this post was submitted on 12 Oct 2024
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70% of Chinese Millennials are homeowners
China's overall homeownership rates
Reached 90% in 2018
@Alsephina @Juice Isn't their bigger problem having too many unfinished apartments? Many more than are needed.
(And are those rates including those who own apartments that will never be completed?)
It's true there's a lot of unfinished apartments, and imo it's true that's a big problem (or a symptom of a larger issue). But I don't think it's unfinished apartments are a bigger problem than lack of home ownership in the West
@OsrsNeedsF2P I meant a bigger problem in China
Nobody can buy land in china, it is only leased from the government for up to 70 years for residential usage (less for other purposes). Calling the tofu-dreg building on top of this "owning a home" is disingenuous at best and deceitful at worst. Why do people buy homes anyway instead of renting? Because all other options to invest are even worse and it is literally their only option.
I hope you don't tolerate how mega corps "sell" you shit like digital media or IoT devices only to later change the terms of sale and steal it back from you, because you never really owned it. Don't tolerate the same shit if a government does it to you.
Let's not pertend that this is because China has socialized housing. They used to do decades ago, but it has been abolished for a long time. Although they do have affordable housing program like most of the city in the U.S.
In fact, China has one of the highest home price to income ratio (ratio of median apartment prices to median familial disposable income, expressed as years of income) in the world: https://www.numbeo.com/property-investment/rankings_by_country.jsp . Chinese people will need 30 years of disposible income to purchase an apartment; compare to 3 in the U.S., 7 in Netherland, 11 in France, and 9 in U.K.
Apartments in Beijing can easily cost double than a major U.S. city, while people in Beijing earn half as much. Here is a popular real estate website listing the previously-owned property (2bedroom between 90-120 m²) on the market in Beijing: https://m.ke.com/bj/ershoufang/l2a4 most of them are around 5000k RMB, which translates to 700k USD for 2b apartments. On the other hand, Beijing median monthly salary is 1548 USD (https://teamedupchina.com/average-salary-in-beijing/#Beijing_Salary_Data_Zhilian_Zhaopin), which translates to 10$ per hour assuming a 5 day work week and 4 week work month.
The high home ownership rate is likely due to a mix of false report and saving culture. In China, parents typically have a good amount of saving to provide their child (singleton because one-child policy) a home upon their marriage etc. This also explains why Beijing rent price is much lower than major cities in the U.S., despite its high housing price.
Who can afford a condo with 3 years disposable income in the US? My spouse and I make above average money in a below average cost city and we couldn't afford a condo here.
Well ain't that a shit definition then
Compare the prison population of the US to China's lol.
Also a housing bubble and real estate being one of the few investment vehicles available to regular chinese.