Why Americans Really Buy Homes

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For more than half of Americans, the main reason to buy a home is simply because they want a place to call their own, according to the “Homebuyer Insight Report” recently released by Bank of America.

“Home buyers today are motivated by both emotional and practical reasons,” says D. Steve Boland, the consumer lending executive. “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 financial ones.”

The survey revealed the following top emotional triggers for buyers:

  • Want a place to call their own: 52%
  • Always something they wanted to do: 43%
  • Want to put down roots: 31%
  • A place to make memories: 28%

As for the most influential financial factors, the survey found Americans are motivated to buy a home for these reasons:

  • Better than paying rent: 37%
  • Saved enough money: 26%
  • Have a steady job: 21%
  • Good time to buy a home: 15%

Survey respondents also were asked to define home ownership. Here’s what they said it means to them:

  • Security: 60%
  • Family: 58%
  • Responsibility: 58%
  • Happiness: 57%

Source: “The Top Reasons Why Americans Buy Homes,” Keepingcurrentmatters.com (April 13, 2016)

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