AUSTIN — It's the age-old American dream: buying and owning a home.

According to a new Bank of America report, millennials say homeownership is more of a priority than getting married or having children.

But there are still some home buying myths are still holding some millennials back.


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Kristina Modares markets herself as a realtor to the first-time home buyer or seller.

"I kind of saw that there was a need there. I thought maybe I can help other people like me,” said Modares.

Many of her clients are millennials, like James Van Horne and Sam Lauron.

"As soon as you have kids or something else to worry about, that's your number one priorities, so its being able to put that off a little bit and putting your money into the house building that up first and then having kids is kind of where I'm at,” said Horne.

"I don't know because we live in Austin, it just seems like that's a bigger goal to us,” said Lauron. “We put it before other things.”

They’re not alone.

According to the Bank of America survey, 72 percent of millennials -- meaning those who are born between 1978 and 1995 -- said owning a home is a big priority. Only 50 percent of millennials said getting married and 44 percent said having children.

"Most of them are looking to lower their rent in some way,” said Modares.

The survey shows 42 percent of millennials said their rent increases every year and almost half spend more than 30 percent of their monthly income on rent.

"If you're dropping like a third or a half of your paycheck on rent every month, you know you're not going to see that money again. So, at least putting it into something that if down the road you decide to sell you'll get some of that back,” said Horne.

"If you're already paying rent, that's really similar to what you could be paying on a mortgage. It's like it's just a better long term investment on the future if you're spending that money now you might as well be putting it into a house,” said Lauron.

This week, Horne is closing on this East Austin home.

"Location I think was huge,” said Van Horne.

"We really like the vibes of this side of town,” said Lauron.

They survey said 90 percent of millennials wanted a home in their preferred location, opposed to a lower price.

"I would say the majority of my clients don't care about high end or anything like that. They see it as a way that they can renovate over time. I mean they don't want to do everything,” said Modares.

"Just something that we feel like didn't need a ton of work, but we could do a couple things down the road',” said Lauron.

The survey showed 78 percent of first time homebuyers plan to do some

"I think the majority of my clients are looking for a little baby fixer upper,” said Modares.

But the survey also shows that myths are holding some millennials back.

"They just don't look it because it seems very scary,” said Modares.

Forty-nine percent of the millennials surveyed think you need a 20 percent down payment.

"I was under somewhat of the assumption that yeah you needed 20 percent, that's what I kind of always heard, you know save up a lot of money and then put that as your down payment, I only put down 5 percent, so it's definitely doable if you don't," said Horne.

Modares said clients also worry about having a high enough salary and a perfect credit score.

But she works to tell her clients, like Horne and Lauron, that's just not needed.

"You’ll realize it's more attainable that people may think it is,” said Lauron.

You can look at the results here.