Week of October 8, 2018

What homebuyers sacrifice

Sacrificing to make homeownership a reality

Sacrificing to make homeownership a reality
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Willing to give something up in order to buy a new home  
First-time buyers 95%
What first-time homebuyers are willing to sacrifice to buy a new home
Nice clothes 54%
New car 51%
Social life 50%
Traveling 44%
Home features 36%
Desired location 17%
Gave something up in order to buy current home
Experienced homebuyers 76%
What experienced homebuyers gave up to buy current home
Traveling 46%
Buying a new car 37%
Dream features 32%

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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