May 2024
On the move: Homebuyer insights and the housing challenge
Has housing supply responded to population shifts across the U.S., especially in regions with an influx of younger generations?
Key takeaways
- The 2024 Bank of America Homebuyer Insights Report suggests that current renters could be buyers within five years, posing a particular challenge for housing in local markets where the population is growing.
- According to Bank of America internal data, many cities in the Northeast and West continued to see population net outflows in the first quarter of 2024. In the South, the situation has become more nuanced, with some metropolitan statistical areas (MSAs) continuing to show rising populations, while other areas appear to be retrenching.
- Overall, housing supply has broadly responded to the population movements we have seen in Bank of America internal data. However, it is less clear if the supply of rental properties in the South is sufficient to meet the growing population needs. We also find an increased demand for suburban housing in our data.
Read our full analysis for a more in-depth look at these trends.
