Letters | Hong Kong must train its sights on middle-class housing woes
Readers discuss the direction the city should take in addressing housing problems, and the possibility of a football match featuring Cristiano Ronaldo
But the issues of the city are not limited to low-income households. The median monthly wage in Hong Kong is HK$20,000 (US$2,567) while the average property is priced at about HK$9 million. Private housing rents are just as high; the average rent for a one-bedroom flat is about HK$17,000.
To be eligible for government housing, there is an income limit of HK$12,940 for single applicants or HK$19,730 for a family of two. As a result, many of the city’s residents find themselves in a quandary. They are too wealthy to be eligible for government-subsidised homes, which cost HK$2,297 per month on average, but they cannot afford private housing without facing severe financial hardship.
While discussion of housing in Hong Kong tends to zero in on the extremes of rich and poor, it is time to focus on the middle class. To help this group, the government should consider relaunching a rent-to-own scheme and exploring build-to-rent initiatives.
Rent-to-own schemes allow tenants to lease a property for several years, eventually leading to ownership. The model has proven successful in the United Kingdom.