One in five young adults would rather invest in cryptocurrency than buy a home of their own.
More than 3,000 people aged between 21 and 35 years old were asked about their attitudes towards buying or renting a home by build to rent firm Get Living.
A fifth told researchers that they would rather put their money into cryptocurrencies – with Bitcoin the favourite.
Another 57% consider property was too risky as an investment over the next five years.
“The rollercoaster ride in value for Bitcoin has excited many Millennials, with one in five seeing it as an appealing investment proposition compared with relatively slow-moving property values,” says the report Millennial Living in 2018.
Property is too risky
Almost half – 45% – of Millennial first-time homeowners advised their contemporaries to stay renting for now as they considered moving to buy shifted them to less convenient locations and, in many cases, they had underestimated the cost of moving and setting up home.
This figure increased to almost two-thirds in London and the West Midlands.
They also viewed buying property during the next five years as a high-risk investment.
“Almost three in four of our survey respondents – 74% – believe there are better investments than property, and this increases to 83% for men,” said the report.
“For Millennials the soaring performance of Bitcoin – followed by an almost equally profound correction – holds more intrigue than the prospect of steady growth in house prices.
Flexible lifestyles matter more
“This translated to 27% of male Millennials polled believing Bitcoin represents a better investment than property.”
Get Living concluded that Millennials are not frustrated by failing to climb on to the housing ladder and many find renting a more convenient lifestyle than owning a home.
“Rising values are no longer a given and, with our poll showing that annual travel costs are 59% higher for home owners than for renters,” says the report.
“Lifestyles are more flexible and fluid and many are drawn towards a rental model that offers longer tenancy agreements and no upfront charges.”
Get Living builds homes to rent and owns too estates in London – East Village and The Elephant.