Young adults have an overwhelmingly positive view of home ownership and its impact on their financial well-being, according to Bank of America’s Homebuyer Insights Report. The report surveyed 4,906 adults, including existing homeowners and prospective home buyers. Here are the highlights!
- 95% of surveyed homeowners say they are proud of owning their home.
- 86% believe that home ownership is more affordable than renting.
- 80% say that owning their home has a positive, long-term impact on their personal finances.
Another 68% of Millennial homeowners see their current home as a “stepping stone,” and plan to trade up to a larger or newer home in the future.
Among prospective home buyers who still rent, the views are a little different. 54% said that home ownership would be more affordable, while 45% believe that renting remains cheaper.
The Homebuyer Insights Report also revealed barriers to home ownership, both perceived and actual. For example, about half of the aspiring home buyers thought a down payment of 20% was required.
- 61% said they needed to pay off existing debts before buying a home.
- 47% needed to improve their credit scores.
- 32% are prioritizing payoff of their student loans.
Taken as a whole, the survey reveals that Millennials have positive attitudes about home buying and home ownership, and these views are reinforced as they achieve home buying success. However, many young adults see themselves shut out of the market due to a lack of a down payment and/or their debt load.
Home buyer education is often the difference between having a dream of home ownership, and a path to accomplish it! An Exclusive Buyer Agent can help you begin your home buying journey with the right steps, including mortgage lender referral, market information and pre-purchase consultation.
And because your Exclusive Buyer Agent only represents home buyers 100% of the time, he or she provides you with a superior level of service, information and guidance that a typical agent cannot supply!
Ready to begin your home buying journey? Find an Exclusive Buyer Agent in your area today!