More Americans favor buying over renting
A new homebuyer survey found consumers favor buying over renting for the first time since 2023, with 53% saying buying is the better choice. Prices and mortgage rates remain the top barriers, but the findings give agents a reason to reconnect with renters, past leads and homeowners who paused their plans.
More Americans now say buying a home makes more sense than renting, a shift that could give real estate professionals a new reason to reconnect with customers who have been waiting on the sidelines.
For the first time since 2023, a majority of consumers say it is better to buy in the current market, according to Bank of America’s latest Homebuyer Insights Report. The survey found:
- 53% favor buying over renting or moving in with family
- 90% view a home as a valuable investment
- 94% say homeownership provides stability
- 52% of current homeowners expect to buy another home
The change does not mean affordability concerns have faded. Prospective buyers still named expensive home prices and high interest rates as their top barriers, with 58% citing prices and 47% citing rates. But the survey suggests more consumers are beginning to rethink the wait-and-see approach.
“We are seeing meaningful changes in attitudes toward homeownership,” said Matt Vernon, head of consumer lending at Bank of America. “Despite real and persistent challenges in the market, buyers and owners are increasingly optimistic, and many are starting to move forward rather than waiting on the sidelines.”
The findings point to several groups worth checking in with now: renters who may be tired of waiting, past leads who paused because of rates or prices and current homeowners who may be closer to a move than they were last year.
The bottom line: customers are still doing the math, but more may be ready to talk through options, trade-offs and timing.
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