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

  • Like an adult

  • Independent

  • Established

  • Empowered


First-time buyers are ready to act soon

When do you plan to buy?

  • In the next 2 years

  • In the next 3-5 years

  • In 6+ years


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

  • Every other year

  • Every 3-5 years

  • Every 6+ years

  • I don't think it will ever increase


Many renters still believe persistent myths about homebuying, including…

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

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

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


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