Millennials are starting to figure out that bigger isn’t always better.
While a lot of people dream about living in big cities like Toronto and Vancouver, the idea of owning a home there has become a lot more far-fetched due to a lack of affordability.
However, a new report from Point 2 Homes says places like Prince George are becoming a more attractive option.
“Prince George is one of the 40 most affordable markets for Millennials, at least according to our study and the most interesting thing is that you have more affordable homes here based on the average home price,” says Cristina Jisa, Communications Strategist.
The bias towards the bigger centres might also be declining as a result.
“We would normally think that Millennials would be attracted to big cities like Vancouver and Toronto to experience the big centre vibe but it looks like cities such as Prince George stands out from certain perspectives and if we look into homeownership, it seems as if Prince George is fairly attractive.”
The average price of a home in the northern capital is over $350,000, making the down payment only $18,000.
If Gen Y-ers in Prince George saved 20% of their income every month, it would only take them 12 months to save for a down payment.