Starter-Home Concept Dying, Survey Says
A new survey suggests that the traditional “starter home” might be dying.
The survey, commissioned by Bank of America, found that 75 percent of non-homeowners who want to buy a home want to skip a starter home in favor of a home they can grow into.
That desire for a bigger, better home helps explain why more than half (56 percent) of the first-time buyers say they can’t afford the home they want.
When asked what they would be willing to sacrifice to buy a home, 54 percent of first-time buyers say they would be willing to sacrifice nice clothes, followed by 51 percent who would sacrifice a new car. At the bottom of the list is location, which 17 percent of buyers said they would be willing to sacrifice.