2 in 5 millennials want to buy multiple homes

They want their second home for investment purposes.

Two in five (43%) millennials in Singapore expect to be multiple property owners. They are also the quickest savers in terms of housing deposits, an HSBC research revealed.

More than half (54%) of the respondents aged 21 to 36 years old are already homeowners. Amongst them, 24% already have multiple residential properties, which is higher compared to multiple homeowners from baby boomers (17%) aged 54 to 72 years old and the generation X (19%) aged 37 and above.

“This research bucks the stereotypes of Millennials being paycheck spenders and short-term planners,” HSBC Bank Singapore retail banking and wealth management head Anurag Mathur commented. “Instead, what the research reveals is a very clear focus on future proofing and investing.”

The study showed that 74% of millennials would like to utilise their second home for investment purposes or to rent out. HSBC noted that it only took five years on average for millennial homeowners to save for homeowners whilst baby boomers took 6 years and generation X-ers took 7 years to save for home deposits.

Almost half (47%) of millennials check on their home prices at least once a year. The bank noted that they also switched their mortgage or home loan provider more than any other age group.

Also read: House prices could jump up to 20% in 2018: Savills

In general, 79% of homeowners from across age groups expect their property values to rise, led by 76% of millennial property owners.

HSBC surveyed the views towards home ownership and home financing of 10,000 people across 10 countries and territories, including 1,000 homeowners and intenders from Singapore.