If you’re born between 1981 and 1996, welcome to the millennial club (Gen Y). We’re now old enough to remember Nokia ringtones, but still young enough to feel mildly attacked by rising housing prices.
We are facing sky-high property prices, endless BTO queues, and CPF worries that are keeping us up at night. All this while we’re still recovering from the effects of the pandemic.
Still, we made it work. Scroll through Reddit or chat with any millennial couple, and you’ll hear the same stories: moving back in with parents to save up or delaying weddings until BTO was confirmed. It took sacrifice, timing, and persistence.
But even after all that, I can’t help but feel worried for Gen Z. If our road to homeownership was a steep climb, theirs looks more like scaling a mountain barefoot with a housing loan strapped to their back.
Why Gen Zs have it worse:
Inflated costs of living & landscape of million-dollar HDBs
For Gen Z, homeownership feels increasingly distant in today’s market.
Image credit: Safdie Architects
If millennials had it rough, Gen Z in Singapore might be playing the housing game on “expert” mode.
Prices have climbed noticeably across the board. In this year alone, we’re seeing 3-room flats with launch prices of around $267,000 and can hit over $500,000 in mature estates (Toa Payoh Ascent). In the earlier Feb 2025 BTO launch, we also saw prices for 3-room BTO flats in Yishun’s Chencharu area exceed $500,000.
For some contrast, we can look at Feb 2020’s launch for Toa Payoh Ridge and Kim Keat Ripples where 3-room BTO flats were priced between $351,000-$446,000. Over in Yishun, 3-room BTO flats went for between $215,000-$282,000, whilst 4-room BTOs went for $320,000-$390,000.
Resale prices tell a starker story. By Q2 2025, 3-room flats averaged around S$440K and 4-room units about S$604K, with million-dollar HDBs now a common sight. After sharp jumps in 2024, the market has continued setting new highs through 2025.
Then there’s the undeniable allure of Plus and Prime HDB offerings in coveted, and rather central, locations. With more of such launches to come in the future, we’re bound to witness more cases of Gen Z homeowners being locked into 10-year MOPs that can become a bigger burden than they initially anticipated.
At the same time, Gen Zs are spending differently. They have fewer qualms about treating themselves to meals out, concerts, or therapy sessions, prioritising well-being and experiences over strict saving. But with the cost of living ballooning, from groceries to transport and utilities, those little indulgences add up fast. In short, the path to owning a home is objectively tougher than it was for previous generations.
The rise of micro-retirements & job-hopping
Then there’s the job market. Many Gen Zs aren’t chasing the same kind of career stability that older generations did, partly by choice, partly because the landscape has changed. The gig economy is booming, remote work is normal, and switching jobs every year or 2 isn’t seen as flaky anymore; it’s a ‘strategy.’
At the same time, there’s a growing trend of “micro-retirements”, taking months off between jobs to travel, rest, or work on passion projects. Instead of saving everything for a far-off retirement, Gen Zs go for mini-breaks sprinkled throughout life. It’s a healthier mindset in many ways, but it also means longer timelines for big financial goals like homeownership.
But with flexibility comes trade-offs. Without consistent CPF contributions or annual bonuses, saving for a home feels like pouring water into a leaky bucket.
Some say they’d rather protect their mental health and creative freedom than grind themselves to burnout just to afford a slightly bigger flat later. Honestly? It’s hard to blame them. They’re just playing the game differently with the same set of rules, and maybe that’s not such a bad thing.
The “rental phenomenon”
Image credit: @charalow on Lemon8
For Gen Z, the dream of owning a home feels more like a long-term side quest than a main goal. Many are choosing to rent or try out co-living spaces, not because they don’t want a place to call their own, but because flexibility and freedom matter more right now. Why commit to a 25-year mortgage when you can pack up and work remotely in Bali for a month?
But there’s a practical side too. With home prices climbing faster than entry-level salaries, renting offers breathing room. It’s a way to delay major financial commitments without giving up autonomy. The trade-off? Rent money doesn’t build equity, and as leases renew, rising rental prices can easily eat into savings that might’ve gone toward a down payment.
Somehow, renting has evolved from a stopgap to a rite of passage, a way to gain independence, explore lifestyles, and delay long-term commitments without feeling stuck.
Sure, rent doesn’t build equity and rising prices can sting, but for now, freedom outweighs financial trade-offs. It’s less about “settling” and more about staying mobile, testing what home really means before signing up for decades of repayments.
Home envy & “unrealistic” first homes
Image credit: Sum Of Us
While not a problem exclusive to Gen Z, home envy is the next obstacle on the list. It’s hard to scroll through TikTok or Instagram without bumping into a “BTO reveal” vlog which has a marble kitchen tour, or condo reno montage with perfect lighting.
Dream homes are the new content currency, and Millennials & Gen Z are consuming it daily. With that, expectations have shifted: first homes aren’t just for living anymore; they’re meant to look good on social media too.
Renovation costs have skyrocketed, up nearly 50% over the past decade, with more homeowners splurging to recreate those Pinterest-perfect interiors. The result? Some end up spending beyond their means and saddling themselves with more debt just to have a home.
Giving up on achieving the “Singapore dream”
As one Redditor put it: “Many of us are worried about buying a house even before we graduate from uni!”
That single line sums it up perfectly. A generation that’s anxious about homeownership before even graduating. A survey in 2024 found that over two-thirds of Gen Zs worry about their financial future and long-term wellbeing.
u/ambiguous_donutzzzz shared the same sentiment: “With prices like that, no way I can afford both that and children — and I want my children to have the best lives.”
Then you realize that it’s not because they’re lazy, but because the math simply doesn’t add up. The result? A mix of choice and necessity. But some are leaning into a different kind of “wealth”: sabbaticals, travel, concerts, experiences, and spending on what makes life meaningful today instead of locking themselves into decades of debt.
In a way, their “giving up” isn’t defeat; it’s a strategic reprioritisation of life in a world where the traditional Singapore dream feels increasingly out of reach.
Image credit: Tigerhall
And when it comes down to it, societal definitions of “success” have evolved too. When we millennials were growing up, it was all about the 5Cs: Cash, Car, Credit card, Condo, Country Club. Today, Gen Z has shifted the markers.
Success is now measured by Cash, Convenience, Culture, Credibility, and Career. Owning a home is still a dream for some, but it’s no longer the only badge of adulthood; experiences, mental wellness, and mobility matter just as much.
And honestly, the world’s changed, and it will keep changing. Maybe it’s time our idea of “making it” did too.
The millennial advantage: timing, policy, & persistence
Millennials benefited from earlier housing grants and more attainable prices
Image credit: Pavel Danilyuk
If there’s one thing we millennials got right, it wasn’t luck, it was timing. We caught the tail end of more affordable HDB flats before prices started skyrocketing. While today’s Gen Z is juggling million-dollar resale flats and sticky CPF math, millennials had a window where entering the market early meant riding the appreciation wave without having to be full-time investors.
Yes, the grants are still there with even better support, the system hasn’t vanished. Now, with Prime and Plus HDBs designed to lure buyers with location and convenience, you might be tempted to pay a premium for lifestyle over practicality, and then be locked in for a decade.
Put simply, millennials had the benefit of timing, something Gen Z unfortunately missed out on.
Millennial homeownership vs Gen Z: a different housing reality
Image credit: Insight.Out Studio
It’s a strange paradox: Gen Z is more self-aware and mindful than we ever were, yet they’re growing up in an economy that punishes them for it. They’re not struggling because they’re lazy or unambitious; the system has simply shifted and the odds are steeper than ever. When the choice is between burnout and balance, who can really fault them for choosing peace over property?
For millennials, a home symbolised stability and success. For Gen Z, it has become fluid, less about ownership and more about flexibility, identity, and freedom. Co-living, rentals, and mobility aren’t backups anymore; they’re lifestyle choices.
This isn’t just a generational gap but a cultural shift. Millennials chased permanence while Gen Z values possibility. And in that difference lies a reminder that there’s no single blueprint for “making it,” because each generation has its own map, and with it comes the evolving definitions of home and success.
For more perspectives:
- How this couple saved $10k on their reno by buying from Taobao
- Why I’ll never forget growing up in an old 3-room HDB
- Why I chose condo over landed property
Cover image adapted from: Safdie Architects, Sum Of Us, Insight.Out Studio
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