A new survey from Bank of America shows that adults, 18 and over, who want to buy a home in the future do not want to purchase a starter home. Diana Olick reports on first-time buyers staying out of the market citing affordability as the main reason.
The survey shows that 69% were willing to wait until they could afford a longer-term home rather than spend money now on a starter home. Only one-third of those survey cited debt as their reason for not purchasing a starter home. Millennials may have different reasons:
"What the report brings out is the shift in how millennials are thinking about home ownership. A home is much more of an emotional decision and a life priority decision. Is this a place where I may ultimately want to retire?" said D. Steve Boland, consumer lending executive for Bank of America.