Millennials in Indonesia most enthusiastic about buying a house: survey

Youngsters in the archipelago are raring to leave the nest, according to the latest Rumah.com Property Affordability Sentiment Index

While millennials around the world defer home ownership, those in Indonesia appear to express much enthusiasm at buying residential property, according to the latest Property Affordability Sentiment Index by Rumah.com, Indonesia’s leading property portal.

Millennials, defined as individuals born between 1982 and 1997, want to buy a home in the next six months, according to surveys conducted by Rumah.com between December 2018 and January 2019.

Majority of millennial respondents are still living in their parents’ homes and plan to leave in the next six months.

“It can be concluded that young millennials have the desire to leaving the house faster than the old millennial,” Rumah.com researchers reported.

More: 6 things foreigners may not know about owning a home in Indonesia

Around 61 percent of millennial respondents want a new house, compared with just 34 percent of older age segments (ages 40 to 59). Only 39 percent of millennials do not mind resale homes.

Of the millennial respondents planning to leave their parents’ homes, a quarter choose to rent rather than buy their own house, however.

Millennials typically prefer homes in the mid-price range and close to public transportation. “However, this generation still does not have careful planning in planning to buy a house,” Rumah.com noted in Bahasa.

Up to 12 percent of millennial respondents who plan to buy a house reported working multiple jobs to realise their plans.