Home » News » Bank of America’s Fall Homebuyer Insights Report

Bank of America recently released their Fall Homebuyers Insights Report that explores the attitudes, preferences and behaviors of the modern homebuyer. For the first time, their survey also took a closer look at current renters who plan to someday own a home. The report also finds that, among millennials 72% say owning a home is a top priority.  Once again, we’re talking about millennials.

Key findings include:

  • Current renters are torn when it comes to the “own vs. rent” debate, with 49% believing renting long-term will be more expensive than buying a home. But, 51% say renting will be just as or less expensive than owning, and 69% believe their rent will continue to rise every year or every other year.
  • Top renter misconceptions include:
    • 49% believe that 20 percent down is required to buy a home.
    • 43%believe they must pay private mortgage insurance if they don’t put 20% down.
    • Nearly one in four believe they need to have a “perfect” credit score to be considered for a mortgage.
  • While 57% of all first-time buyers plan to buy with a spouse or partner, 37% say they plan to purchase their first home solo.

Bank of America

Click here to read the full report at Bank of America.

The post Bank of America’s Fall Homebuyer Insights Report appeared first on Real Estate Investing Today.

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