Millennials want to own their own homes and rank it the most important priority apart from being able to retire.

A new survey from B of A shows that 72% of 23 to 40-year-olds say homeownership is their top priority, with retirement at 80%. Marriage (50%) and having children (44%) are far lower on the list. Millennials see owning a home as a sign of personal success (53%), financial success (45%), maturity and acting like an adult (47%), and independence (36%). 

Among renters, there’s an almost even split between those who think renting will be more expensive than homeownership long term, even though 69% believe their rent will increase each year or every other year. However, the dream of homeownership is being challenged by saving for a down payment (44%) or affording the home they want (23%). Almost half think they need a 20% down payment and almost a quarter think they need a perfect credit score to qualify. 

Almost two in five respondents plan to buy in the next 2-5 years with 57% of all first-time buyers planning to buy with a spouse or partner and 37% saying they plan to purchase their first home solo. Ninety percent of first-time buyers would rather pay more for their preferred location than be in a less desirable location with lower home prices and 45% are looking to stay within their current neighborhood, city, county or township/school district, while just one in five is planning to buy out of state.

Source: MPA  Editors Note: The average down payment for first time homebuyers is closer to 6.0%!