2016 Homebuyers Report

More Gen-Xers than millennials have put off  purchasing their first home because of debtWhy have you not purchased a home yet ?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 reality
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Highlights from the Homebuyer Insights Report:

of millennial homeowners say their current home is a stepping stone to the home they want to end up in

Millennial homeowners see the value in buying early but realize it may mean putting their dream home on hold for now. Their experiences can motivate would-be buyers to purchase sooner.

of current homeowners feel proud of owning their home

While current homeowners understand the financial value of homeownership, they also see clear emotional benefits.

of first-time homebuyers believe they would qualify for a down payment assistance program

Few first-time buyers believe they can currently make a down payment, but they are open to getting help. A majority of those who believe they would qualify would take advantage of down payment assistance programs.

Looking to buy a home?

Bank of America offers competitive-rate solutions for every phase of your homeownership journey.

Finding the right mortgage helps set a solid foundation for successful homeownership. We have the mortgage tools, information and expertise to help you along the way.


Bank of America commissioned a survey to explore Americans' attitudes toward home ownership. The survey was conducted by GfK Public Communications and Social Science, using GfK's KnowledgePanel®, a statistically representative sample source used to yield results that are projectable to the American population. The survey was conducted online from January 24 – February 2, 2017. A total of 4,906 adults age 18+ were surveyed, including 1,268 current homeowners and 435 prospective homeowners (who plan to buy a home in the future). In addition, an augment was conducted to achieve 300 adults in 10 local markets: Boston, Charlotte, Chicago, Dallas, Denver, Houston, Phoenix, Miami, St. Louis, and New York. The margin of sampling error for national data is +/- 3.0 percentage points.

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