Key facts
- 53% of US consumers now favor buying a home over renting or moving in with family, the first time since 2023.
- 90% of respondents view a home as a valuable investment, and 94% see it as providing stability.
- Confidence in purchasing ability rose to 32% from 27% last year.
- High home prices (58%) and elevated mortgage rates (47%) remain the primary affordability concerns.
- Younger buyers, Gen Z and millennials, are driving the shift in sentiment.
- 20% of buyers and homeowners used AI tools for housing research.
A Bank of America study indicates a significant shift in U.S. consumer sentiment, with a majority now preferring to buy a home over renting or living with family for the first time since 2023. The survey, which included 2,000 adults, found that 53% favor homeownership, while 47% prefer renting or moving in with family.
This change in attitude is particularly pronounced among Gen Z and millennials, who appear less willing to wait for market conditions to improve. While 71% of respondents are still waiting for interest rates and home prices to decrease before purchasing, this figure is down from 75% in 2025. Homeowners are also expediting their plans, with 22% intending to buy another property within the next year, compared to 15% in 2025.
Despite this growing optimism, affordability remains a significant challenge, with 58% citing high home prices and 47% pointing to elevated mortgage rates as barriers. However, consumers are increasingly accepting current rates as the 'new normal.' Technology, including AI tools, is also playing a growing role in the homebuying process, with 20% of buyers and homeowners using AI for research.