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:

75%
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.

66%
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.

76%
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