DINKs Save Faster: Childless Couples Have a Clear Advantage in Ontario’s Housing Market
Couples without children—often referred to as DINKs (double income, no kids)—are able to save for a home much faster than families with children, according to a new report from real estate website Zoocasa. The report highlights how savings timelines vary widely across Ontario’s cities and income levels.
Saving Timelines by Region and Income Level
Greater Toronto Area (GTA)
- High-income DINKs: 8 years to save for a $1,060,300 home ($212,060 downpayment).
- Middle-income couples: 11 years.
- Lower-income couples: 14 years.
- Couples with one child: 24.1 years.
Hamilton-Burlington
- High-income DINKs: 6 years to save $164,160 for a $820,800 home.
- Middle-income couples: 9 years.
- Lower-income couples: 11 years.
- Couples with one child: 18.7 years.
Kitchener-Waterloo
- High-income DINKs: 5 years to save $142,760 for a $713,800 home.
- Middle-income couples: 8 years.
- Lower-income couples: 10 years.
- Couples with one child: 16.3 years.
Ottawa
- High-income DINKs: 5 years to save $127,900 for a $639,500 home.
- Middle-income couples: 7 years.
- Lower-income couples: 9 years.
- Couples with one child: 14.5 years.
Challenges for Families with Children
Couples with children face significantly longer timelines due to the added costs of raising kids. A recent report found that raising a child from birth to age 22 costs:
- Low-income earners: $379,510.
- Middle-income earners: $488,390.
- High-income earners: $706,660.
Financial stress is heightened for families, with 83% of parents with young children delaying major financial decisions, compared to 72% of Canadians overall.
Affordable Housing Markets Across Canada
Some cities outside Ontario offer much shorter saving timelines for couples, even those with children. Affordable markets like Saskatoon, Edmonton, Winnipeg, Regina, Saint John, and Quebec City allow dual-income couples with kids to reach a 20% downpayment in less than a decade.
DINKs in these cities can save for a home in as little as three years.
Strategies for Families
To offset the financial challenges, families are encouraged to:
- Budget for maternity or parental leave.
- Purchase a home before having children.
- Invest in income-generating properties to supplement savings.
Ontario’s housing market remains challenging, but strategic planning and location choice can make homeownership more attainable for families and couples alike.