Atlanta Area Homebuyers Optimistic About Saving, Purchasing a Home
Inaugural Bank of America Homebuyer Insights Report Reveals Buyers Prioritize Cost and Neighborhood When Purchasing a Home
As peak homebuying season begins, Atlanta metro area homebuyers are optimistic about saving and purchasing a home, according to the inaugural Bank of America Homebuyer Insights Report, released today. Compared to the national average (50 percent), far fewer Atlanta buyers (30 percent) believe it will take a long time save enough money for a down payment. In fact, 54 percent of buyers plan to make their down payment with savings specifically set aside for a home purchase. Even without changing their spending or savings habits, 62 percent of Atlanta area buyers think they can afford the home they want to buy within the next five years.
When considering a prospective home, cost (82 percent) and neighborhood (72 percent) are extremely important to Atlanta buyers. Sixty-two percent also consider the floor plan and layout to be very important. Eighty percent of homebuyers in Atlanta are interested in buying a single-family home, and 62 percent are looking to settle down in the suburbs.
The Bank of America Homebuyer Insights Report explores the attitudes, behaviors and preferences of the modern homebuyer, based on a national survey of more than 1,000 adults ages 18 and older who want to buy a home in the future. In addition, comparatively 300 adults were also surveyed in 10 local markets: Atlanta, Boston, Chicago, Dallas, Denver, Los Angeles, New York, San Francisco, Seattle, and Washington, D.C. The report reveals what homebuyers want in a home, their catalysts for making the home purchase and the unique preferences of first-time and millennial buyers, defined as those between ages 18 and 34.
Atlanta-specific highlights from the report include:
Atlanta area homebuyers are driven by aspiration and emotion
- More Atlanta first-time buyers are motivated by emotional factors (77 percent) than financial factors (58 percent) when making the decision to buy a home. Specifically, 57 percent want a place to call their own, 42 percent cite owning a home as something they have always wanted to do, and 28 percent want to put roots down.
Atlanta buyers define homeownership as happiness (64 percent), family (61 percent), a place where memories are made and kept (59 percent), and responsibility (59 percent).
Aspiring Atlanta homeowners want a home to grow into, willing to sacrifice
- Seventy-seven percent of local first-time buyers are looking for a home that they can grow into, rather than one that fits their needs today. This is consistent with first-time homebuyers nationally, as 75 percent say the same.
Nearly all (92 percent) first-time buyers in Atlanta would be willing to make sacrifices to make homeownership a reality.
Seventy-nine percent of experienced Atlanta homebuyers sacrificed something the last time they purchased a home.
Saving for a home as important as saving for retirement
- Eighty-seven percent of Atlanta buyers consider saving for or paying off a home to be important. A similar number (89 percent) believe saving for retirement is important.
Understanding the importance of saving for a home, many local first-time buyers said they would appreciate help doing it: 89 percent would use a tool that withdraws money from their paycheck to save for a home purchase.
Thirty-two percent of experienced Atlanta homebuyers spent more than what they budgeted on the total cost of their first home.
Local millennial homebuyers expect support from their parents
- Three-quarters of millennial homebuyers in Atlanta expect some kind of assistance from their parents when buying a home, ranging from financial support to assistance moving in.
For additional information about the Bank of America Homebuyer Insights Report, please click here.
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About the Bank of America Homebuyer Insights Report
Braun Research, Inc. (an independent market research company) conducted a nationally representative, online survey on behalf of Bank of America January 27–February 21, 2016. Braun surveyed 1,001 respondents throughout the U.S., comprised of adults 18+ who want to buy a home in the future. In addition, comparatively 300 adults were also surveyed in 10 local markets: Atlanta, Boston, Chicago, Dallas, Denver, Los Angeles, New York, San Francisco, Seattle, and Washington, D.C. Braun also interviewed a total of 801 millennials (defined as 18–34 years old) in the national U.S. sample. The n=801 millennials are comprised of n=376 completes that came from the main, national sample. The remaining n=425 were obtained from an oversample of additional millennials to achieve the total n of 801. The margin of error for the national quota is +/- 3.0 percent; about +/- 5.7 percent for the oversampled markets; and about +/-3.5 percent for the national millennial group, with each reported at a 95 percent confidence level.
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