Singapore Millennials Stuck With the Folks as Home Prices Spiral

Singapore millennials looking at city
Visitors look out at the skyline from the skybridge at the [email protected], a Housing & Development Board (HDB) public housing estate, in Singapore, on Thursday, Sept. 15, 2016. Singapore is currently mired in its most prolonged housing slump on record. Home prices in the city-state fell for the 11th straight quarter in the three months ending June 30, posting the longest losing streak since records started in 1975. Photographer: SeongJoon Cho/Bloomberg

Being a millennial in Singapore and looking for a home to call your own is tough.

Almost 70 percent of Singaporeans aged between 21 and 37 say they don’t have a structured savings plan to fund a home purchase, and therefore live with their parents, according to a report by PropertyGuru. Residential prices in the city-state increased almost 7 percent in the first half of 2018 before cooling measures implemented in early July muted the rise.

Other reasons for not leaving the nest include not being married, which in Singapore means you can’t apply for a government-subsidized apartment.

To be fair, it is more common for children in Asia to live with their parents longer than in the West. There’s an expectation that sons and daughters will look after their parents as they age, and contribute to their financial well being.

Still, a majority of them want to get on the property ladder at some point, with central, northeastern and eastern parts of the island most desirable, according to the survey.

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