The findings reveal that first-time homebuyers in
Younger first-time homebuyers in
Younger first-time homebuyers' quicker timeline to buy is driven by the flexibility of their lifestyles compared to older first-time homebuyers, which factors into their willingness to make bigger trade-offs. Some of the trade-offs that younger first-time homebuyers have been willing to make include:
- Smaller and smaller spaces - First-time homebuyers under 30 are willing to embrace smaller living spaces (65.2 per cent) compared to those over 30 (47.2 per cent).
- For now, not forever - Instead of seeking a forever home, younger first-time homebuyers recently in-market are prioritizing finding a home that's right for them at their current life stage. Just over half (53.3 per cent) of those under 30 said they have bought their dream home, versus those over 30 (72.6 per cent).
- Expanding location preferences - For younger first-time homebuyers, location also holds slightly less significance. Only 28.3 per cent of those under 30 prioritize it, compared to 34.9 per cent of those over 30. Most younger first-time homebuyers are also open to living more than 25 kilometres away from a large city (56.2 per cent).
"Home ownership is the beginning of generational wealth creation," says
While younger first-time homebuyers in
Recent first-time homebuyers or those currently in-market surveyed with a household income between
- The waiting game - Nearly 49.0 per cent of those surveyed in this income bracket have purchased or plan to purchase later than expected to find their perfect home, compared to 14.6 per cent for those with an income over
$150,000 . - Less compromises - Living space is important to those within the
$100,000 to$150,000 income bracket, with slightly less than half (46.5 per cent) willing to compromise compared to those making over$150,000 (61.4 per cent) and under$100,000 (52.2 per cent). They were also the most selective on location — only 12.8 per cent were willing to move more than 50 kilometres away from their desired city, compared to 34.0 per cent with incomes over$150,000 and 27.3 per cent with incomes under$100,000 . - Pursuit of happiness - However, first-time homebuyers recently in-market surveyed in the
$100,000 to$150,000 income bracket report the highest levels of satisfaction with their home purchases (85.0 per cent) compared to those with income above (60.9 per cent) and below (78.2 per cent) this bracket range.
The Houseful survey findings show that first-time homebuyers in
"As homebuyers make one of the most important decisions of their lives, they need the right support to navigate an overwhelming market with confidence," says Starns. "By equipping first-time homebuyers with an expert toolkit, we can help them take the first step into home ownership."
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Houseful, an RBC company, is a comprehensive home ownership platform that brings real estate and finance together by expertly connecting the dots for consumers so they don't have to go it alone. From planning and searching to buying and thriving, Houseful makes it so anyone can confidently navigate trade-offs and decisions through a lifetime of home owning. Learn more at Houseful.ca.
SOURCE RBC
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