Housing: Money and Housing Price Essays

Submitted By SheriZhou
Words: 527
Pages: 3

Housing price in Beijing
Noticing these days the news showed on TV, the housing price in Beijing is rising steadily over the past five years. Searching from the official date, I learned the housing has doubled its price during the past four years. which is 30,000 RMB per square meter within the downtown area. However, the average income for the residents in Beijing is 45,000-55,000 RMB per year. which means in order to save money to get a house of 100 square meters, they would take about 60 years without eating and drinking. How could average people afford the price?
I happened to encounter the young couple last summer, who are married for 4 years. Since they couldn't afford the current housing price with both income of total 9,500RMB a month. they chose to live with their parent. It could be more difficult for them to get the rental house with quite high rent and facilities bill as well. they said their parent have to bear the different between them in everyday's living habits. The rising housing price has resulted in the intense relations between parent and their growing up children, In order to support their kids, 9 out of 10 families have to cut down their daily expense to save money for the housing down payment. For the young people who are lucky to make the down payment, they have to deal with the rest 30 years of huge amount of monthly payment. However it must be under certain condition in which they have to continually get well-paid job, not have family emergency, no vacation. etc.
Higher price for our house not only increase the burden of the family, but also arises a great gap between rich and poor. The wealthy people who own several properties would never need to work, what they need to do just wait to see the house value become higher and higher, then invest more money to the housing market. which will in turn promote the housing price growth more further. For the people with lower income they would…