Young people want more space

A SURVEY has found that young people in Hong Kong want bigger homes, but most cannot afford to buy their own.

They are seeking at least 270 square feet of space, double the current average of 126 sq ft per person.

But only one-fourth of them intend to buy a flat due to high prices.

The Hong Kong Federation of Youth Groups’ Youth Research Centre (香港青年協會青年研究中心) polled 800 people, aged between 18 and 34 on their housing expectations.

The results show that only 26 percent of the respondents intend to purchase a flat in future, down substantially from 55 percent in 2006. The fall is due mainly to high property prices (35 percent) and high down payment (33 percent).

More than half of the respondents who plan to buy said they would need financial support from their family. Nearly a quarter expect to work for between 21 and 25 years before they buy their first home.

But over 60 percent still consider owning a home a lifetime target, even if it is only a small flat.

The survey results came in as the number of those aged under 30 seeking public housing more than doubled to 73,800 in 2016 from 29,100 in 2011.

The federation urged the government to increase the size of living spaces for public housing tenants and make flats more affordable to young people.

(This article is published on Junior Standard on 22 November 2016)

Youths housing expectation survey press release
https://goo.gl/BQ6n7Y

This is the least affordable city in the world
https://goo.gl/aDR4Zi