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Bank of America finds customers now prefer buying over renting

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July 1, 2026

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For the first time since 2023, a majority of consumers believe it is better to buy a home in the current market, according to Bank of America's latest Homebuyer Insights Report. The report found 53% of respondents favor buying over renting or moving in with family, according to a press release.

The study surveyed 2,000 adults, including 1,000 homeowners and 1,000 renters, from April 13 to May 10. It found that 90% of respondents viewed a home is a valuable investment, up from 79% in 2025, while 94% said homeownership provides stability, up from 83%. Additionally, 32% said they are more confident in their ability to buy a home this year, compared with 27% last year.

"We are seeing meaningful changes in attitudes toward homeownership," Matt Vernon, head of consumer lending at Bank of America, said in a press release.

Affordability remains a barrier. Some 58% cited high home prices, up from 46% in 2025, and 47% pointed to high interest rates, up from 40%.

The report also found 20% of prospective buyers and homeowners used AI tools in the past year for homebuying research, including 32% of Gen Z and 28% of Millennials. Still, most respondents said they prefer human expertise for home tours and legal or contractual advice.