Hong Kong's middle class most burdened by high housing costs
Survey finds 44 per cent of this group's monthly expenditure goes to mortgage or rent payment
The middle class is shouldering the biggest burden from high property prices, with mortgage payments or rent accounting for 44 per cent of monthly expenditure, according to a new survey.
Commissioned by Citibank, market research company Nielsen questioned 1,014 Hongkongers aged 30 to 40 and with a monthly income of HK$20,000 to HK$50,000.
It found that with an average monthly wage of HK$27,000, the city's middle class spent 70 per cent of their income each month, leaving a surplus of only about HK$8,000.
"The percentage represents a rather high financial burden, although the group is, in general, better off than an average Hongkonger," said Priscilla Ng Sze-nga, Citibank's marketing director in Hong Kong.
Mortgage payments or rent cost 711 respondents a monthly average of HK$7,000, accounting for 44 per cent of their fixed monthly expenses of HK$15,800. The average fixed expenditure for the whole group - some of whom already owned homes or lived rent-free - was HK$13,500.
Of those polled, 41 per cent said they had borrowed or would like to borrow the down payment for their homes from parents.
Citibank vice-president Chow Wai-kit said it was common for Hongkongers to depend on their family for property purchases.