A billboard ad for apartments. (File photo/Xinhua)
The average age of first-time home buyers in Beijing is 27, the youngest in the world, according to a recent survey. Many of these young people however bought a property due to insecurity about the property market and the government housing system and have experienced anxiety about keeping up the payments on their homes.
China Everbright Bank and the market research division of a property developer carried out a survey on the age at which people around the world purchase their first home. The average age in other countries and regions was above 30, according to the Chinese-language Guangzhou Daily.
The official China Youth Daily and local polling agencies Minyi and QTick also conducted a survey of 19,869 people in China, of which 37.3% of whom lived in first-tier cities such as Beijing, Shanghai and Guangzhou. Around 84% of those polled said they knew someone who bought a home immediately after graduating from college.
Marriage was the top reason why a majority (69.5%) of these people rushed to buy a house. Around half of them said they felt insecure about the present housing system and the third most common reason was high rents and unstable accommodation and environment (49%).
Almost two thirds, around 62%, of the young home buyers received help from their parents, particularly with the deposit, according to the website of Shanghai's public housing funds.
For 67% of the people polled by China Everbright Bank, the properties they bought have become a "heavy burden" and dragged down their quality of life. Around 58% of respondents experience anxiety regarding their homes and 56% of said their homes have brought heavy pressure causing them to lose motivation to pursue their careers, according to Guangzhou Daily.