Why Do YOU Want to Buy a Home? Survey Attempts to Find Out

Why do you want to buy a home? Are you tired of throwing your dollars away on rent? Do you want to experience the pride of having a place to call your own? Do you want more space for a growing family? Maybe you want to invest your money in what you consider a safer investment than the stock market.


There are plenty of reasons why consumers buy homes. And Bank of America wanted to find out which ones ranked the highest.


That’s why the bank commissioned its first Homebuyer Insights Report, which it released earlier this spring. The report surveyed homebuyers about what motivated them to become homeowners.


According to the report, buyers today are motivated by two very different set of factors: emotional and financial ones. The report said that buyers value the emotional reasons for buying a home just as highly as they do the financial ones.


What are the common reasons for buying a home? In the emotional column, 52 percent of buyers said that they wanted a place to call their own, the factor that topped this list. The survey found that 43 percent of buyers consider owning a home something that they have always wanted to do, while 31 percent cited a desire to put down roots as one of their motivating factors for buying. The survey found that 28 percent of buyers purchased a home because they wanted a place to make memories.


The financial factors are important too, of course. According to the survey, 37 percent of buyers said that owning a home was a better choice than paying rent which was the top financial factor, according to Bank of America. The report found that 26 percent of buyers said that they had saved enough money to buy a home, while 21 percent said that they moved to homeownership because they had a steady job. Another 15 percent said that they made the move to ownership because they considered this a good time to buy a home.