According to the results of the HSBC Group’s “Housing Ownership Trends” survey; although wage increases remain low, only 40 per cent of Y can afford housing prices because of the rapid increase in prices.
Wage Increases are Low, Prices are Rising
The results of the research conducted for the first time this year shows that it is not the dream of being a residence owner for Y generation but it takes time. Globally, with the low course of wage increases, the rise in housing prices is said to be the biggest obstacle to Y generation for being a homeowner.
According to the survey; only 40 percent of Y generation are residents and 83 per cent of those who are not residential owners want to have housing within the next 5 years.
No Effective Financial Planning
The results of the research indicate that the Y generation has not made effective financial planning for housing purchase. Approximately one-third (31 percent) of the individuals who indicated that they want to own a residence in the next two years stated that there is no general budget yet determined; And 54 percent say they only set an estimated budget.
Evaluate What You Will Deprive Of
The HSBC Group’s “Housing Ownership Trends” survey includes four steps to help support the dream of becoming a homeowner: Start making plans early and do not underestimate down payment. Budget beyond the housing price. Evaluate what you will deprive of. Review financial conditions in all dimensions.