Curbed: Millennial Homeownership Rises in China While Stagnating in Other Countries

A new study from HSBC reports that 70 percent of Chinese millennials are already homeowners.

It’s no secret that home ownership rates have been declining among millennials in the U.S. over the course of the past decade. But the trend towards renting—or living at home with mom and dad—isn’t as popular in other countries.

A new study from HSBC referenced by Curbed found that about 70 percent of Chinese millennials are already homeowners, with 91 percent planning to buy a house within the next five years. That means that China has the highest millennial homeownership rates out of the nine countries included in the study. Mexico came in second with 46 percent, followed by Franchise with 41 percent.

The U.S. fell in the middle of the pack, with a 35 percent homeownership rate among millennials. Canada, the UK, Australia and the United Arab Emirates all have rates below that threshold.

“With four in ten already owning their home, the dream of home ownership for millennials is definitely alive and kicking,” said Louisa Cheang, HSBC’s Global Head of Retail Banking. “The greatest challenges are in those countries where there is a perfect storm of stagnating salaries and rising house prices—for millennials in those countries, the dream, while not dead, looks set to be deferred.”

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