New Homebuyer Insights from Bank of America show that the desire to own a home remains strong.
Nearly nine in 10 prospective buyers surveyed are still motivated to purchase their first home, and four in five say saving for a home remains a priority. In fact, 56% say they are either accelerating their home purchase timeline (14%) or are still on course with their original plans (42%). Of those remaining, 28% say they will buy later than planned, and 16% plan to renovate or hold off on buying for now.
'Home is more important than ever before, and ownership has become a key priority for many, particularly those who have never bought a home before,' said D. Steve Boland, president of Retail at Bank of America. 'Owning a home has historically helped families create a legacy and enabled them to build long-term wealth, and we're here to help those who are ready to take their next steps, either today or in the future, to achieve homeownership.'
Prospective homebuyers are actively looking at real estate listings (49%), touring homes virtually (29%) and researching financial advice online (24%).
'No matter what stage of homebuying you're in, we can help get you on the right path to owning a home of your own,' said AJ Barkley, Neighborhood Lending executive at Bank of America. 'Our new homebuyer readiness quiz, which consists of a few simple questions, can help you determine how close you are to becoming a homeowner, and can give you the resources to move forward with your homebuying goals.'
Overcoming barriers through planning and assistance
While homeownership is a goal for many, first-time buyers often perceive barriers. Survey respondents say these include expensive home prices (62%), high rent costs (48%) and student debt (30%), which can impact their ability to save. Additionally, 20% of prospective buyers say they lack financial education, making it difficult to know how to move forward with a home purchase with confidence.
Most prospective homebuyers say they need assistance with their down payment (71%) and help understanding what they can afford (80%). Yet, only 44% of buyers plan to get preapproved for a mortgage, missing the opportunity to learn how much they qualify for.
To address the most common barriers to homeownership, Bank of America offers low down payment mortgages, as well as down payment and closing cost grants. To help consumers prepare for homeownership, the company's First-Time Homebuyer Online Edu-Series, available in English and Spanish, provides an easy-to-understand roadmap to buying and financing a home.
The survey found that 86% of prospective homebuyers wish they had more indoor space, and 64% want more outdoor space. Additionally, high-speed internet and strong cell service (56%) ranked as very important features to future homebuyers, as did proximity to essential businesses (51%) and recreational activities (44%).
Clearly, the desire to own a home remains strong as many take steps on the path to homeownership. Learn more about Bank of America's commitment to supporting clients on the journey to homeownership, including the Homebuyer Insights, homebuyer readiness quiz and affordable homeownership resources.
About Bank of America's Homebuyer Insights
Sparks Research conducted a national online survey between June 26 and July 9, 2020 that reached a national sample of 1,000 adults age 18+ who currently own a home or plan to in the future. A supplemental survey reached 800 additional respondents (100 per market) in Nashville, Long Island, Sacramento, Denver, Phoenix, San Diego, Seattle and San Antonio. The margin of error for the national quota is +/- 3.1% and approximately +/- 8.2% for oversampled markets at the 90% confidence level. Select questions allowed respondents to choose more than one answer, resulting in responses that may equate to more than 100%.
Bank of America Consumer Lending
Bank of America Consumer Lending helps clients build pathways to home and car ownership, providing access to credit to meet a broad range of financing needs including mortgages for home purchase or refinance, home equity lines of credit, vehicle loans, and a wide variety of credit cards. Bank of America delivers a distinctive client experience, through:
Award-winning digital tools and resources, including the Digital Mortgage Experience, Digital Car Shopping tool, and Real Estate Center. Clients can search for homes or cars; request mortgage preapproval or prequalification; and apply for loans and credit cards.
An industry-leading Preferred Rewards program, which includes lending benefits and rewards that increase as qualifying savings and investments grow.
A Community Homeownership Commitment that helps low-to-moderate-income individuals and families achieve sustainable homeownership.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,200 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Reporters May Contact:
Susan Atran, Bank of America, 917.861.6882
susan.atran@bofa.com
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