More Americans Say It's Better to Buy Than Rent for the First Time Since 2023. 

For the first time since 2023, more Americans say buying beats renting. 

That’s the headline stat from Bank of America’s 2026 Homebuyer Insights report. Based on responses to their national online survey, 53% of respondents say it’s better to buy a home in the current market than to rent or move in with family (47%). 

Aside from that, other stats from the survey reveal some interesting trends, including improved levels of optimism around buying a home, despite ongoing affordability challenges. 

Read on to see why and how this impacts you as a buyer or seller in Chicago.

How Americans Feel About Homeownership Right Now

According to the methodology details for Bank of America’s 2026 survey, respondents are adults 18 years of age or older who “make or share in household financial decisions, and who currently own a home/previously owned a home or plan to own a home in the future.”

Of the 2,000 respondents in BofA’s survey: 

• 1,000 are homeowners
• 1,000 are renters who have either owned homes previously or plan to own a home

The resulting data is compared to last year’s survey results, showing an overall improvement in consumer sentiment on homeownership and homebuying conditions: 

• 90% say a home is a valuable investment (up from 79%); 
• 94% say it provides stability (up from 83%); 
• 87% say it feels like a milestone (up from 78%); 
• 86% say it brings emotional fulfillment (up from 75%)

Beyond the abstract numbers, the data provides a signal of where consumer sentiment is heading, at least on a national level. But without the breakdown by respondent type (owners and renters separately), it’s unclear what percentage of renters are feeling better about their homebuying prospects this year compared to last. 

Fewer Buyers Are Waiting for the Perfect Moment

Plenty of homebuyers in 2026 are still holding out for lower home prices and lower mortgage rates, but that share has dropped from 75% in 2025 to 71% in 2026. 

Gen Z and Millennial buyers are especially motivated to buy, driving this year’s shift toward action: 

• Gen Z (68% are holding out in 2026 vs. 74% in 2025) 
• Millennial (70% holding out in 2026 vs. 77% in 2025)

As for Gen Z, survey data highlighted three specific ways they’re adapting to today’s market: 

1. 28% are taking on extra jobs
2. 32% are considering co-buying with friends or family
3. 31% are planning to leverage down payment assistance programs

Data comparing 2026 to the previous couple years is also showing an increased willingness to move across all three well-known compromise scenarios: 

1. A more affordable area: 76% in 2026 vs. 71% in 2025 and 68% in 2024
2. Their dream home becoming available: 75% in 2026 vs. 69% in 2025 and 67% in 2024
3. A better location: 71% in 2026 vs. 65% in 2025 and 63% in 2024

Also, 52% of the homeowners in BofA’s survey say they expect to buy again, while 22% plan to move within the next year (up from 15% in 2025). 

Why Affordability Is Still the Biggest Hurdle

Bank of America’s data for 2026 showed a year-over-year increase in survey respondents citing affordability constraints as an obstacle to homeownership: 

• 58% cited expensive home prices as a top barrier, up from 46% in 2025
• 47% cited high interest rates, up from 40% in 2025

Based on their responses, renters are also trading down to cut housing costs.

For some, that means moving to a more affordable rental complex. For others, it could mean moving to a unit with fewer bedrooms. In some markets, a drop from a two-bedroom to a one-bedroom unit can save a renter around $200 a month. 

What This Means If You're Thinking About Buying or Selling 

The biggest takeaway from Bank of America's survey isn't that the market suddenly became easy. Affordability is still a challenge, and mortgage rates remain higher than many buyers would like.

What's changing is consumer mindset.

After several years of waiting for the "perfect" time to buy, more Americans appear to be accepting that today's market may simply be the market they'll have to navigate. Instead of waiting indefinitely, many are adjusting their expectations, exploring different neighborhoods, considering smaller homes, or taking advantage of down payment assistance programs.

That's an important shift because housing markets don't move based only on prices and interest rates. They also move based on confidence. When more buyers decide they can make today's conditions work, activity tends to follow.

National surveys can only tell part of the story, and every local market behaves differently. But they do offer a useful glimpse into how consumers are thinking. Right now, that thinking seems to be moving away from waiting for perfect conditions and toward finding opportunities within the market that exists today.