India's Gen Z prefers renting a house instead of buying: Report

As Baby Boomers Gen X and millennials prefer to buy homes in India Gen Z shows a notable difference and lean towards renting a place according to a report on ThursdayBaby boomers favour investments but millennials prefer to upgrade their property and the reasons for purchasing a home show distinct generational difference according to a Knight Frank reportAbout 79 per cent of Baby Boomers 80 per cent of Gen X and 82 per cent of Millennials favour homeownership while among Gen Z only 71 per cent prefer to own a home and a high 27 per cent leaning towards rentingMillennials 39 per cent and Gen Z 36 per cent are leading the trend of upgrading and purchasing for enduse while Baby Boomers display a stronger interest in investments 29 per cent and retirement plans 15 per centAlso ReadGenerational shifts How Millennials and Gen Z are shaping luxury real estateOverall 37 per cent of respondents are upgrading to a better home reflecting a growing shift towards midrange and luxury housing which was traditionally concentrated in select cities but is now expanding to Tier 1 cities in IndiaThe remaining 32 per cent are firsttime homebuyers for enduse 25 per cent are investing and 7 per cent cite other reasons such as retirement or acquiring a second home or vacation home the report mentionedThe report further revealed that 52 per cent prefer apartments followed by studio apartments at 19 per cent and independent houses or villas at 17 per centIn terms of financing about 79 per cent of respondents indicated home loans as their preferred mode for purchasing a homeOverall 80 per cent of respondents expressed a preference for owning a home with only 19 per cent opting for renting and a mere 1 per cent remaining uncertainAccording to Shishir Baijal Chairman and Managing Director Knight Frank India they anticipate a resilient real estate landscape that aligns with Indiarsquos broader development goalsLocation stands out as a priority and is the determining factor for 50 per cent of respondents affirming its timeless importance in real estateThe builderrsquos reputation 35 per cent and proximity to workplace 33 per cent play an important role reflecting a strong demand for reliability and convenience key factors that enhance buyer confidence in their longterm investmentThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever