According to the Homebuyer Insights Report from Bank of America, first-time homebuyers are not considering starter homes, reports nationalmortgagenews. The report revealed that 75 percent of new homebuyers prefer to buy a larger home to begin with. Additionally, 35 percent of those surveyed plan to retire wherever they buy.
MHProNews has learned 43 percent of Gen Xers, those born between 1965 and 1980, have chosen to put off purchasing a new home until they have reduced their debt load. D. Steve Boland, consumer lending executive for Bank of America, said, “Today’s aspiring homebuyers want to be selective and believe they should wait until they can afford to buy a home they’ll live in for years to come.”
Thirty-two percent of Millennials also would want to reduce their debt before purchasing a home, although 66 percent say they would need parental assistance to buy a home.
Of veterans in the homebuying experience, 75 percent said they made sacrifices in order to purchase their first home, with nearly half saying they sacrificed travel, 37 percent put off buying a new car, and just under a third chose not to add new features to their home.
For this Bank of America report, Braun research surveyed 1,001 people 18 or older who want to purchase a home in the future. ##
(Image credit: firstbanktrust)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews