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Bank of America Homebuyer Insights Report

2017 Homebuyer Insights Report

The second annual Bank of America Homebuyer Insights Report is a study exploring homebuying perceptions and behaviors among adult consumers across the country. This year’s report found that forward-thinking millennials are buying homes – and they are happy about it. This group has taken the plunge into homeownership. They are buying the house they can afford now and looking ahead to their ideal home in the future.

In fact, a large majority (68 percent) of millennial homeowners say their current home is a “stepping stone” to their forever home. Furthermore, they are confident they made the right decision in buying, as 80 percent report homeownership will have a positive impact on their long-term financial picture.

“After years of seeing millennials sit on the sidelines, it’s clear some are recognizing it might not make sense to wait,” said D. Steve Boland, Consumer Lending executive for Bank of America. “We talk to younger buyers every day about homeownership, and they understand the benefits it can have on their long-term finances. They’re excited to get started but are taking a thoughtful approach by improving their credit and building their savings.”

Other insights from the Bank of America Homebuyer Insights Report include:

  • Millennial homeowners are more likely than any other generation to associate homeownership with adulthood (39 percent), and least likely to define it as the American dream (16 percent) and permanence (11 percent

  • While they are juggling a variety of financial priorities, including paying off debts and bills (61 percent), improving credit scores (47 percent) and paying off student loans (32 percent), nearly one in four prospective buyers see homeownership on the horizon, saying they will purchase their first home within the next two years.

  • Almost half of first-time buyers believe they need 20 percent or more of a home’s price for a down payment, which may be why just 21 percent think they can currently make one.

  • Current homeowners across generations see clear emotional benefits of homeownership, as nearly all say they are proud of owning (95 percent) and treasure the memories they have made (91 percent). Only 21 percent say owning a home is a burden.

Bank of America Consumer Lending
Bank of America’s Consumer Lending unit includes First Mortgage, Home Equity, Merrill Lynch Banking, and Consumer Vehicle Lending. Each business is focused on delivering a distinctive and consistent client experience through competitive product offerings, quality loan production, choice of multiple connection and delivery methods, and operational excellence based on a client’s unique attributes and relationship with us.

About the Bank of America Homebuyer Insights Report
This survey was conducted by GfK Public Communications and Social Science, using GfK’s KnowledgePanel®, which yields results that are statistically representative and projectable to the American population. The survey was conducted online January 24–February 2, 2017. A total of 4,906 adults age 18+ were surveyed, including 1,268 current homeowners and 435 prospective homeowners. In addition, an augment was conducted to achieve 300 adults in 10 local markets: Boston, Charlotte, Chicago, Dallas, Denver, Houston, Phoenix, Miami, St. Louis, and New York. The margin of sampling error for national data is +/- 3.0 percentage points.

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For more information about the Bank of America Homebuyer Insights Report, please contact Kris Yamamoto, Bank of America, 1.805.526.1910.