Life may be full of compromises for some people, but apparently not for millennials, especially when it comes to buying a home.
A new TD survey finds about 48% who commute are more likely to spend more money on a home so they can be closer to work.
That compares with only 34% of Canadians as a whole.
The survey also found 80% of millennials feel commute time is key when purchasing a home, and location factors heavily when making a decision about buying in increasingly expensive urban housing markets.
Many are stretching their dollars to cut their commute times, so they can spend more time enjoying social activities and entertainment away from the office.
“While living close to work has many benefits, purchasing a home in expensive urban cities can come at a price. Finding your dream location means striking a balance among affordability, your non-negotiables and your financial future. Of course we want it all when it comes to finding our dream home but it’s important to know what trade-offs you’re willing to make based on what you can afford and where you are willing to live. If an urban location is paramount, then saving for a large down payment is important. If you can accept a longer commute time, you may actually be able to afford more “you only live once” moments, like vacations, over time.” – Pat Giles, Associate Vice President, Real Estate Secured Lending at TD.
According to the survey, millennials are not likely to:
-Move into a smaller house than they initially desired (68%)
-Sacrifice amenities e.g., convenient access to shops and services (81%)
-Compromise on their top choice of neighborhood (80%)
-Give up a primary or secondary car (89%)