For India’s millennials, home is where mom and dad are

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.