2016 Homebuyers Report

Homebuyers consider saving for or paying off a home as important as saving for retirement85% of first homebuyers would use a tool that automatically saves money from their paycheck for a home purchase95% of first-time home buyers are willing to make sacrifices to make homeownership a realityMore Gen-Xers than millennials have put off  purchasing their first home because of debtWhy have you not purchased a home yet ?
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The inaugural 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 18+ who want to buy a home in the future, 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.

The survey also explores how various factors impact housing decisions for parents. For a majority of parents, their child’s education is an important part of the search for a new home. Of those, more than half will even buy a new home in a specific neighborhood to get their child into a better school. Explore more in the latest Bank of America Homebuyer Insights Report Infographic: Moving with Purpose.

Highlights from the Homebuyer Insights Report:

of first-time buyers would prefer to bypass the starter home and purchase a place that will meet their future needs

First-time homebuyers are prioritizing their long-term residential needs. They’re willing to save more and pay down debt to buy the home they want.

of millennial first-time buyers expect some type of help from their parents when buying a home

Though millennial buyers associate homeownership with adulthood and success, the vast majority expect some type of help from their parents, ranging from financial support to assistance moving in.

of first-time buyers are inspired to buy for emotional reasons

First-time buyers are interested in homeownership for emotional and aspirational reasons, including wanting a place to call their own and wanting to put down roots.

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Bank of America - 2016 Homebuyers Report Bank of America's 2016 Homebuyers Report is a study of recent homebuyers that provides insight into their home buying experience homebuyers report, homebuyers study