Half of young adults say it is "delusional” to think they can own a flatLocal | 17 Oct 2021 6:17 pm
A survey found that 52 percent of adults aged under 45 find it delusional to think that they can own a flat in Hong Kong.
Concerning Youth Housing Rights Alliance and 90s Housing CG surveyed 923 people in Hong Kong aged between 18 and 45 on their expectations of marriage and housing from September 2 to September 25.
The groups asked if the respondents think they can afford buying a flat in Hong Kong with their current income. Fifty two percent find it “delusional,” while another 21 percent said it would be a “fantasy”.
The results showed 60 percent of the respondents intended to get married, with those aged between 20 to 29 showing the highest ratio. But 38 percent decided to postpone it due to the pressure of buying property.
Sixty percent thought that owning a flat is a prerequisite for marriage, while 71 percent agreed that it is a must before having children.
As for the biggest difficulty for flat purchase, 72 percent said they did not have enough money to pay the down payment. Seventy one percent said they could not afford the mortgage. Fifty five percent said that the flats in Hong Kong are too small.
The organizations urged the government to further increase the supply of subsidized housing and the quota under the White Form Secondary Market Scheme. The scheme allows owners of subsidized housing to resell their flats to eligible people without having to pay a premium.