A new report published by Washington think tank Pew Research, reveals that Chinese and Mexican young homeowners are achieving the American Dream at a higher rate than evidenced by the same social group in the United States.
The report commissioned by the banking and financial services holding HSBC found that 70% of millennials in China, 46% of Mexicans and 41% of French people already own a home, compared to only 35% of young Americans.
According to HSBC, the dream of housing is not dead, but deferred for many millennials around the world, as a result of slow wage growth and the inflation of brick prices, these being the biggest barriers for the youngest in each country to acquire a house.
Established from interviews with 9,000 people living in nine countries, globally this study states that four out of every 10 millennials in the world own their own home. Among those still living rent or their parents, more than four out of five (83%) intend to purchase in the next five years.
However, young people of the millennial generation still face significant challenges when it comes to the affordability of housing. 69% of those who try to buy have not yet saved enough for a deposit, and 34% are constrained because they cannot afford the type of property they would like.