HSBC study: Only one-third of millennials can afford houses

Consequently, prevailing median house prices are beyond the reach of most Malaysians. This is primarily attributable to a gross mismatch between housing supply and demand amid diverging expectations between households and developers.

KUALA LUMPUR: Only one-third of millennials (those born between 1981 and 1998) are able to afford to own homes due to escalating house prices and slower salary growth, according to HSBC’s first Beyond the Bricks study.

In a survey covering over 9,000 youths from nine countries including Malaysia, HSBC Malaysia retail banking and wealth management head Lim Eng Seong said many millennials did not have proper financial planning for a home purchase, with only 16% having set a budget.