What homebuyers sacrifice
Sacrificing to make homeownership a reality
|Willing to give something up in order to buy a new home|
|What first-time homebuyers are willing to sacrifice to buy a new home|
|Gave something up in order to buy current home|
|What experienced homebuyers gave up to buy current home|
|Buying a new car||37%|
These graphics analyze what homebuyers are willing to sacrifice to save for a home. While 76% of experienced homebuyers gave something up to buy their current home, 95% of first-time homebuyers are willing to follow in their footsteps.
Only 17% of first-time homebuyers would be willing to give up their desired location for a home, compared to the 54% willing to sacrifice new clothes. This response likely indicates that first-time homebuyers feel strongly about where their home is located.
First-time homebuyers' attitudes on sacrificing traveling and giving up home features are more aligned with the experience of seasoned homebuyers. However, when it comes to holding off on a new car, 51% of first-time homebuyers are willing to make the sacrifice, whereas only 37% of experienced homebuyers did so.1
1Source data: Bank of America Homebuyer Insights Report
Data date: 2016/2017
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