Friday, 15 August 2014

Fact of the Day: Starving for a Home

People desperately save money so that they can own a shoebox in the sky
Quality of life in Hong Kong has gotten progressively worse for the average person living in the city.

In the latest quality of life index released by Chinese University, it will take 14 years to save for a flat -- as long as you don't eat.

For last year, the housing affordability ratio was at -4.91, down from -3.49 the year before, the lowest in 12 years since the index was first compiled.

"When we conducted our first survey in 2002, a typical household would need only five years' saving to buy a 400 square foot flat in Kowloon," said Terence Chong Tai-leung, associate professor at the university's department of economics.

"Now they would have to stop eating and live [on the streets] for 14 years to save enough money for a flat."

The housing affordability ratio first dropped into negative territory in 2010 at -0.85.

Before people used to joke about having to eat instant noodles everyday for years in order to afford a flat, but apparently now you have to starve for a home...


3 comments:

  1. actually that 14 year figure is based on an average family income of 20k a month. However, most people makes about 10k-12k a month. College grads makes about 12k-15k a month at best(these are exceptions like sales or at currency exchanges, making more but more funky hours). Those without are hard pressed to make 10k a month.

    HK housing is among the most expensive of the world. HOS waiting list is long enough that taking 5 years to get a chance to buy. while public estate waiting list are growing, waiting 3 years for a chance for a gov't subsidized flats.

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    1. HI nulle -- no college grad can afford a home -- we all know that. People have to work several years before they have a steady income before they can even begin to think about buying a home, which by then is when they are in their 30s.

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  2. The OCCUPY thing seems an offshoot of disgraceful HK housing.
    1. IMHO the only question (which nobody asks??) is: WHO WILL RID HK OF IT'S REAL-ESTATE LEECHES/ PARASITES?
    2. IMHO let him/her win, who CARES TO PROVIDE A DECENT ROOF OVER EVERY HK HEAD: whether CCP, Long Hair, Whoever.
    3. Because the entire & palpable & justifiable RAGE etc. seems to be due to UNAFFORDABLE RENTS, CORRUPTION, hence 99% vs 1%.
    4. Tung Chee Wah seemed to have been that person. Wonder what happened to him & why? Some investigative reporting, Bloomberg style, might be fascinating indeed!

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