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<\/a><\/figure><\/div>\n\n\nAccording to the Homebuyer Insights Report from Bank of America<\/a>, 70% of renters feel they are not making a long-term investment for their future. Seventy-two percent of renters also fear that rent increases could affect their current and long-term finances.<\/p>\n\n\n\n While 4 in 5 respondents believe renting is temporary and suits their current life stage, higher interest rates and home prices are adding uncertainty to the home buying landscape. Three-quarters of respondents to the Bank of America survey plan to buy within the next five years, though 57% are unsure whether it is a good time to buy.<\/p>\n\n\n\n In the same survey conducted a year ago, only 48% of respondents were uncertain about whether it was a good time to buy. Among first-time home buyers, 62% of respondents expressed uncertainty surrounding the housing market.<\/p>\n\n\n\n \u201cGiven the highly competitive home buying market, renters are unsure whether now is the right time to buy,\u201d says Matt Vernon, head of consumer lending at Bank of America. \u201cThat said, our research continues to show that the vast majority of prospective home buyers overwhelmingly feel buying a home, now or in the future, is the best decision for them in the long run.\u201d<\/p>\n\n\n\n