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 or 43 percent of millennials in Singapore want to own multiple homes, reported Singapore Business Review.
Anurag Mathur, retail banking and wealth management head at HSBC Bank Singapore, noted that the research reveals that millennials – who also emerged as the quickest savers of housing deposits – have a very clear focus on future proofing and investing.
In fact, 54 percent of the respondents aged between 21 and 36 years old are already residential property owners. Of this, 24 percent already have multiple homes, which is relatively higher compared to baby boomers (17 percent) aged between 54 and 72 and generation X (19 percent) aged 37 and above.
Millennial homeowners took an average of five years to save for housing deposits, while baby boomers and generation X-ers took six and seven years respectively. Around 74 percent of millennials plan to use their second home for investment purposes.
Moreover, 47 percent of millennials check the prices of their homes at least once a year. They also tend to change their home loan provider more compared to other age groups.
Generally, 79 percent of homeowners from across age groups expect to see an increase in property values, led by millennial property owners at 76 percent.
For the homeownership and home financing study, HSBC polled 10,000 people from 10 countries and territories, including 1,000 homeowners and intenders from Singapore.
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