Despite elevated mortgage rates and high home prices, the majority of Americans still favor buying a home rather than renting in the current housing environment, a new report from Bank of America said.
BofA’s Homebuyer Insights Report, released on June 23, shows that 53 percent of survey respondents said buying a home is the preferred option versus renting or living with family members, the first time in three years of positive homebuying sentiment.
“We are seeing meaningful changes in attitudes toward homeownership,” Matt Vernon, head of consumer lending at Bank of America, said.
“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.”…