Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>70% of millennials prefer to buy a home over renting – a complete reversal of the trend revealed by ‘generation rent’ in CBRE’s last survey. </li><li>The pandemic is making home buyers yearn for a ‘dedicated space to work’ in their homes. </li><li>They also seek a dedicated area to support remote working in the community. </li><li>Except Gen Xers (between the age group of 42-57), most people prefer to live around city centers. </li><li>Delhi- NCR, Mumbai, Bangalore and Pune are witnessing the emergence of suburbs that may redefine the erstwhile ‘city centre’. </li></ul>Pandemic has played a big role in how people live or aspire to live. Apart from making Indians want to buy a property rather than rent, the pandemic is making home buyers yearn for a ‘dedicated space to work’ in their homes, as per a survey conducted by property consultant CBRE. The need for workspace came in second in home selection criteria as per the survey, with the first being quality of property with relation to health and safety. As many as 52% of the survey respondents said that they are willing to move for better quality properties and surroundings. In fact, price of the property came in as the fifth most important criterion, after sustainability of the property and transportation infrastructure. With 69% of respondents stating that they would prefer to work at least three days from office, most of them also seek a dedicated area to support remote working in the community. “With the pandemic having raised the importance of health and safety, the demand for professional property management services, particularly in apartment buildings, has been on the rise. There is also an increasing need for dedicated office space at home as hybrid working becomes more widespread,” said the CBRE report titled ‘Voices from India: How will people live, work and shop in the future?’. The quality and surroundings of the home is also now more important with better outdoor spaces, smart home technologies, quality of retail and leisure in the catchment area etc. “Further, families are now laying equal emphasis on a property’s quality and surroundings as on the unit itself. Therefore, attractive and thoughtful interior designs, well-planned outdoor areas and surroundings must now be complemented with remote working infrastructure,” said Anshuman Magazine, chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE. Looking to move – to their own home The survey found that most of the millennials and GenZs are looking to move to a new home in the next two years – which is 44% vs 31% in the previous two years. According to the report, “70% of millennial respondents now prefer to buy over rent, a complete reversal of the trend revealed by ‘generation rent’ in our last survey. While India has always been an economy where home buying is preferred over renting, the uncertainty around the pandemic has further accelerated the need for homeownership and security.” Yet, 40% of GenZs who are in the 18 to 25 age group, prefer to rent. Within that sphere, 20% prefer private rental accommodation while 17% prefer shared accommodation or student housing. “Since this is the age group that will drive rental accommodation, developers must outline strategies to understand and tap demand well in time,” said Magazine. But where will they live? With 75% respondents preferring a one-way commute time of not more than 30 minutes, most of them prefer to live around city centres. The only exception is Gen Xers – age group of 42-57 who prefer remote locations. However, as most cities swell to the seams, the definition of a true city centre continues to evolve. “Most leading cities, especially Delhi- NCR, Mumbai, Bangalore, Pune are witnessing the emergence of suburbs that in many ways redefine the erstwhile city centre,” says CBRE. SEE ALSO <a href="https://www.businessinsider.in/finance/news/buying-a-house-as-an-investment-no-need-to-be-pessimistic-says-anarock/articleshow/97980262.cms">Buying a house as an investment? No need to be pessimistic says Anarock</a> <a href="https://www.businessinsider.in/business/startups/news/catching-em-early-early-stage-startups-shine-as-their-investor-pool-widens/articleshow/97918089.cms">Catching ‘em early: Early-stage startups shine as their investor pool widens</a>

Millennials want the security of their own roof over heads, finds CBRE

<ul class="summary-list"><li>In a TikTok video, different generations revealed the rent prices for their first apartments.</li><li>Viewers were left shocked after one baby boomer said he paid $98 per month for his first apartment.</li></ul>While a growing economy allowed the <a href="https://www.businessinsider.com/typical-baby-boomer-net-worth-debt-real-estate-retirement-2021-12?r=US&amp;IR=T">typical baby boomer</a> to generate wealth, many millennials and Gen Zers have been weighed down by <a href="https://www.businessinsider.com/us-inflation-economy-cpi-august-data-2023-9">rising inflation</a> and <a href="https://markets.businessinsider.com/news/commodities/rent-prices-all-time-high-us-housing-market-mortgage-rates-2023-9">high rental costs</a>. Given that extortionate rental prices are all that most millennials and Gen Zers have ever known, many were left stunned when a TikToker who goes by @captainmooseknuckless posted a <a href="https://www.tiktok.com/@captainmooseknuckless/video/7292564634719079723">video</a> on October 22 asking people what generation they belonged to and how much rent they paid for their first apartments.The differences were striking. Two people identified as baby boomers, who are currently aged between late-50s and mid-70s. One said they paid $98 per month for their first one-bedroom apartment in Baltimore, Maryland, while another recalled paying $50 per month for a shared apartment with one other person in Green Bay, Wisconsin. By comparison, a Gen Zer said they paid $3,000 per month for their first one-bedroom in Hoboken, New Jersey, and another reported having paid $1,200 in Savannah, Georgia. Meanwhile, one Gen Xer said they paid $450 per month for their first studio apartment in Denver, Colorado, and a millennial said they paid $800 per month for their first apartment in Michigan. People were shocked by how cheap older generations remembered rent being compared to today's prices. "Imagine paying rent with a one hundred dollar bill and getting change back," one viewer wrote. Another viewer, who said they were currently trying to move, wrote that the video was "soul crushing."Several people argued that these prices do not account for inflation, but others pointed out that rent prices are still much higher today, even with inflation considered.When adjusted for inflation, <a href="https://www.businessinsider.com/millennials-cost-of-living-compared-to-gen-x-baby-boomers-2018-5">median gross rents increased by 46% from the 1960s to 2000</a>, from $71 to $602, Insider's Hillary Hoffower reported in 2018. At the time, this equated to $588 and $866 respectively.By September 2023, <a href="https://markets.businessinsider.com/news/commodities/housing-market-average-rent-charts-affordability-zillow-real-estate-property-2023-10">Americans were paying an average of $2,047 per month</a> in rent, according to data from Zillow.Still, the rate of young people buying property may make Gen Zers feel optimistic — according to data from real estate brokerage Redfin, <a href="https://www.businessinsider.com/gen-z-higher-homeownership-rates-than-millennials-at-age-25-2023-4">30% of 25-year-olds 0wned their homes in 2022</a>, a higher percentage than millennials and Gen Xers at the same age (28% and 27% respectively). <a href="https://www.businessinsider.com/boomers-buying-homes-blocking-millennials-housing-market-real-estate-prices-2023-4">Boomers are also doing well</a>, and were able to buy more homes than millennials between July 2021 and June 2022, according to data from the National Association of Realtors.On TikTok, generational differences and challenges are often a topic of conversation among creators and commenters. Most recently, <a href="https://www.insider.com/college-graduate-upset-shock-working-nine-to-five-tiktok-2023-10">Gen Zers have been speaking out against work culture</a>, arguing 9-to-5 schedules and in-office mandates are flawed. Many older viewers have agreed, rallying around younger workers calling for changes to the status quo.

Baby boomers shocked Gen Z and millennials by revealing what they paid for their first apartments

You Searched For "genz rental properties" and got 2 results

Millennials want the security of their own roof over heads, finds CBRE

Katya Naidu

Baby boomers shocked Gen Z and millennials by revealing what they paid for their first apartments

Aimee Pearcy

Popular Keywords

Buying Guides