This study (N = 370) examined mate preferences in men and women using the budget allocation paradigm across traits typically studied and the value placed on geographic proximity or propinquity. Importantly, traditionally studied preferences (i.e., physical attractiveness and social status) were seen as priorities, whereas the novel trait of distance was a luxury, suggesting that people were willing to travel to find a partner who satisfies their more important mate preferences. Men valued a short‐term mate who was close to them more than women did. Prior work on mate preferences was replicated in their context‐specific nature as per evolutionary models of mate choice.