One common assumption about Millennials is their desire to live in the midst of the hustle and bustle of the city –in contemporary pads which are a few minutes' walk away from their workplaces and other areas of interest.
However, it seems likely that such assumptions do not necessarily reflect millennials anymore. In fact, ING's new research entitled Millennial Homeownership Report revealed that millennials seem to be curtailing their luxury spending as they begin saving for homes.
While three in four millennials do not currently have a savings plan in place, almost half believe that sacrifices have to be made to be able to save for a home deposit. Around 57% of them are already cutting down their dining spending while a third are letting go of big-ticket items such as travel. Also, 10% of millennials are even willing to delay major life events like weddings, honeymoons, or starting a family just to make sure they achieve their homeownership goals.
Additionally, millennials seem very open to living outside the inner-city urban areas, with 60% saying they are willing to increase their daily commute time by even an hour.
"Millennials are thinking about their future. They understand that owning a first home might mean: purchasing in an unestablished area, taking a longer commute or prioritising practicalities over struggling to buy in inner city areas that are perceived to be more urban," ING Australia’s head of retail banking Melanie Evans said.