Young generation prefers to own homes: survey


CNA

TAIPEI, Taiwan — The vast majority of young adults in Taiwan want to buy their own homes rather than rent a place to live, but the appetite for purchasing a new home lessened the older people are, according to the results of a survey released earlier this week.

Housefun magazine, which covers Taiwan’s property market, said its survey found that 83.3 percent of respondents in the 20-30 age bracket preferred to buy their own homes rather than rent, as did 70.70 percent and 74.20 percent of respondents in the 31-40 and 41-50 age groups, respectively.

Only 16.70 percent of those surveyed in the 20-30 age group said they would prefer renting, compared with 29.30 percent and 25.80 percent in the 31-40 and 41-50 age brackets, respectively, the magazine said.

The older residents got above the age of 50, the more they tended to opt for renting rather than buying a home, Houseful said.

A total of 62.5 percent of respondents in the 51-60 age bracket preferred to buy a home rather than rent, while 37.5 percent preferred renting over buying.

That trend toward renting was even more pronounced among respondents older than 60, of whom only 33.30 percent wanted to buy their own homes compared to 66.7 percent who preferred to rent, the survey found.

Housefun said the results indicated that the older generation was more cautious when asked about buying property because of concerns that housing prices could fall in the future.

Some of the older respondents felt that their rent was relatively low, making it more worth their while to spend their incomes on rent rather than buying a home at what they felt were unaffordable prices, according to the magazine.

Housefun said the top consideration behind young adults’ desire to buy their own home was that it would force them to save money, while other young respondents preferred the option because owning a home would make them feel secure economically.

The magazine said respondents in the 30-40 age group generally had just started families and felt the need to buy a home, while respondents in the 41-50 age group wanted to buy bigger homes to replace smaller ones.