When it comes to buying a house, we are always in a dilemma. This is possibly one of the biggest financial decision we can ever make. It’s more like a lifetime investment. But what about the millennials? What do they think about the concept of own property?
A survey by HSBC said that Australian millennials home ownership lags other countries. It’s a clear sign of financial hurdles to property ownership. It’s also true for the UK. As there is an indication that the rate of house owning in the UK is declining. Since 2008, the rate of home ownership among millennials has dropped by 9.8%.
There is a saying in the Real Estate industry that – Millennials are more likely to be renters than any generations before them. And why is so? Why aren’t millennials buying houses? Either their home ownership dream dead already or eventually they would start purchasing their home. We are compelled to find out why! Otherwise, we would fail to prove our competencies of being a qualified real estate agent.
The following infographic presents millennials home buying trends, rates and statistics. An overview of declining home ownership rate among younger age group is greatly documented here. You would get the holistic picture of millennials as a homeowner.