Millennials constitute about 440 million of the total Indian population today and constitute a major part of the working population. This technology-savvy generation is often broadly labeled unduly careless due to their relentless need to seek answers and unconventional thinking. A number of millennials are, however, working towards securing their financial future while staying true to their ideals of detachment.
Indian society has traditionally viewed owning a home as a sign of financial stability and having made it in life. Having your own home and providing for your loved ones is a matter of extreme pride, especially for the family. Owning a home is also an extremely wise and sound financial decision; however, this is not something millennials recognize easily.
Every millennial’s mind today is racked with confusion – does it make more sense to rent or to buy a home? These are free-thinking, passionate overachievers who instinctively reject the idea of stability and putting down roots by buying a home. The idea of owning residential property is met with disdain as the world has so much to see and experience.
However, millennials are a generation that is well into financial planning, and achieving financial stability is topmost in most minds. In this regard, buying a home can be viewed as an investment that has the ability to generate passive income. Buying a home does not have to mean settling down, but instead, planning for the future and making an investment.
Renting too has its advantages, especially for a generation that wants to travel the world and have plenty of experiences. Not having the responsibility of a home means you are free from responsibilities like maintenance and upkeep of the property. At the end of the day, it is a personal decision and one that should be made after careful consideration.
The Prestige City new launch township at Sarjapur Road, East Bangalore.