Average age of homebuyers drops from 38 to 34:74% buyers are under 35 as Gen Z rushes to own property soon after job

A new trend is being witnessed in India. In this, individuals tend to buy a house as soon as they get a job. Contrary to this, Indian households earlier used to follow the principle of ‘save money then buy a house’. According to major reports from the real estate sector, 74% of homes sold in the country are bought by people under 35 years old. Among these, 32% of buyers are younger than 25 years. Additionally, the average age of home buyers has decreased from 38 to 34 years in 6 years. READ MORE | India’s wholesale inflation rises to 10-month high What the numbers say? According to a survey report titled ‘How India Fulfills the Dream of a Home’ by home loan aggregation and distribution platform Basic Home Loan, high-income individuals are willing to pay up to 50% of their annual income as EMI for their home. Fast processing on digital platforms is attracting new-age buyers. However, they insist on taking loans from financial institutions that are at least 50 years old and reliable. The survey was conducted on 23,000 people of different ages, out of these 1. 31% participants had an annual income of more than 50 lakh 2. 29% participants had an income of up to 5 lakh 3. 20% participants had incomes between 5 and 10 lakh 4. 7% participants were between 11 and 20 lakh 5. 4% between 21 and 35 lakh 6. 9% had an income between 36 and 40 lakh Moreover, the survey also claims that 91% were men and 9% were women. Women’s participation in home buying is continuously increasing. Women made 1.29 lakh residential transactions in the top cities in 2024. This accounted for 14% of the total deals in those cities. READ MORE | January retail inflation rises to 2.75%, highest in eight months Interest rate, processing, and trust are important in home loans Gen-Z is less likely to take friends’ advice when buying a home Low-income earners are ready to pay 25% of their income as EMI Those with an income of up to 5 lakh are ready to give 25% of their income as EMI. Those with an income of 11 to 40 lakh were ready for 40% EMI. Those above this income level want to buy a house by paying 50% of their income as EMI.