The homebuying dream is still alive, according to a new study
A message from: Bank of America
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Buying a home isn't exactly getting cheaper, but that doesn't mean aspiring homeowners are throwing in the towel.
- As of August 2026, Charlotte's median home sale price sat around $430K — meaning many buyers, especially first-time homeowners, still feel priced out of the market.
The positive news: For the first time since 2023, consumers are feeling more optimistic about homeownership, according to the 2026 Bank of America Homebuyer Insights Report.
- Key number: 53% of consumers say it's better to buy a home than to rent in the current market.
An expert take: "Despite real and persistent challenges in the market, buyers and owners are increasingly optimistic, and many are starting to move forward rather than waiting on the sidelines," said Matt Vernon, head of Consumer Lending at Bank of America.
Here's what the report reveals about the changing homebuyer landscape.
💪 Consumer confidence is up.
Despite a challenging market, more buyers are seeing the value in owning a home.
- 90% say a home is a valuable investment, up from 79% in 2025.
- 94% say homeownership provides stability, up from 83% in 2025.
- 32% say they are more confident in their ability to buy a home, up from 27% in 2025.
💸 The price tag is still a problem.
- Affordability remains a major roadblock, with 58% of prospective buyers citing expensive home prices as the top barrier, up from 46% in 2025.
🔒 Current homeowners are loosening their grip.
- The "lock-in effect" — when homeowners were opting not to sell in order to keep their low mortgage rates — is starting to fade.
- More prospective buyers are willing to take on a higher interest rate to land their dream home, find a more affordable area or move to a better location.
⏳ The waiting game is getting old.
- 71% of buyers are waiting for market conditions to improve before purchasing — down from 75% in 2025.
- Gen Z and millennials are especially less likely to wait for market conditions to improve before making a move.
🤖 AI has entered the real estate chat.
- One in five buyers and current homeowners used AI tools or chatbots in the past year for house hunting and homebuying research.
- Worth a mention: Buyers still want a human touch when it comes to touring homes and getting legal or contractual advice.
🏡 Gen Z is finding new ways in.
Younger buyers are getting creative to make homeownership a reality.
- 28% of Gen Z respondents are taking on extra jobs in order to buy a home.
- 32% are considering co-buying with friends or family.
- 31% plan to leverage homebuyer assistance programs.
The takeaway: Affordability remains a challenge, but growing confidence and changing buying strategies suggest consumers are finding new ways to approach homeownership.
- Whether you're saving for a down payment or ready to start house hunting, Bank of America offers free financial education resources, online mortgage tools and homebuyer assistance grants to help you along the way.