HOMEOWNERSHIP PERCEPTION OF THE GEN Y POPULATION

Abstract

The idea of homeownership was promoted by the government ever since Singapore gain independence since 1959. It has been part of a lifestyle for many Babyboomers who had been the main force driving economies around the world. Their off springs are known as the Generation Y. More of these Gen Yers are approaching mid twenties and are starting to purchase houses or cars. And soon enough, these are the group of people that will lead the world's economy. Being brought up in very different environments and leading generally better life than their parents, these Gen Yers possess better ascribed and achieved characteristics, hence are exposed to better life chances. This study aims to discover the homeownership of the Gen Yers and try to understand what will affect their choice. The Discrete choice model is used in this study to analyze the impact of their better ascribed and achieved characteristics on the homeownership perception. Further test is also done on how these characteristics and the major decisions in life the Gen Yers have to make, affect this choice. The results have shown that Gen Yers are indeed influenced by these characteristics when making homeownership choice. And the common perception is still to buy, though many have concerns on issues like affordability or pursuing of their ideal future dwelling. This dissertation therefore suggests the government to pay more attention in shaping the environment for these Gen Yers and implementing more policies to improve affordability in this up and rising property market, enabling them to pursue their ideal home. A collaborative effort with the private sector is also recommended, so as to enable these Gen Yers to have a stake in their country.