‘Single people are killing the real estate market’

January 22, 2024 | 04:00 pm PT
‘Single people are killing the real estate market’
Everyone thinks that single people not buying houses leads to the declining real estate market. Illustration photo by Pixabay
I have heard many people blame the declining real estate market on young people's reluctance to marry and buy houses, but I believe the opposite is true.

A 30-year-old man in Shanghai, China, chose to live in his car for the past three months to avoid paying $420 monthly in rent.

This story, featured in the South China Morning Post, details the life of a 30-year-old Shanghai resident who has been living in his vehicle for three months.

The steep increase in rental prices in China's major cities has become a hefty financial burden for many.

Hence, this man’s decision to live in his car was based on two main reasons:

Firstly, the exorbitant rent, which was previously $420 per month, is something he no longer wishes to pay.

Secondly, his car satisfies 99% of his daily needs, including keeping him warm during the winter.

This story has sparked a heated debate on Chinese social media platforms, with many commenting that not only are young people not buying houses, they are also not renting them.

Interestingly, I once read an article that blamed the decline of China’s real estate industry on the increasing number of single people.

The article argued that single people have less demand for living space and do not feel the pressure of having a house as a marriage dowry, so they do not feel compelled to buy one.

In Vietnam, similar stories are not uncommon.

Some young colleagues of mine strive to save up and take a loan to secure a small apartment after a few years of marriage.

Meanwhile, single people usually have it easier and choose to rent a house instead, which offers less pressure and more flexibility.

Everyone thinks that single people not buying houses leads to the declining real estate market, but I think it should be the other way around.

I believe young people not wanting to get married or have children is a consequence of the skyrocketing house prices.

Since the previous generations easily received their cuts of the land "pie" and built houses on it, today’s younger generations find the "pie" shrinking with no shares left for them.

Thus, this is their way of responding to the situation.

I find it laughable when older people, who own several properties, criticize the younger generations for not working hard to buy houses or for not marrying. Like, for whom should they do this?

So what is your viewpoint on this matter?

Reader The Thuy

*This opinion was translated into English by AI. Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.

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