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When it comes to purchasing a home, 70% of prospective buyers said they are looking for vibrant and connected communities, according to Bank of America's 2021 Homebuyer Insights Report.
The survey consisted of 2,000 adults who currently own a home or plan on owning a home in the future. Of the 2,000 respondents, 51% of younger buyers between the ages of 18 and 43 and 32% of older buyers between the ages of 57 and 75 said that community has become more important to them in the past year, according to the report. More specifically, buyers want neighbors who share similar interests and are active in the community.
"Over the last year, people have had plenty of time at home to reassess their priorities and goals, including how their living space and surroundings fit into their lives," said AJ Barkley, SVP, Neighborhood Lending and retail sales east executive, Consumer Lending at Bank of America. "We know homeownership remains as important as ever, especially for younger generations looking for that sense of community. We’re helping them take the next steps no matter where they are on their homebuying journey."
Meanwhile, close to 50% of buyers between 18 and 43 are looking for more square footage, with 60% looking for more outdoor space, according to BofA.
Click here to read more from BofA's 2021 Homebuyer Insights Report.