In keeping with the cultural norms in India, where sons and daughters are encouraged to support their parents, up to 82% of those aged between 22 and 29 continue to live with their parents. That’s according to a report by real-estate consultancy CBRE which surveyed urban millennials in the Asia-Pacific region.
Among the respondents, just 23% said that they planned to move out in the coming years. But once they do leave, 68% of Indian millennials prefer to rent their homes as financial constraints, along with the short-term convenience associated with renting, make them less willing to own their own homes.
However, 65% of the millennials surveyed said they do aspire to own property in future, mainly as an investment option.
“Millennials still need a home to be available for rent. So it is not as if the demand for homes is going to go down, it is just that un-affordability makes it easier for them to lease,” Anshuman Magazine, chairman, India and South East Asia, at CBRE, said.
By 2020, 65% of India’s population will be under 35, making millennials a significant demographic segment. What they do with their money will have a significant impact on how companies sell to them. Their priorities right now vary from saving their income to spending it on food and household expenditure.