[Vox pop] Can young people in China afford a home today?
In China, the price-to-income ratio has long been among the highest in the world, with home prices in some major cities reaching levels that would take over 30 years of income to match. And now, after four years of declining prices triggered by the country’s real estate crisis, ThinkChina’s Lu Lingming and Yi Jina speak with some Chinese to hear how they view the housing market today.
For decades, property was one of the main drivers of the country’s economic growth, and housing prices in China have long remained sky-high. In major cities, an average person would need to work for more than 30 years without spending a penny just to afford a home. At the same time, buying a home was widely seen as a basic expectation in Chinese tradition. Now, with the heyday of China’s real estate market over, attitudes toward housing appear to be shifting.
Across the interviews, most respondents felt that buying a home was still a major challenge for young people; incomes were not keeping up with property prices, and parental support was often needed.
However, there was a clear divide between younger and older respondents when it came to the necessity of buying a home. Many from the older generation felt that owning a home was essential, describing it as the foundation for building a family. On the other end of the scale, younger people questioned whether buying a home made sense at the moment. They did not want to be tied down by a mortgage and felt that renting was actually a more suitable option for their current stage of life.
So, can young people afford a home nowadays? Or do they even want to own one anymore? Watch the video to hear what some Chinese have to say.
