Young Homebuyers Prioritize Mortgages Over Milestone Events, Survey Finds
A recent survey reveals that younger adults are increasingly viewing homeownership as a key financial goal, often placing it above other major life events. Houseful, a real estate technology platform owned by the Royal Bank of Canada, conducted the survey and found that 78% of single and unmarried first-time homebuyers under 30 are prioritizing saving for a mortgage over spending on an expensive wedding. This trend is also evident among those over 30, with 70% indicating they are similarly focused on mortgage savings rather than lavish weddings.
Karen Starns, CEO of Houseful, explained that young adults are highly aware of the ongoing challenges in housing affordability, which drives them to prioritize financial stability. She noted that by focusing on savings early, they can later have the flexibility to achieve other important life milestones.
The survey also found that 40% of first-time homebuyers under 30 consider owning a home a critical part of their five-year plan. To reach this goal, many are adopting disciplined saving habits. According to the survey, 72% of respondents under 30 are setting aside a portion of their monthly income for a home purchase, with 24% saving more than 15% of their earnings. Additionally, 74% are cutting back on dining out and shopping to boost their savings.
In contrast, only 47% of first-time buyers over 30 are allocating part of their income toward purchasing a home, and 61% are reducing their spending to save for a mortgage.
Starns emphasized that while each individual’s journey to financial stability is unique, it is encouraging to see this proactive approach among younger homebuyers. Their early efforts in financial planning are setting the stage for long-term stability and success.
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