Week of December 3, 2018

Homebuyer preferences

Homebuyer preferences for location and types of home

Homebuyer preferences for location and types of home
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 ‌ ‌  First-time homebuyers Experienced homebuyers
Urban 26% 20%
Suburban 52% 56%
Rural 22% 25%
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 ‌ ‌  First-time homebuyers Experienced homebuyers
Single-family home 75% 86%
Townhome 11% 4%
Condo 6% 6%
Unsure 8% 5%

This graphic analyzes homebuyer preferences. More than half of homebuyers are looking for a home in the suburbs. At 26%, more first-time buyers would prefer a home in an urban area than experienced buyers.

Experienced buyers are more likely to want to move to rural areas than first-time homebuyers. This trend is likely due to the age of these home buying groups, with first-time, millennial homebuyers more interested in cities and suburbs. For both groups, 6% are interested in buying a condo, which is likely the result of first-time homebuyers hoping to own and more experienced, older buyers looking to downsize.1

1Source data: Bank of America Homebuyer Insights Report
Data date: 2017

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