additionally, our free financial education platform, Better Money Habits, connects people to the information and tools they need to help take control of their finances.

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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2021 Homebuyer Insights Report Materials

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