{"id":39413,"date":"2017-01-02T15:59:40","date_gmt":"2017-01-02T08:59:40","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/everything-you-know-about-millennial-renters-is-wrong\/"},"modified":"2017-01-02T16:09:56","modified_gmt":"2017-01-02T09:09:56","slug":"everything-you-know-about-millennial-renters-is-wrong","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/everything-you-know-about-millennial-renters-is-wrong\/","title":{"rendered":"Everything you know about millennial renters is wrong"},"content":{"rendered":"


\nWell, at least most of it
\nThese millennials say, \u2018Happy New Year!\u2019 Anchiy\/Shutterstock
\nMillennials, the generation loosely defined as born between 1980 and 2004, are at the prime of their lives. They are already the largest generation in many countries\u2019 work-forces. But where their predecessors, the Baby Boomers and Generation X, have worked toward home ownership, these youngsters have been scaling the housing ladder on their own terms.
\nCalling millennials \u201cGeneration Rent\u201d has turned out to be a fair assessment. Their reputation as perpetual lodgers in \u201cThe Hotel of Mommy and Daddy\u201d is not entirely untrue, too.
\nThat it\u2019s their choice to be both is not.
\nHousing affordability has been an issue for millennials more than any other generation in modern history. As a result, a staggering 64 percent and 49 percent of millennials rent homes or still live with their parents, respectively, according to CBRE\u2019s \u201cMillennials: Myths and Realities\u201d study released this month.
\nThe report surveyed 13,000 millennials in their 20s across 12 countries, in addition to 7,000 young members of CBRE staff worldwide.
\nMillennials are especially helpless in the searing property markets of Asia. Eight of the most rapid-growing housing markets in the world are all in China, according to Knight Frank\u2019s last Global Residential Cities Index. In Beijing, millennials with children have resorted to living underground just to be close to schools.
\nWorldwide, around 74 percent of CBRE\u2019s respondents reported that wages are not keeping abreast of housing inflation.
\nMore: Why millennials are ditching mortgages for luxury motor homes
\nIn spite of it all, millennials do not intend to remain tenants. Contrary to prevailing opinion, around 60 percent of millennials still aspire to buy their own houses much like their parents and grandparents, according to the CBRE report. Forty-three percent believe they can move out of the nest within the next two years.
\nAround 62 to 72 percent of millennial homeowners have been able to dip into their savings to fund a deposit on a house. However, only around 34 to 36 percent were able to use banking loans.
\nThere are, of course, millennials who not only just skip the ladder; they kick it entirely. Only around 16 percent of millennial renters surveyed by CBRE are adamant they will not buy a house in their lifetime. Also, 12 percent reported no plans of moving out the nest.
\nCulture undercuts the prospect of home ownership, especially in Asia, where it is highly prized. Millennials surveyed in Asian countries are most likely to to remain in the family coop until marriage when a two-income household is better equipped to secure a mortgage. Asian millennials are also accustomed to parental intervention when it comes to sourcing funds for a deposit.
\nNext to affordability, short-term convenience plays the most into the decision of many millennials to rent. Thirty-one percent of millennials cited this as their rationale for renting. Additionally, two-thirds of CBRE\u2019s respondents agreed that home purchases entails lifestyle \u201csacrifices.\u201d
\n\u201cRental providers can capitalize on this by providing accommodations with as many short-term options as possible, which services a busy and mobile lifestyle,\u201d CBRE report authors suggested.
\nRead next: 2 in 3 Asian millennials still living with parents
\n
\nSource : property-report.com
\nRead more…Everything you know about millennial renters is wrong<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Well, at least most of it These millennials say, \u2018Happy New Year!\u2019 Anchiy\/Shutterstock Millennials, the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39413","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-afH","jetpack-related-posts":[{"id":87333,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/give-millennials-10000-each-to-tackle-generation-gap-says-thinktank\/","url_meta":{"origin":39413,"position":0},"title":"Give millennials \u00a310,000 each to tackle generation gap, says thinktank","date":"May 8, 2018","format":false,"excerpt":"\r Resolution Foundation proposes \u2018citizen\u2019s inheritance\u2019 to help redistribute wealth to young Every person in Britain should receive \u00a310,000 when they turn 25 to help fix the \u201cbroken\u201d intergenerational contract between millennials and baby boomers, an influential thinktank has proposed following a two-year study.The payment, described as a \u201ccitizen\u2019s inheritance\u201d,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106789,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/these-are-the-top-housing-markets-for-millennials\/","url_meta":{"origin":39413,"position":1},"title":"These are the top housing markets for millennials","date":"May 3, 2019","format":false,"excerpt":"\r CNBC's Diana Olick breaks down the trends surrounding millennials and the housing market as the generation grows into home buying.\r \r Source : cnbc.com\r Read more...These are the top housing markets for millennials","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":68912,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/millennials-the-savvy-stay-at-home-generation\/","url_meta":{"origin":39413,"position":2},"title":"Millennials: The savvy, stay-at-home generation","date":"October 13, 2017","format":false,"excerpt":"\r Millennials are increasingly moving home with their parents, Curbed reports. But don't call them lazy. Call them savvy.\r \r Source : cnbc.com\r Read more...Millennials: The savvy, stay-at-home generation","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92334,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2-in-5-millennials-plan-to-own-multiple-homes-survey\/","url_meta":{"origin":39413,"position":3},"title":"2 in 5 millennials plan to own multiple homes: survey","date":"June 25, 2018","format":false,"excerpt":"\r According to a recent HSBC survey, 54 percent of respondents aged between 21 and 36 years old are residential property owners. Of this, 24 percent already have multiple homes. Bucking the stereotypes of millennials being paycheck spenders and short-term planners, an HSBC study has found that two in five\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90798,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/video-who-are-the-millennials\/","url_meta":{"origin":39413,"position":4},"title":"Video: Who are the millennials?","date":"June 7, 2018","format":false,"excerpt":"\r Millennials are the largest and most powerful consumer generation since the baby boom. But who are they? Where do they live? What is their spending power? 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