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Only one-third of millennials able to own homes

Monday, 27 March 2017

KUALA LUMPUR: Just 35% of millennials (those born between 1981 and 1998) are able to afford to own homes, according to HSBC’s first Beyond the Bricks study.  The study, which covered over 9,000 youths from 9 countries, revealed that slow salary growth and rising property prices remained a challenge for millennials to own their own homes.

According to the study, Malaysian property prices increased by 3.2% in 2016, while real wages in 2017 are only expected to increase by 3.9%. The study also revealed that many millennials do not have proper financial planning for a home purchase, where only 16% have set a budget.  It said about 64% set an approximate budget while 20% had no overall budget in mind.

Source by: Internet

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