For the first time since 2023, a majority of Americans believe it is better to buy a home than rent or move in with relatives, according to a Bank of America survey. Fifty-three percent of respondents said it was better to buy now, up from 48% last year and 47% in 2024. Other measures of homeownership sentiment also improved, including the share who view a home as a valuable investment and a source of stability. The shift comes as home price appreciation has fallen below inflation and wage growth in much of the country, and mortgage rates are slightly lower than during the past three summers. However, affordability remains a challenge, with only 32% of respondents confident they could buy this year and 71% of potential buyers waiting for prices and rates to fall before entering the market.
Bank of America CorpSurvey shows rising homebuying sentiment, which could boost mortgage origination and related banking revenue.