Bank of America Homebuyer Insights Report

The latest Bank of America Homebuyer Insights Report explores the attitudes, preferences and behaviors of the modern homebuyer. For the first time, the survey also took a closer look at current renters who plan to own a home someday. This fall’s report finds that millennials are placing homeownership above nearly all else, as 72 percent of those aged 23 to 40 say owning a home is a top priority. Homeownership is second only to being able to retire (80 percent), and far outranks getting married (50 percent) and having children (44 percent).

The report found that many millennials equate homeownership with personal (53 percent) and financial (45 percent) success. Prospective millennial buyers also associate the purchase of a home with being mature (47 percent), acting like an adult (47 percent) and feeling independent (36 percent).

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

  • Current renters are torn when it comes to the “own vs. rent” debate, with 49 percent believing renting long-term will be more expensive than buying a home. The other 51 percent say renting will be just as or less expensive than owning. Yet, 69 percent believe their rent will continue to rise every year or every other year.

  • Top renter misconceptions include:
          

-  Forty-nine percent believe that 20 percent down is required to buy a home.

 

-  Forty-three percent believe they must pay private mortgage insurance if they don’t put 20 percent down.

 

-  Nearly one in four believe they need to have a “perfect” credit score to be considered for a mortgage.

  • While 57 percent of all first-time buyers plan to buy with a spouse or partner, 37 percent say they plan to purchase their first home solo.


To learn more about the Bank of America Homebuyer Insights Report, click here.

 


Bank of America Consumer Lending
Bank of America’s Consumer Lending unit includes First Mortgage, Home Equity, Consumer Vehicle Lending and residential real estate lending for our Global Wealth and Investment Management business units. 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
Convergys Analytics conducted an online survey on behalf of Bank of America between January 16 and February 2, 2018. Convergys surveyed a national sample of 2,000 adults age 18+ who currently own a home or plan to in the future. In addition, an augment was conducted to reach 300 adults in seven local markets: Austin, Boston, Charlotte, Dallas, Nashville, Phoenix, and San Francisco. The margin of error for the national quota is +/- 2.6 percent, and the margin of error for the oversampled markets is approximately +/- 5.8 percent, with each reported at a 95 percent confidence level.


News Releases and Additional Information

National Press Releases

 

National Research Materials

 

Regional Press Releases

Oct. 10, 2018 – Bank of America Homebuyer Insights Report Regional Press Releases:

  - Austin   - Nashville
  - Boston   - Phoenix
  - Charlotte   - San Francisco
  - Dallas-Fort Worth

 

Apr. 18, 2018 – Bank of America Homebuyer Insights Report Regional Press Releases:

  - Austin   - Nashville
  - Boston   - Phoenix
  - Charlotte   - San Francisco
  - Dallas-Fort Worth    

 

Apr. 12, 2017 – Bank of America Homebuyer Insights Report Regional Press Releases:

  - Boston   - Houston
  - Charlotte   - Miami
  - Chicago   - New York
  - Dallas-Fort Worth   - Phoenix
  - Denver   - St. Louis

 

For More Information

For more information about the Bank of America Homebuyer Insights Report, please contact Kris Yamamoto, Bank of America, 1.213.345.9134.