Prospective home buyers, especially millennials and Gen Zers, are not deterred by all the talk of the housing market favoring sellers, according to a report by Bank of America.

Although 55% believe the market is more competitive than last year, about 54% said they either plan to speed up their home purchases or buy when they originally planned, according to a bank survey. That includes 62% of Gen Z and 55% of millennials, according to Bank of America’s “2023 Homebuyer Insights Report.”

The report, based on a survey of 500 homeowners and 500 renters, found that 39% believe the market favors sellers, while 18% said it favors buyers and 31% said it’s neither.

And while nearly 40% of prospective home buyers indicate that they are more confident in their ability to buy a home today than last year, they still cite challenges, including high prices and interest rates (cited by 51% of the respondents), the lack of cash reserves for down payments (cited by 37%) and low credit scores (cited by 37%).

Still, 69% of respondents said they plan to buy a home when it’s right for them, regardless of prices and interest rates.

Financial security is a motivating factor in their quest to own a home, with 47% of prospective buyers indicating that they would buy a home in the current housing market because they have had enough of renting and rent increases. Twenty-eight percent said they want to start building equity. An equal percentage of Gen Z and millennials, 56% of both groups, said they plan to purchase a home in the next two years, which was almost the same as the percentage of Gen Xers who said so, 58%.

As for how they would finance their purchase, respondents said they would be willing to commit 25% of their monthly income toward mortgage payments for a starter home and 30% for a forever home, compared with the 29% they would be willing to put toward monthly rent. Furthermore, 55% of respondents said they plan to purchase a home with a spouse or partner, while 38% said they are planning to go it alone.

More than two-thirds of prospective buyers (67%) are actively looking at homes for sale, according to the survey. Fifty-seven percent are scouting prices in certain areas, 52% are scrolling through a real estate marketplace app with a certain budget in mind, 50% are researching for-sale homes in their area or neighborhood, 44% are familiarizing themselves with the home-buying process, and 31% are visiting open house events for fun.