A growing number of Americans are once again favoring homeownership, with a majority now saying they would rather buy a home than rent or live with family, according to Bank of America’s latest Homebuyer Insights Report. The survey marks the first time since 2023 that consumer sentiment has shifted in favor of purchasing a home, despite ongoing challenges such as high mortgage rates, elevated home prices, and limited housing inventory. Currently, 53% of respondents prefer buying a home, compared to 47% who favor renting or staying with family.
The report highlights increasing confidence among younger generations, particularly Gen Z and millennials, who appear less willing to delay homeownership while waiting for market conditions to improve. The percentage of consumers waiting for lower interest rates and home prices before purchasing declined to 71% from 75% in 2025. At the same time, more homeowners are accelerating their plans to buy additional properties, with 22% indicating they expect to purchase within the next year, up from 15% last year.
Despite renewed optimism, affordability remains the biggest hurdle for prospective buyers, with home prices and borrowing costs continuing to rank among the top concerns. The survey also revealed a growing role for artificial intelligence in the homebuying process. One in five prospective buyers and current homeowners reported using AI-powered tools or chatbots over the past year to estimate costs, research neighborhoods, and monitor housing market trends. The findings are based on a survey of 2,000 U.S. homeowners and renters conducted by Sparks Research on behalf of Bank of America between April and May.
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