US consumers favor homebuying over renting for first time since 2023, BofA study shows

A majority of U.S. consumers now prefer to buy a home rather than rent or move in with family, the first time since 2023 that homeownership sentiment has turned positive, according to Bank of America’s latest homebuyer insights report. The shift suggests improving consumer appetite for housing despite prior affordability pressure. The report is sentiment-based and likely has limited near-term market impact, but it is a constructive signal for the housing sector.

Analysis

A majority of U.S. consumers now prefer to buy a home rather than rent or move in with family, the first time since 2023 that homeownership sentiment has turned positive, according to Bank of America’s latest homebuyer insights report. The shift suggests improving consumer appetite for housing despite prior affordability pressure. The report is sentiment-based and likely has limited near-term market impact, but it is a constructive signal for the housing sector.