Hong Kong has one of the most expensive property markets in the world, and, with incomes failing to catch up with inflation, it is nearly impossible for young couples to save up enough to purchase their own home — the dream and a rite of passage for most working Hong Kongers.
The typical Hong Konger lives with their parents up to their 30s, and more young people are applying for public housing than ever in the hopes of having their own space.
According to the Housing Department’s annual survey of applicants on the public housing waiting list, of the 228,400 applicants at the end of March last year, 60,400 were aged below 30. That’s quite a boost from 16,500 in 2009 and 45,700 in 2012.
More than two-thirds of applicants had post-secondary education, meaning these are educated young people — and 81% of them applied because they wanted to move out of their parents’ homes. The committee, however, still offers higher priority to those aged over 35, especially elderly people.
Source: SCMP
Photo: See-Ming Lee, Flickr
