As Economic Winds Shift, Americans Look Again Toward Homeownership

For many Americans, the idea of homeownership has long resembled a distant lighthouse—sometimes obscured by economic storms, yet still visible on the horizon. After several years marked by high mortgage rates and affordability concerns, new research suggests that confidence in buying a home may be beginning to return.

A new Bank of America survey found that a majority of U.S. consumers now prefer buying a home over renting or moving in with family. It is the first time since 2023 that homeownership has regained a clear advantage in consumer sentiment.

The survey, which included 2,000 respondents, showed that 53% favored purchasing a home, while 47% preferred renting or living with relatives. The findings indicate a gradual shift in attitudes despite continued market challenges.

High home prices, elevated mortgage rates, and limited housing inventory remain major obstacles. Even so, many prospective buyers appear increasingly willing to move forward rather than wait for ideal market conditions.

Bank of America reported that 71% of respondents are still waiting for lower interest rates or reduced home prices before making a purchase, though that figure has declined compared with previous surveys. Analysts suggest that consumers may be adapting to the possibility that borrowing costs could remain elevated for an extended period.

Younger generations are helping drive the change in sentiment. Millennials and members of Generation Z showed greater readiness to enter the housing market, reflecting life-stage transitions such as marriage, family growth, and career development.

Existing homeowners are also showing renewed activity. According to the survey, 22% of homeowners plan to purchase another property within the next year, up from 15% in the prior survey period.

Although affordability challenges persist, the survey suggests that many Americans continue to view homeownership as an important long-term goal, even amid a complex and evolving housing landscape.

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Sources (verification check): Reuters, Bank of America Research, National Association of Realtors, CNBC