As you may know– homes are selling fast, there’s highly competitive bidding, and increased home prices in many regions. Low housing inventory and low interest rates may be factors, but Bank of America’s 2021 Homebuyer Insights Report found that human connection, a sense of community, and good neighbors are key priorities for today’s homebuyer.

Each year Bank of America explores the attitudes, behaviors and preferences of the modern homebuyer. This year’s Homebuyer Insights Report identifies several large insights reflective of the uncertain times we still find ourselves in.

Half (51%) of younger buyers – those ages 18 to 43 – and one third (33%) of older generations – ages 57 to 75 – say community has become more important over the past year. Specifically, people want neighbors who share similar interests (73%) and are active in the community (70%). Across all generations, homeowners were more likely than non-homeowners to say they like their neighbors (42% vs. 29%) and neighborhood (44% vs. 32%) more now than they did a year ago.

The feeling of safety is also important when it comes to home surroundings and community. Over two-thirds (68%) of younger prospective homebuyers and three quarters (75%) of younger homeowners say safety and security have become greater priorities when choosing where they will live.

More data highlights:

A desire for more space: Nearly half (48%) of prospective homebuyers between 18 and 43 say the importance of square footage has increased, and 60% say outdoor space is more important to them now.

Suburbia or bust: Half (48%) want to buy in the suburbs and 29% want to buy in rural areas. This is an increase from last summer, when 18% indicated a desire to purchase a home in a rural area.

The evolving home:

• • The past year has also granted people a peek into the homes of their coworkers, family and friends amidst the virtual environment. Three quarters (75%) have participated in video calls, and of this group, 37% have gotten ideas for something to do in their own home.
  • Two-thirds (66%) agree that activities done in the home have changed, and this is especially true for younger generations (77%). While all agree that “home” has changed, generations are using their spaces differently:

• • • Those ages 18 to 43 are using their homes as an office (45%), a school (31%), a movie theater (28%) and a gym (27%).
    • In comparison, fewer respondents ages 57 to 75 are using their homes as an office (28%), a movie theater (24%) and a gym (14%).

Accelerating the path to financial stability: Despite uncertain times, 65% of younger homeowners say their financial security has remained stable compared to 51% of non-homeowners in the same age group.

• • It’s no surprise that 18- to 43-year-old prospective buyers are eager to swap unpredictable monthly rents with steady monthly mortgage payments, with nearly half (46%) saying that building equity is now more important than ever.
  • Most (87%) prospective buyers between 18 and 43 years old say saving to purchase a home is a priority.

For more information on Bank of America programs check:

•  Digital Mortgage Experience
• For buying a car
• Bank of America Real Estate Center
• For loans check Program Preferred Rewards
• Programa para Comprar Casa Propia de Bank of America for low income families