Young Hong Kong graduates face uphill struggle to afford home as study finds buying power slashed by almost half over past 20 years
- New Youth Forum warns that high home prices risk putting dream of home ownership out of reach for many young people
- Census and Statistics Department and Rating and Valuation Department figures used to review home prices and monthly income of young graduates
The median home buying power of Hong Kong’s young graduates has been slashed by at least half over the past two decades, a think tank study has found.
“Housing prices are now at a very high level. Unless there is a very big adjustment, buying a flat would be a very heavy burden or an extravagant wish for the younger generation,” forum chairman Cliff Tang Wing-chun said.
Figures from the Census and Statistics Department and Rating and Valuation Department were used to review trends in home prices, as well as the monthly income of young people aged 20 to 24 and 30 to 34 with a university degree.
Home purchasing power was measured by dividing their median monthly salaries by the government’s home price index from 1997 to 2022 for graduates aged 30 to 34, and from 1987 to 2022 for graduates aged 20 to 24.