Owning a house at the age of 30 is no longer improbable, given the rising income levels among today's youth who prefer purchasing a house than shelling out money on high monthly rentals, a study by Assocham has said.
The average age of houseowners has come down by nearly 20 years to 30-38 from the 55-58 that was prevalent 15-20 years ago, Assocham said in its analysis on 'Emerging Age Trends for Buying Dwelling Units for Self-Use'.
The factors leading to the trend includes high rentals, non-sustainable lease agreements between property owners and tenants, rising income levels and easy availability of finances, the report said.
About 20 years ago, not many people in the working class purchased property as a majority of them chose to settle in their native place, Assocham President Venugopal Dhoot said, adding that today youngster prefer having their own home.
Assocham received feedback from real estate developers like DLF, Prasvnath, Omaxe and Unitech.