Last week, the inaugural “Home buyer Insights Report” was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding home ownership.
Consumer Lending Executive, D. Steve Boland, explained:
“Home buyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of home buyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones.”
Boland went on to say:
“The path to home ownership is a journey and can be as overwhelming as it is exciting. For many people, this is the single most significant financial transaction they will ever make.”
This was evidenced in the report when they asked today’s home buyers to define home ownership. Their answers tell the whole story.
Bottom Line
Home ownership has always been a part of the American Dream and survey after survey confirms this will always be the case.
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