New Survey Shows 53% Prefer Buying over Renting for the First Time Since 2023

For the first time since 2023, more Americans say it’s better to buy a home than to rent one.

Bank of America’s 2026 Homebuyer Insights Report shows that 53% of consumers now favor buying, and confidence in homeownership is up across every attitude the survey measured.

Affordability is still the number one barrier, and it’s gotten worse since last year. But fewer buyers are waiting for perfect conditions. 

Here’s what the data shows. 

90% Say a Home Is a Valuable Investment (Up 11 Points YoY)

Based on 2026 survey responses, homeownership sentiment went up across every measured attitude compared to the 2025 survey: 

• 90% say a home is a valuable investment, up from 79% in 2025
• 94% say homeownership provides stability, up from 83% in 2025
• 87% say owning a home feels like a milestone, up from 78% in 2025
• 86% say owning a home brings emotional fulfillment, up from 75% in 2025
• 32% say they’re more confident in their ability to buy this year, up from 27% in 2025

This is essential data for both buyer agents and listing agents. Your buyer’s determination to purchase a home of their own both empowers them and makes them vulnerable. They need a trusted guide to help them avoid pitfalls and scams while also helping them distinguish true dealbreakers from nice-to-haves. 

Sellers in your market also benefit from knowing how motivated local buyers are, even if concessions are still necessary to seal the deal. 

Fewer Buyers Are Waiting for Lower Prices & Rates

The share of prospective buyers still holding out for lower home prices and mortgage rates dropped to 71% in 2026, down from 75% the year before. 

Gen Z and Millennial buyers are largely responsible for that bias toward action: 

• Gen Z at 68% vs 74% in 2025
• Millennials at 70% vs 77% in 2025

The survey data suggest the lock-in effect is weakening, at least among buyers. 

In fact, the willingness to make a move at a higher mortgage rate is up across all three compromise scenarios mentioned in BofA’s report, compared to 2025 and 2024: 

1. A more affordable area: 76% in 2026 vs. 71% in 2025 and 68% in 2024
2. Their dream home becoming available: 75% in 2026 vs. 69% in 2025 and 67% in 2024
3. A better location: 71% in 2026 vs. 65% in 2025 and 63% in 2024

More than half of the homeowners surveyed (52%) expect to buy again, and 22% plan to do so within the next year. 

Affordability Challenges Are Getting Harder to Ignore

This year also witnessed a year-over-year uptick in survey respondents citing affordability challenges as obstacles to homeownership. 

• 58% cited expensive home prices as a top barrier, up from 46% in 2025
• 47% cited high interest rates, up from 40% in 2025

According to Bank of America Institute On the Move analysis, renters are also trading down to cut housing costs, either to make their housing budgets more sustainable or to make it easier to save toward a home purchase (or both). 

Buyers on the fence will likely have their own barriers related to affordability, whatever their backgrounds. Bring these into the conversation to understand where they’re coming from and what they need from you. 

AI Is Already in the Room

One in five buyers and homeowners (20%) in the BofA survey used AI for homebuying research in the past 12 months. And younger generations are the ones driving that share up. 

Among Gen Z, that percentage is at 32%, and among Millennials, it’s 28%. 

The top use cases for AI in homebuying research include: 

• Estimating affordability, mortgage payments, or closing costs (57%)
• General education and research about the process (55%)
• Researching neighborhoods, market trends, or property values (52%)

According to the survey, buyers still want human agents for high-stakes steps, including: 

• 55% prefer an agent for home tours
• 54% for legal and contractual guidance

What to take away from all this? Homebuyer confidence is rising, and more buyers are motivated to become homeowners. The data highlighted here gives you some solid openings for better conversations in the weeks and months ahead.