First-Time Buyers Bypass the Starter House
Seventy-five percent of first-time buyers say they prefer to not purchase a starter home and instead want to purchase a home that will meet their future needs, according to the Bank of America Homebuyer Insights Report.
Seventy-six percent of first-time buyers say they want to buy a home for emotional reasons, such as a desire to call a place their own and a strong desire to put down roots, according to the survey.
While many of the 1,000 buyers surveyed say they’re willing to save more and pay down debt to buy the home they want, sixty-six percent of millennial first-time buyers say they expect some type of help from their parents when buying a home. That help may take the form of financial support or assistance in moving in to their new home.
Here are some key insights from this report:
Source: Bank of America Homebuyer Insights Report