TAIPEI (TVBS News) — Young adults in Taipei City who aspire to purchase a home need meticulous budget planning and, sometimes, help from family members.
However, despite the high housing prices, they remain undeterred in their efforts to settle down and find a place to call their own.
Forty-year-old homeowner Mr. Wang revealed his reluctance to buy a house initially, but his friend later persuaded him.
"Initially, I believed that purchasing a house within my financial capabilities was essential when I started house hunting," he said.
"However, my friends offered a different perspective by saying that buying a house is like renting it from banks in the long run."
Wang, who plans to take out a mortgage, pointed out that the interest rates are still lower than the rising inflation rates, giving him more flexibility to consider slightly pricier properties.
A survey by local real estate agencies showed that about 43% of young adults in Taiwan under 30 believe that the housing market will continue to thrive.
This is in sharp contrast to the mere 9% among those aged 60 and above who share the same sentiment.
Real estate expert Tseng Ching-te explained, "The older generation has lived through economic downturns like the SARS and 2008 financial crisis, and hence they recognize the existence of business cycles in the real estate market."
"Typically, older individuals are more inclined to take a pessimistic stance on future housing prices."
Experts suggest that younger people's optimistic attitude may stem from their lack of experience in the market.
While some remain hesitant to buy instead of rent, experts recommend that prospective homeowners should carefully assess their financial situation, tax requirements, market trends, personal lifestyle, and loan qualifications to determine whether buying a home is suitable for them, both now and in the future.
