Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 98 NUMBER 1 ■ MECKTIMES.COM
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First-Generation Homeowners Say Owning a Home is More Important Now than Ever Before New data from Bank of America shows that family support often plays a pivotal role in helping first-generation homebuyers reach the major milestone of purchasing their first home. Families of first-generation homeowners often instilled in them the dream to buy a home and an understanding of the value of owning – whether they were able to provide financial support, or simply motivation. “For many first-generation homeowners and their families, homeownership has a unique importance, given the collective efforts to overcome financial challenges that can often span generations,”
said AJ Barkley, Head of Neighborhood and Community Lending at Bank of America. “Achieving this goal can create a sense of pride and accomplishment that resonates both for the buyer and those closest to them, including their parents and future generations.” Published today, Bank of America’s 2021 Homebuyer Insights Report: First-Generation Homeowner Spotlight is based on a survey of U.S. adults who currently own a home or plan to in the future. The study found: • Seven out of 10 first-generation homeowners (69%) say the importance of homeownership has increased over the
past year. • 61% of first-generation homeowners say the importance of building equity has increased, compared to 39% of non-first-generation homeowners (meaning those whose parents or grandparents owned a home). • 73% of first-generation homeowners also have a newfound appreciation for the safety and security that homeownership provides, compared to 60% of non-first-generation homeowners. • Twice as many first-generation
PLEASE SEE HOME ON PAGE 6
“The journey toward homeownership – whatever your timeline – actually begins with your first banking experience and continues as you learn to budget, save and establish a solid credit history,” AJ Barkley, Bank of America
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