Business and Finance
The Growing Dilemma: Renting vs. Buying a Home
“Renting or buying? A dilemma growing among prospective homeowners as they question the financial impact. Find out the emotional and financial value associated with homeownership in this Bank of America report.”
Buying a home has always been considered a significant investment, a cornerstone of financial stability and future security. However, a recent Bank of America Homebuyer Insights Report reveals a growing number of prospective homebuyers who fear that renting could have detrimental effects on their financial future. With high interest rates and soaring home prices, the uncertainty surrounding the decision to rent or buy has only intensified. This article delves into the reasons behind this dilemma and explores the emotional and financial value associated with homeownership.
The Rising Uncertainty:
The report reveals that 57% of respondents are unsure whether it is the right time to buy a home, compared to 48% from the previous year. This trend is particularly prominent among first-time homebuyers, with 62% expressing uncertainty. Higher interest rates and escalating home prices have left renters questioning the feasibility of homeownership in the current market. Matt Vernon, Head of Consumer Lending at Bank of America, recognizes this growing concern but emphasizes that research consistently supports the belief that owning a home is the best long-term decision for most prospective homebuyers.
Population Flows and Supply Challenges:
Complicating the decision-making process are the continuing population flows across the United States. As stated in the Bank of America Institute’s On the Move publication, cities in the South have experienced substantial inflows of people, primarily driven by younger generations. Despite an increase in housing supply to accommodate these changes, the supply of rental properties in some areas falls short of meeting the demands of growing populations. Consequently, while 37% of respondents prefer renting for now, 81% of prospective buyers still plan to purchase a home in the near future.
Emotional Value of Homeownership:
The report highlights the emotional and financial benefits of homeownership, with a majority of homeowners and prospective homebuyers recognizing these advantages. Homeownership offers a sense of permanence, emotional stability, control over living space, and fulfillment, according to the survey. However, baby boomers appear to be an exception to this outlook, with 80% favoring renting over buying. They value the freedom from property maintenance, financial responsibilities, and enjoy the flexibility of choosing when and where to move.
Lack of Confidence and Lessons Learned:
Prospective homebuyers also express a lack of confidence in various aspects of the homebuying process, including understanding financing, interest rates, homebuying terminology, and grant programs. However, meeting with lending specialists can be beneficial in exploring assistance programs, such as Bank of America’s down payment and closing cost grants. Furthermore, the report reveals that 66% of current homeowners would have done something differently when buying their first home, such as saving more for a down payment or considering other neighborhoods.
The Bank of America Community Homeownership Commitment:
The Bank of America Community Homeownership Commitment is a $15 billion program aimed at assisting low- and moderate-income homebuyers. This initiative is designed to address the lack of confidence expressed by prospective buyers in understanding various aspects of the homebuying process. Through the commitment, Bank of America offers down payment and closing cost grants, as well as access to lending specialists who can provide guidance on financing options, interest rates, and grant programs. The program also takes into account the lessons learned by current homeowners, with the goal of empowering potential buyers to make informed decisions and achieve successful homeownership.
About Bank of America Institute
Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, sustainability, and global transformation. The Institute leverages the depth and breadth of the bank’s proprietary data, from approximately 68 million consumer and small business clients, 56 million verified digital users, $4.2 trillion in total payments in 2022 and $1.4 trillion in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
SOURCE Bank of America Corporation
Lifestyle
Get Your Kids Ready to Go Back-to-School with Affordable Health Coverage
Once school starts, life moves fast. There is homework, practices, permission slips, and early mornings. Before the calendar fills up, take a moment to make sure your child has affordable health coverage for the year ahead.
Get Your Kids Ready to Go Back-to-School with Affordable Health Coverage
(Feature Impact) Once school starts, life moves fast. There is homework, practices, permission slips, and early mornings. Before the calendar fills up, take a moment to make sure your child has health coverage for the year ahead.
Free or low-cost health coverage is available through the Children’s Health Insurance Program (CHIP) or Medicaid in your state for eligible individuals. With health coverage, your kids and teens can get the care they need to stay healthy and do well in school.
Think your family might not qualify? You might be surprised. Many families may qualify for coverage without realizing it! Eligibility varies by state and is based on family income and household size. In most states, children up to age 19 from a family of four earning up to $80,000 per year may be eligible. In some states, eligible children can still qualify if family income is even higher.
Getting your child covered helps you get them the health care they may need. When a child is sick, the right medicines help them get back to school. If a child has a tough time focusing, there are supports to help. If your child does not see as well as other children, these programs cover glasses. Healthy kids are confident kids, who are ready to participate in every opportunity inside and outside the classroom!
Why Health Coverage Belongs on Your Kids’ Back-to-School List
Having health coverage can help families, like yours, to send your kids and teens off to school ready to learn. Depending on the program and a child’s individual needs, Medicaid and CHIP can provide eligible kids up to age 18 (Medicaid) or 19 (CHIP) with a range of services to support their health all year long, such as:
- Annual checkups and school physicals to prepare children to learn, play, and participate.
- Preventive care to identify health needs early and keep children healthy throughout the year.
- Dental care to help prevent tooth aches, cavities, and missed school days.
- Vision and hearing services to support learning and classroom participation.
- Mental health care to support emotional well-being and school success.
- Prescription medications and treatment to help manage symptoms and stay on track.
- Specialized services for children with disabilities to support growth and learning.
How to Apply
You can apply for Medicaid and CHIP in many ways:
- By phone
- By mail
- In-person through your state’s Medicaid or CHIP office
- Or find your state’s information online at InsureKidsNow.gov/coverage.
Act now to get your child covered before they need health care. Enrollment for these programs is open year-round, meaning families do not have to wait for a specific time of year to get covered.
Once enrolled, coverage must be renewed every twelve months, so it is important to keep your address, email, and phone number up to date with your state Medicaid or CHIP office to avoid missing important renewal information. Visit InsureKidsNow.gov or call 1-877-KIDS-NOW (1-877-543-7669) for more information.
Information provided by the U.S. Department of Health & Human Services. This communication was printed, published, or produced and disseminated at U.S. taxpayer expense.
Photo courtesy of Shutterstock
SOURCE:
Centers for Medicare and Medicaid Services
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jobs help wanted
Ghost Jobs: The Hidden Hiring Trend Affecting Millions of Job Seekers
Ghost jobs are becoming a growing concern for job seekers. Learn what they are, why companies post them, and how they affect hiring, the economy, and your job search.
Why You Keep Applying—But Never Hear Back
If you’ve ever spent hours tailoring your résumé for a position only to hear nothing in return, you may have encountered what’s known as a ghost job.
A ghost job is a job posting that appears active but isn’t currently being filled. While not every old or inactive listing is intentionally misleading, many remain online long after hiring has paused—or even after the position has already been filled.
The result is growing frustration among job seekers and increasing questions about the accuracy of employment data.
What Exactly Is a Ghost Job?
A ghost job is an advertised position where an employer has little or no immediate intention of hiring someone.
This doesn’t necessarily mean the company is acting maliciously. There are several reasons these listings exist.
Companies may:
- Build a database of future candidates
- Test salary expectations and available talent
- Comply with internal hiring policies
- Maintain the appearance of growth
- Delay removing listings after a hiring freeze or filled position
For applicants, however, the experience is often the same: applications disappear into a black hole.
Why Companies Post Ghost Jobs
Some employers say maintaining job listings helps them prepare for future growth.
Others keep positions open because budgets haven’t been finalized or executive approval hasn’t been granted.
Recruiters may also continue collecting résumés so they’re ready when a position eventually opens.
While these reasons may make business sense, they can create unrealistic expectations for applicants actively searching for work.
The Impact on Job Seekers
Ghost jobs can have real consequences.
Many applicants spend dozens of hours:
- Researching companies
- Customizing résumés
- Writing cover letters
- Completing assessments
- Participating in interviews that never lead anywhere
The emotional toll can be significant.
Repeated silence often leaves qualified workers questioning their experience or abilities when the issue may simply be that the position was never actively available.
How Ghost Jobs Affect the Economy
The effects extend beyond individual applicants.
Employment Data Can Be Misleading
Job openings are often viewed as a sign of economic strength.
If a significant share of posted openings aren’t being actively filled, the labor market may appear stronger than it actually is.
That can influence:
- Business confidence
- Consumer confidence
- Economic forecasts
- Public policy discussions
Productivity Suffers
Job seekers spend valuable time applying for positions that may never result in interviews.
Recruiters also spend time managing applications for jobs that aren’t immediately available.
Those inefficiencies create costs for both workers and employers.
Hiring Becomes Less Efficient
When applicants lose trust in job boards, they’re less likely to apply broadly.
Companies with legitimate openings may receive fewer qualified applicants because candidates become skeptical of online listings.
Are Ghost Jobs Illegal?
Generally, no.
In most cases, employers are legally allowed to advertise positions even if they’re not hiring immediately.
However, critics argue that intentionally leaving inactive jobs online without updating their status reduces transparency and wastes applicants’ time.
Some employment experts have called for greater accountability and clearer labeling of inactive or future hiring opportunities.
How to Spot a Ghost Job
While there’s no foolproof method, these warning signs may indicate a listing isn’t actively being filled:
- The same position has been reposted for months.
- The posting never disappears.
- Employees report hiring freezes.
- The company rarely responds to applicants.
- The job description is vague or unusually generic.
Tips for Job Seekers
Instead of applying blindly:
- Focus on recently posted openings.
- Connect with recruiters or current employees.
- Research whether the company is actually expanding.
- Use networking alongside online applications.
- Follow up professionally when possible.
Quality applications often produce better results than sending hundreds of résumés.
Looking Ahead
Artificial intelligence has made it easier than ever for applicants to submit hundreds of applications—and for employers to post and manage thousands of job listings.
As hiring becomes increasingly automated, transparency may become one of the most valuable qualities in the recruiting process.
For both employers and job seekers, trust remains the foundation of a healthy labor market.
Related Links
- U.S. Bureau of Labor Statistics – Job Openings and Labor Turnover Survey (JOLTS)
- U.S. Bureau of Labor Statistics (BLS)
- Society for Human Resource Management (SHRM)
- Indeed Career Guide
- LinkedIn Talent Blog
- CareerBuilder Advice & Resources
- Monster Career Advice
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financial wellness
Building Brighter Futures: Helping Young People Succeed in a Changing Economy
Changing Economy: During a time when the economy is changing rapidly and shifting the landscape of work into uncertain territory, academic success is no longer enough to put young people on a stable path to the future. Smart students need to start taking steps in new directions, adding key concepts like financial literacy, economic mobility and entrepreneurship to their knowledge arsenals.
Building Brighter Futures: Helping Young People Succeed in a Changing Economy
(Feature Impact) During a time when the economy is changing rapidly and shifting the landscape of work into uncertain territory, academic success is no longer enough to put young people on a stable path to the future. Once, a high school diploma was enough to land a well-paying job. Then a college degree became the gold standard. Now the roadmap has changed again, which means that smart students need to start taking steps in new directions.
According to Junior Achievement, three key concepts to add to modern teenagers’ knowledge arsenal include financial literacy, economic mobility and entrepreneurship.
Why Financial Literacy Matters
When young people are equipped with the knowledge they need to earn, manage, save and invest money, it supports their journey through every life milestone ahead, from education and homeownership to retirement and more. Financial literacy gives people the confidence to make smart decisions while dodging costly mistakes like getting into high-interest debt.
A recent Junior Achievement survey indicated that although 42% of Americans struggle with money management, 23% feel their income could be sufficient if they understood how to manage it more effectively. Giving students a strong foundation in financial literacy can set them up well to not only earn money but use it wisely to meet their future needs and accomplish their goals.
The Power of Economic Mobility
Economic mobility refers to the idea that each generation can expect to achieve better opportunities and more financial stability than the one before. Today’s youth are growing increasingly skeptical of this possibility, and for good reason: they see that even many college graduates are underemployed and struggling to find their feet.
There’s no denying the game has changed. However, upward economic mobility is still within reach for students who are willing to learn the new rules, especially if they have parents and educators supporting their journeys. With or without a college degree, students who engage with their communities, believe in their own potential and focus on building transferable personal and entrepreneurial skills can find themselves well-positioned to navigate a changing world.
How to Grow Entrepreneurial Skills
Topics like financial literacy and business acumen can be taught in a variety of ways both in and out of the classroom. Other key entrepreneurial skills – like leadership, confidence, work ethic, creativity and critical thinking – are more like muscles that get stronger when they’re trained. While academics are still important, hands-on opportunities and experiences are invaluable parts of the equation to prepare students for economic success.
Take programs like Future Bound by Junior Achievement, for example, which is an immersive annual event designed to empower high school students with essential skills and opportunities to innovate. Participants put their intelligence, creativity and ambition to the test during four team competitions where they can showcase and hone real-world business and economic skills. Winners receive national honors, awards, scholarships and prizes from event sponsors, including Pacific Life Foundation and Staples, among others. Plus, all attendees get the chance to network with industry leaders from around the country, participate in workshops and connect with other future-focused teens.
Whether you’re a student, parent, educator or volunteer, explore more resources to help young people succeed at JA.org.
Photo courtesy of Shutterstock
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