70 percent of Chinese millennials are now said to own their home - leading global home ownership

[TaiShang]

70% Chinese millennials lead global home ownership
chinaplus.cri.cn | Updated: 2017-04-10

70 percent of Chinese millennials (the people born in the 1980s and 90s) are now said to own their home, and more than 90 percent of those that haven't bought yet say they intend to do so in the next five years, according to a new survey by HSBC.

The survey by the British banking giant included interviews with 9,000 people based in nine countries. While Chinese millennials lead the global trend of buying a home among the age group, Mexico is next at 46 percent, followed by France at 41 percent, the US and Malaysia at 35 percent, Canada at 34 percent, the UK at 31 percent, Australia at 28 percent and the UAE at 26 percent.

Half of all millennials in UAE who have bought homes have done so with the help of their parents. 40 percent of millennials in China have purchased their homes with the help of their parents.

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This is real prosperity and human rights - to have one's own place is one of the most important conditions to have a stable, prosperous and productive life.

@Shotgunner51 , @ahojunk , @terranMarine , @Jlaw , @Chinese-Dragon

 

[Dungeness]

70% Chinese millennials lead global home ownership
chinaplus.cri.cn | Updated: 2017-04-10

70 percent of Chinese millennials (the people born in the 1980s and 90s) are now said to own their home, and more than 90 percent of those that haven't bought yet say they intend to do so in the next five years, according to a new survey by HSBC.

The survey by the British banking giant included interviews with 9,000 people based in nine countries. While Chinese millennials lead the global trend of buying a home among the age group, Mexico is next at 46 percent, followed by France at 41 percent, the US and Malaysia at 35 percent, Canada at 34 percent, the UK at 31 percent, Australia at 28 percent and the UAE at 26 percent.

Half of all millennials in UAE who have bought homes have done so with the help of their parents. 40 percent of millennials in China have purchased their homes with the help of their parents.

***

This is real prosperity and human rights - to have one's own place is one of the most important conditions to have a stable, prosperous and productive life.

@Shotgunner51 , @ahojunk , @terranMarine , @Jlaw , @Chinese-Dragon

Meanwhile, in the US, the home ownership have been dropping over the last 10 years:

 

[dy1022]

Poor americans !

 

[TaiShang]

Meanwhile, in the US, the home ownership have been dropping over the last 10 years:

It is likely that a good percentage of those who own a home do so under heavy mortgage, which is not the case in China due to high saving rates. In China, car and home purchase down payments are quite large. People simply do not become slaves to pay for their home/car for the rest of their life.

I think the difference is culture as well as the government's approach. China has strong affordable housing program, each year providing more than 10 million new units.

Taiwan province is also in desperate situation, especially in big city clusters, young people often living in a single (rented) room for year, which inhibits marriage and stable social life.

Poor americans !

what about SUpa powa in south Asia since more than half of them still do open defection in public !!!

They are still quite traditional. So, family support (shared housing) must be common.

In China (including Taiwan) parents like to keep their kids close after marriage, but, they still prefer a separate home. In Taiwan, often, they live in the same apartment, or very close to each other - in the same neighborhood -- of course one is lucky enough to have a rich dad.

 

[Dungeness]

It is likely that a good percentage of those who own a home do so under heavy mortgage, which is not the case in China due to high saving rates. In China, car and home purchase down payments are quite large. People simply do not become slaves to pay for their home/car for the rest of their life.

I think the difference is culture as well as the government's approach. China has strong affordable housing program, each year providing more than 10 million new units.

Taiwan province is also in desperate situation, especially in big city clusters, young people often living in a single (rented) room for year, which inhibits marriage and stable social life.



They are still quite traditional. So, family support (shared housing) must be common.

In China (including Taiwan) parents like to keep their kids close after marriage, but, they still prefer a separate home. In Taiwan, often, they live in the same apartment, or very close to each other - in the same neighborhood -- of course one is lucky enough to have a rich dad.

To avoid mortgage insurance, one has to put down 20% down payment when buying a home in the US. Vast majority of home buyers opt for 30-year mortgage.

The other factor in favor of Chinese young home buyers is the mandatory Housing Fund that every employer is obligated to pay on behalf of employees. Talking about "human rights"!

 

[TaiShang]

The other factor in favor of Chinese young home buyers is the mandatory Housing Fund that every employer is obligated to pay on behalf of employees. Talking about "human rights"!

Housing or healthcare is not a human right in the US, apparently. They are commodities.

The ability to choose from Hillary or Trump... Now, that's HUMAN RIGHTS.

 

[gambit]

Housing or healthcare is not a human right in the US, apparently. They are commodities.

The ability to choose from Hillary or Trump... Now, that's HUMAN RIGHTS.

You mean like this...???

http://inhabitat.com/chinese-human-...photos-of-hong-kongs-locker-sized-apartments/

 

[el 3mir]

Same with Pakistan! Great!

(Can't post link)

 

[dy1022]

You mean like this...???

http://inhabitat.com/chinese-human-...photos-of-hong-kongs-locker-sized-apartments/

I mean this, let alone house !


40 Million Americans Now Subsisting On Foodstamps,
13.4 million American children live below the poverty level.
The jobless rate is 9.9 percent

http://www.rense.com/general92/40m.htm

 

[LeGenD]

Meanwhile in Pakistan, it takes much of your lifetime to acquire one in an urban setting. Unless you are willing to employ unfair means or you inherited it from your elders.

 

[gambit]

I mean this, let alone house !


40 Million Americans Now Subsisting On Foodstamps,
13.4 million American children live below the poverty level.
The jobless rate is 9.9 percent

http://www.rense.com/general92/40m.htm

American poor is better off than Chinese poor, or the rest of the world's poor for that matter.

The article is misleading and it is misleading via omissions of many things.

http://www.elledecor.com/life-culture/fun-at-home/news/a7654/house-sizes-around-the-world/

 

[shadows888]

American poor is better off than Chinese poor, or the rest of the world's poor for that matter.

The article is misleading and it is misleading via omissions of many things.

http://www.elledecor.com/life-culture/fun-at-home/news/a7654/house-sizes-around-the-world/

dude, hong kong real estate is one of the or most expensive in the world.

 

[gambit]

dude, hong kong real estate is one of the or most expensive in the world.

The point of this thread is somehow China is better than US regarding housing, which is hilarious in its face.

 

[Dungeness]

American poor is better off than Chinese poor, or the rest of the world's poor for that matter.

The article is misleading and it is misleading via omissions of many things.

http://www.elledecor.com/life-culture/fun-at-home/news/a7654/house-sizes-around-the-world/

My house is typical American middleclass. My property lot is 1/4 acre or roughly 1000 sq/m. The house is 3000 sq/ft or roughly 280 sq/m, it is 1500 sq/ft upper level and 1500 sq/ft basement. It has 4 bedrooms and 3 bathrooms. The garage is 2.5 SUV wide with an attached workroom wired for 220 v.

How about your house ?

Being in a developing country, average Chinese may not be able to have a 3000 SF single family home on 1/4 acre lot, but they do enjoy much higher home ownership rate than Americans. In my opinion, it matters more to have a place to call home than the square footage.

 

[gambit]

Being a developing country, average Chinese may not be able to have a 3000 SF single family home on 1/4 acre lot, but they do enjoy much higher home ownership rate than Americans. In my opinion, it matters more to have a place to call home than the square footage.

It depends on the quality of the house. Before you own the house, what did you do ? You paid rent. In the mean time, you also save and you live this way for yrs to save up that minimum down payment percentage. How is this different from Americans having a typical 30 yrs mortgage ? This thread an absurdity in trying to put a positive spin on China by comparing to US.