Bank of America: More Americans Currently Favor Buying Over Renting

(Image courtesy of Erik Mclean/pexels.com)

Bank of America, Charlotte, N.C., found more Americans favor buying over renting for the first time since 2023.

Fifty-three percent of respondents favor buying over renting or moving in with family.

The survey also showed positive shifts in consumer sentiment toward homeownership generally, with 90% saying a home is a valuable investment. That’s up from 79% in 2025. And 94% say homeownership provides stability, up from 83% in 2025.

Almost a third–32%–say they are more confident in their ability to buy a home this year, up from 27% last year. But, prospective buyers cite affordability as the top barrier to homeownership, with 58% pointing to home prices and 47% describing interest rates.

“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.”

Seventy-one percent said they expect prices and interest rates to fall and are waiting until then to buy a home. That compares with 75% who said the same in 2025.

The survey indicated the lock-in effect may be easing. Prospective homeowners report being open to moving, even if it means paying a higher interest rate if they get a more affordable area (76%), their dream home (75%) or a better location (71%).

Some norms and tools are changing, too. One in five prospective buyers used AI tools or chatbots in the past year for homebuying research, including 28% of millennials and 32% of Gen Z. The tools were used to do things like estimate affordability, mortgage payments or closing costs (57%), general education and research (55%) and researching neighborhoods, market trends or property values (52%).

A majority of prospective buyers say they still prefer human expertise for key steps like touring homes or legal or contractual advice.