Survey shows many young Singaporeans still aspire to own a home

SINGAPORE: A recent survey from ERA Singapore and Ngee Ann Polytechnic School of Design and Environment has shown that many Singaporean are satisfied with their present housing arrangements.

Interestingly, it also showed that many aspire toward upgraded housing and, among younger Singaporeans, owning one’s home is still an important part of life.

The survey, which was published on Aug 14, revealed that 33 per cent cent of those who participated consider themselves highly satisfied with their current home, while another 46 per cent said they are satisfied.

Nevertheless, the very human desire to upgrade is present among those polled, with 34 per cent of respondents expressing interest in a private condominium, 29 per cent of respondents eyeing an HDB resale, and the rest looking into BTO, executive condominiums, and landed properties, according to a report from EdgeProp.

As for homeownership, the young in Singapore are not very different from their forebears. A substantial number—85 per cent—of Gen Z participants, who are between the ages of 21 and 27, say they believe homeownership is important. Furthermore, over a third (35 per cent) intend to buy their own property in the next three to five years.

At this point, less than a quarter (24 per cent) of those polled own their own homes. Would-be first-time homebuyers from this generation are looking at a BTO flat (59 per cent) or a resale HDB (23 per cent).

However, 59 per cent of respondents have set their sights on buying a new private condominium in three to five years’ time.

Marcus Chu, CEO of ERA Singapore, is quoted by EdgeProp as saying, “Despite financial hurdles that potential buyers may face, the majority are ready to spend to secure their ideal living space, highlighting the importance of home ownership as a cherished goal for many in Singapore.”

Millennials, or those aged between 28 to 43, also have strong homeownership aspirations. Less than half (45 per cent) of the millennials who participated in the survey say they’d buy an HDB flat, with most saying they’d put down S$500,000 to S$1 million for it.

Over a third (35 per cent) of millennials, meanwhile,  expressed a preference for a private condominium, and among them, over half (54 per cent) say they’re looking at units priced between S$1 and S$2 million. One-fifth of survey respondents are looking at units costing between S$2 and S$ 3 million.

A number of the respondents said that they would prefer a residence with three bedrooms, one of which is likely to be used as a home office.

“Even as household sizes in Singapore continue to shrink, the work-from-home trend is here to stay, driving a greater desire for additional rooms that can be customized for different uses, which is critical for maintaining comfort and quality of life,” Pow Ying Khuan, lecturer at the School of Design and Environment, Ngee Ann Polytechnic, said. /TISG

Read also: Singapore’s 90% homeownership success rate inspires the US & Australia to learn from and consider similar strategies