Almost half of Millennial homeowners polled have warned their 21-35 year-old peers to stay put and continue renting, as the pendulum swings away from home ownership due to falling house prices, high costs of home ownership and growing recognition of the benefits of renting.
Three in four (74%) believe there are better investments to be made than property with highly fluctuating cryptocurrencies, such as Bitcoin, seen as a better investment by over a fifth (21%) of 21-35 year-olds. The research also found that:
- 37% of those homeowners complain that the value of their property dropped in first 12 months,
- More than half (57%) underestimated the cost of buying their first home,
- And, 45% of homeowners said their monthly costs are much more than if they are renting.
The findings have been unveiled in research of over 3,000 UK Millennialsby build-to-rent firm Get Living. Neil Young, CEO at Get Living, said: “These results provide an insight into a generation in the vanguard of the new on-demand subscription society where it’s increasingly common to rent, rather than buy, with the likes of Netflix, Spotify and Uber leading the way and now homes are set to follow.”