Read our full analysis for a more in-depth look at these trends.
On the move: More movers, fewer homebuyers
The Midwest and South see the largest population inflows and growth in mortgage payments, yet they remain the most affordable.
May 2025
Key takeaways
- Consumers appear bent on holding off for lower home prices and rates, according to the 2025 Bank of America Homebuyer Insights Report. And while both the average home sales prices and mortgage rates have softened over the past two years, the total cost of homeownership (including home insurance and property taxes) continues to rise, especially in the least expensive areas.
- According to Bank of America account data, the total number of people moving has reversed a four-year freefall, with the number of people moving within the same city up 11% year-over-year (YoY) in the first quarter of 2025 and those moving to another city up 7% YoY. Relocations to the Midwest and Sun Belt remain popular, although the story across regions remains mixed.
- Housing supply also plays an important role in mortgage payment growth. But perhaps more importantly, the increase in personal incomes plays a role, especially in areas with comparatively limited supply like Columbus or Indianapolis.
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