Is a turning point emerging in the U.S. housing market? Latest Bank of America survey: Consumers choose "buying over renting" for the first time since 2023

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For the first time since 2023, American consumers’ willingness to buy a home has surpassed their willingness to rent, despite the continued dual pressures of high interest rates and high housing prices.

According to a Reuters report, Bank of America's latest Homebuyer Insights Report shows that among 2,000 U.S. consumers surveyed, 53% expressed a preference for buying a home, while 47% preferred to rent or live with family. This is the first time since 2023 that the survey has recorded a majority willing to buy.

Notably, Gen Z and Millennials are the main drivers behind this shift in attitude, with more potential buyers choosing to take action rather than wait for more favorable market conditions. Matt Vernon, head of consumer lending at Bank of America, stated:

"While the market continues to face real and persistent challenges, both homebuyers and homeowners are becoming more optimistic, and many are taking action instead of staying on the sidelines. We are seeing a significant change in attitudes toward homeownership."

Hesitancy Eases, Homebuying Timelines Move Forward

The report data show that although the proportion of consumers waiting to buy until rates and home prices drop remains high, it has decreased from 75% in 2025 to 71% currently, indicating some potential buyers are gradually accepting the reality of prolonged high interest rates.

Among existing homeowners, plans to purchase a second home have also clearly accelerated. The report shows about 22% of current homeowners plan to re-enter the market in the next year, compared to just 15% in 2025.

Matt Vernon noted that consumers are increasingly aware that high interest rates may persist for longer, which aligns with Bank of America's expectation that mortgage rates will stay between 6.25% and 6.75% for the year.

Affordability Remains the Main Barrier, But Homebuying Intent Rises

Despite the rebound in purchase willingness, high housing prices and high interest rates remain the largest constraints for consumers. The report indicates that affordability remains the top concern among homebuying obstacles.

Matt Vernon pointed out that structural demand drivers have not faded, stating:

"Housing affordability remains the main barrier and constraint in the market, but homebuying willingness is on the rise. Homeowners still go through life events that traditionally drive purchase decisions, such as marriage, childbirth, and job changes."

Bank of America’s report also points out that even as the macro environment faces pressure, consumers’ confidence in homebuying is gradually being restored.

The report also reveals an emerging trend: artificial intelligence is entering the homebuying decision process. The survey shows that both potential buyers and current homeowners have increasingly used AI tools over the past year to assist with purchasing decisions, with about one-fifth of respondents saying they have used AI tools or chatbots to calculate homebuying costs, screen target neighborhoods, and track market trends.

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