Bank of America report reveals cost and neighborhood top the list
ColoradoBiz Staff //April 20, 2016//
Bank of America report reveals cost and neighborhood top the list
ColoradoBiz Staff //April 20, 2016//
Denver metro area home buyers are seeking a home for practical reasons, as the majority (58 percent) see homeownership as a financial investment, according to the inaugural Bank of America Homebuyer Insights Report. As such, more than half are buying for the first time because they believe their money would be better spent on a mortgage than rent, compared with 37 percent of home buyers nationally who say the same.
When considering a prospective home, cost (83 percent) and neighborhood (54 percent) are extremely important to Denver area buyers. Fifty-three percent also consider the floor plan and layout to be very important. More than three-quarters of Denver buyers are interested in buying a single-family home and 59 percent are looking to settle down in the suburbs.
The Bank of America Homebuyer Insights Report explores the attitudes, behaviors and preferences of the modern home buyer, based on a national survey of more than 1,000 adults ages 18 and older who want to buy a home in the future. In addition, 300 adults were also surveyed in 10 local markets: Atlanta, Boston, Chicago, Dallas, Denver, Los Angeles, New York, San Francisco, Seattle and Washington, D.C. The report reveals what home buyers want in a home, their catalysts for making the home purchase and the unique preferences of first-time and millennial buyers, defined as those between ages 18 and 34.
Denver-specific highlights from the report include:
Denver area home buyers are driven by aspiration and emotion
Aspiring Denver homeowners want to save more, willing to sacrifice
Saving for a home as important as saving for retirement
Local millennial home buyers expect support from their parents
For additional information about the Bank of America Homebuyer Insights Report, please click here.
Bank of America Consumer Lending
Bank of America’s Consumer Lending unit includes Merrill Lynch Banking, Global Wealth and Investment Management Real Estate, Home Loans and Consumer Vehicle Lending. Each business is focused on delivering a distinctive and consistent client experience through competitive product offerings, quality loan production, choice of multiple connection and delivery methods, and operational excellence based on a client’s unique attributes and relationship with us.
About the Bank of America Homebuyer Insights Report
Braun Research, Inc. (an independent market research company) conducted a nationally representative, online survey on behalf of Bank of America January 27–February 21, 2016. Braun surveyed 1,001 respondents throughout the U.S., comprised of adults 18+ who want to buy a home in the future. In addition, comparatively 300 adults were also surveyed in 10 local markets: Atlanta, Boston, Chicago, Dallas, Denver, Los Angeles, New York, San Francisco, Seattle and Washington, D.C. Braun also interviewed a total of 801 millennials (defined as 18–34 years old) in the national U.S. sample.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.