Measuring the gen Y housing affordability problem

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.