Two recent surveys seeking to gauge the attitudes of first-time homebuyers suggest that a majority of buyers are hoping to purchase a home within the next couple of years. Younger buyers also indicated that they are willing to eliminate certain conveniences in order to save more money for a home.

TD Bank polled 1,002 people who are not currently homeowners but are considering a home purchase within the next five years. A separate survey by The Collingwood Group, an advisory firm based in Washington, D.C., collected responses from 650 people to analyze the home buying expectations of Millennials.

In the TD Bank survey, 62 percent of potential first-time buyers said they are hoping to purchase a residence within two years. Among Millennials, typically defined as adults between the ages of 18 and 34, 67 percent said they would like to buy a home within two years.

"It's encouraging to see interest from the first-time home buyers, who have been cautious for much of the housing recovery," said Scott Haymore, TD Bank's head of pricing and secondary markets.

Sixty-eight percent of the respondents said they wanted to buy a home in move-in condition, while about one in three said they would look to buy a fixer-upper. Forty-three percent were looking to buy a home in a suburban area, while only 20 percent wanted a residence in a city or urban area. The Collingwood Group's survey indicated that 70 percent of Millennial respondents—defined in this poll as adults between the ages of 24 and 34—said they would like to buy their first home in the suburbs.

The most popular features sought by potential buyers were a pool, backyard, or attractive design. There was also a strong interest in energy efficiency or smart home technologies.

In preparing for financing a home purchase, respondents were most likely to favor personal savings, a 30-year mortgage, affordability programs, or government loans. Sixty-two percent said they wanted to put at least 20 percent down on a home, the amount recommended to avoid paying private mortgage insurance.

Seventy percent of Millennial respondents in the TD Bank survey said they would buy a home with a partner or spouse. Among other generations, this share stood at 49 percent.

In the survey by The Collingwood Group, 75 percent of Millennials said they would prefer a home loan with a traditional bank instead of an alternative lender or non-bank institution. Among respondents between the ages of 35 and 75, 68 percent said they would prefer a traditional bank.

Sixty-five percent of Millennials said they would be willing to cut some conveniences out of their lives to save more money for a down payment. These items included cell phones, cable TV, and Internet service.

Millennials were also reticent to pay extra money to use an online mortgage service. While 24 percent of respondents between the ages of 35 and 75 said they would pay more for a mortgage "if the application process was completely online and streamlined versus more offline and paper-based," only 21 percent of Millennials said they would pay more for this option.

"Price matters to Millennials who have lower income and more debt, and the mortgage industry must figure out ways to become more efficient and streamline operations to reduce costs," said Tim Rood, chairman of The Collingwood Group. "The whole process is clearly ripe for disruption."

Money was the main barrier preventing respondents in the TD Bank survey from buying their first home. Sixty-four percent said they needed to save more money for a down payment, and 45 percent said they were paying down debt. Among Millennials, 70 percent said they needed to save more money and 52 percent said they were burdened by debt.

Affordability was also an issue. More than one in five respondents—22 percent—said they were having trouble finding a home in their price range.

"Buyers today may find it difficult to save for a large down payment, especially young adults who are saddled with substantial student loan debt," said Haymore. "The great news is, today many lenders are offering home affordability and down payment assistance programs so it's important to shop around for a mortgage and learn more about the options available."