A Bank of America survey shows 53% of Americans now favor buying a home over renting, up from 48% last year.
A majority of Americans now view buying a home as preferable to renting for the first time since 2023. According to a Bank of America survey, 53% of respondents favor purchasing a home, compared to 48% last year and 47% in early 2024. Improved perceptions of homeownership as a stable investment contributed to the shift.
The median US home price stood at $429,500 in May, down from $440,000 a year earlier but still 34% higher than in May 2019. Mortgage rates near 6.5% and slowing home price appreciation have slightly eased affordability pressures, though challenges remain.
Despite the improved sentiment, only 32% of respondents expressed confidence in their ability to buy a home this year, with high prices and mortgage rates cited as key barriers.