A majority of U.S. consumers now say they would prefer to buy a home rather than rent or live with family, according to Bank of America’s latest Homebuyer Insights Report.

The survey marks the first time since 2023 that more respondents have favored homeownership than renting or living with family, despite continued affordability challenges.

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Sentiment Improves Even As Affordability Pressures Persist

Overall, 53% of respondents said they would rather buy a home, while 47% preferred renting or living with family. Gen Z and millennial respondents were among the strongest supporters of homeownership, according to the survey.

At the same time, affordability remains a key consideration. Bank of America found that 71% of respondents are waiting for interest rates and home prices to decline before purchasing a home, down from 75% in 2025.

The survey also found that 22% of current homeowners expect to purchase another property within the next year, compared with 15% a year earlier.

Buyers Are Moving From Waiting To Acting

“Despite real and persistent challenges in the market, buyers and owners are increasingly optimistic, and many are starting to move forward rather than waiting on the sidelines,” said Matt Vernon, head of consumer lending at Bank of America, which can be found at Bank of America.

“We are seeing meaningful changes in attitudes toward homeownership.”

Still, affordability remains the central barrier for would-be buyers. High home prices and elevated interest rates continue to rank among consumers’ top concerns, underscoring the gap between aspiration and execution in today’s housing market.

AI Is Entering The Homebuying Process

The survey also highlighted the growing use of artificial intelligence during the homebuying process. One in five prospective buyers and current homeowners said they had used AI tools or chatbots over the past year to estimate costs, evaluate neighbourhoods and monitor housing market trends.

The Homebuyer Insights Report is based on a survey conducted by Sparks Research on behalf of Bank of America between April and May, covering 1,000 homeowners and 1,000 renters.