Measuring the Gen Y Housing Affordability Problem

Abstract

Abstract-Most of the available research today focuses on housing affordability between different income groups, affordable housing and housing market, but very little work has been done on housing affordability for different generations. Hence, this paper focuses on housing affordability for the young generation, otherwise known as Gen Y. In general, the study on housing for Gen Y is inter-connected with the study on demographic factors. Gen Y has been confronted with several housing issue which is the main housing issue for the Gen Y often relates to affordability to buy. The main question often raised is whether at this young age, a person can afford to buy and owned a house? Therefore, this study is carried to verify the level of affordability among the young age people to buy and owned a house. This study is also carried out to identify the factors influencing the problems faced by this age group to buy and owned a house. Looking at it from the positive side, buying a house at young age can be an advantage where they can enjoy a longer financing period. The longer term financing is taken; the amount pay for housing loan can be a small sum.Index Terms-Gen Y, house price, housing affordability, housing market, income.

Perceptions Of Young Professional In Malaysia: Homeownership Or Renting?

“…According to Bujang, Jiram, Abu Zarin, and Md. Anuar, (2015) while Gen-Y has struggled to develop a career and increase their incomes, house prices to income ratios continuously rising, sparking challenges for first-time buyers today.…”

“…As it is hard to find buyers, as a result there is enormous overhang of the high-end housing development (Lim et.al, 2018). If the house constructed is beyond affordability, as a result, the number of unsold properties will increase gradually (Bujang et al, 2015). Lim et al (2018) mentioned that home-ownership is best describe as a place we dedicated for ourselves, raise a family, reminiscences memories with friends and become part of robust neighbourhoods and communities as well as able to meet financial goals for investment in future.…”

The Significant Effect of Organizational Structure on Private Housing Developers’ Involvement in Development of Affordable Housing

“…Due to the growing cost of living in Malaysia especially in urban areas, there is a substantial demand for affordable housing, too [15]. Inexpensive residences are those subsidized houses that are priced below the market price offered to the lower and middle income earners parties under the arrangement of local or state law [16].…”

“…Inexpensive residences are those subsidized houses that are priced below the market price offered to the lower and middle income earners parties under the arrangement of local or state law [16]. Distinct group of people are addressed differently in different countries together with their economical housing policies [15], [16].…”

A Micro-Level View of Housing Affordability in Malaysia Using an Age Cohort-housing Type Analysis

“…Second, the level of housing affordability stress could also be unevenly distributed based on the demographics of age. This motivation stems from prior literature that different age groups experience differing levels of stress related to affordable housing (Bujang, Jiram, Abu Zarin, & Md. Annuar, 2015;Zielinski, 2016).…”