Report: Young Homebuyers Prioritize Community, Similar Interests

Some 72% of younger homebuyers aged 18 to 43 say their ideal neighborhood would have neighbors who share their interests.

That's one of the findings of the recently released Homebuyer Insights Report (HBIR) from Bank of America.

Similar interests, a shared sense of community, greater space, and the capacity to upgrade in-home technologies such as WiFi and solar energy are among the priorities of younger homebuyers as they compete in a red-hot housing market both nationwide and in the Greater D.C. region.

As AJ Barkley, the Neighborhood Lending and Retail Sales East Executive for Bank of America, says in her YouTube video, "We found that younger generations in particular prioritize a sense of community."

At the same time, safety and security have become more important to both younger homeowners and younger prospective homebuyers, the survey found.

Additionally, the HBIR found that younger prospective homebuyers have disparate tastes in population density, with 47% favoring suburban areas, 29% looking to buy in rural regions, and 24% concentrating on finding homes within cities.

More information and resources for prospective homebuyers are available at www.BankOfAmerica.com.

Disclaimer: This material is provided for your convenience and information only. Bank of America assumes no liability for loss or damage as a result of your reliance on information in this publication. Our goal is for the content of this publication to be accurate as of the date this issue was printed. However, due to rapid changes occurring in the programs, products, and services offered within the home financing industry, we do not guarantee the accuracy or completeness of the information presented.