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.