More Americans Prefer Buying Homes Over Renting for First Time Since 2023: Report

A for-sale sign is displayed near a home in Austin, Texas, on April 24, 2025. Brandon Bell/Getty ImagesDespite elevated mortgage rates and high home prices, the majority of Americans still favor buying a home rather than renting in the current housing environment, a new report from Bank of America said.BofA’s Homebuyer Insights Report, released on June 23, shows that 53 percent of survey respondents said buying a home is the preferred option versus renting or living with family members, the first time in three years of positive homebuying sentiment.