Bank of America

2018 Fall Homebuyer Insights Report

Latest Homebuyer Insights Report finds millennials prioritize homeownership above other life priorities.

Bank of America's latest Homebuyer Insights Report explores the attitudes, behaviors and preferences of the modern homebuyer across different groups, including millennials and prospective buyers. This year the report also looks specifically at current renters who plan to someday own a home.

Millennials place homeownership above other life priorities

Second only to being able to retire, owning a home is a top priority for nearly three-quarters of millennials.

  • Being able to retire: 80%

    Being able to retire

  • Getting Married: 50%

    Getting Married

  • Owning a home: 72%

    Owning a home

  • Having children: 44%

    Having children

  • Travelling the world: 61%

    Travelling the world

When thinking about buying their first home, millennials feel…

  • Mature/responsible

    47
  • Like an adult

    47
  • Independent

    36
  • Established

    34
  • Empowered

    26

First-time buyers are ready to act soon

When do you plan to buy?

  • In the next 2 years

    38
  • In the next 3-5 years

    36
  • In 6+ years

    16

There are inconsistencies and a knowledge gap among renters

When asked whether owning or renting is more expensive, respondents are nearly split.

Renting long-term will be...

51% Just as or less expensive than buying a home

49% More expensive than buying a home

Yet, nearly seven in 10 say their rent will continue to rise every year or every other year

How frequently do you think
your rent will increase?

  • Every year

    42
  • Every other year

    27
  • Every 3-5 years

    19%
  • Every 6+ years

    3
  • I don't think it will ever increase

    10

Many renters still believe persistent myths about homebuying, including…

  • A 20% down payment is required to buy a home

    49
  • I must pay private mortgage insurance if i don't put 20% down

    43
  • I need to have a perfect credit score to be considered for a mortgage

    24

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