Home prices and mortgage rates are on the rise. In many housing markets, it's cheaper to rent than buy. Still, according to Bank of America's 2018 Homebuyer Insights Report, millennials want to own: A full 72 percent of millennials list owning a home as a top priority, compared to 50 percent who list getting married as a top priority and 44 percent who say having children.
Experts like Barbara Corcoran and David Bach encourage young people especially to get into the real estate game. Bach says that not prioritizing homeownership is the single biggest money mistake millennials are making and, according to Corcoran, "the faster you buy your first home, in my opinion, the better."
Your odds of becoming a homeowner sooner rather than later may improve if you make one key mental shift, Corcoran tells CNBC Make It: You probably need to "lower your standards," she says, and start small.
"If you're thinking about buying your first one-bedroom, change your thinking," she suggests. "Buy your first studio instead. If you can't afford a good studio, buy a little studio. The reason being is you want to trade up."