According to the latest data from the Ministry of Interior, in Q2 2023, nationwidehouse priceThe income-to-income ratio is as high as 9.82 times, setting a new record again and setting a new high in statistics. Among them, the house price-to-income ratio in Taipei City is 15.5 times, New Taipei City is 12.9 times, and Taichung City is 11.5 times, all exceeding 10 times. How to interpret such data?
Chen Jieming, research director of Yuanhong Real Estate Value-Added Service Platform, said that the “price-to-income ratio” is the median residential price ÷ the median household disposable income. According to World Bank standards, the normal price-to-income ratio in developed countries is generally 1.8~5.5 Between 3 and 6 times, while the reasonable housing price-to-income ratio in developing countries is between 3 and 6 times.
He said that the multiple of the house price to income ratio represents how many years of disposable income it takes to afford a house with a median house price. Currently, the house price to income ratio in Taiwan is nearly 10 times, which is equivalent to ten years of deprivation of food and drink before one can afford one. Affordable housing has far exceeded what the world considers to be reasonable standards, which means that overall housing prices in Taiwan are ridiculously expensive relative to household income.
Observing the situation in various counties and cities in Taiwan, we can also find that in the past, people believed that high housing prices and unaffordable housing would only occur in major urban areas. However, the latest data from the Ministry of Interior can be found that the current housing price-to-income ratio is 6.06 times higher than that in Keelung City, which is the lowest. It is also higher than the World Bank standards.
In addition, it is generally believed that housing prices should be relatively close to the people. In Hualien and Taitung in the east, and even in the outlying islands of Penghu and Kinmen, the housing price-to-income ratios are as high as 8.99 times, 7.6 times, 8.69 times and 8.44 times respectively, which are much higher than those of the World Bank The standard of “reasonable house price to income ratio”.
Chen Jieming said that data shows that high housing prices have spread across the country.buy a houseBeing stressed out and unable to afford a home is quite common.
As the average total home purchase price in Taiwan has increased sharply by 3 million to 4 million in the past 10 years, the “debt amount” of home buyers has increased significantly. By Q2 this year, the number of Taiwanese people buying homes has increased significantly.mortgageThe affordability rate has reached as high as 42%, and more than 40% of a family’s disposable income every month is used to pay mortgages. This not only affects the quality of life, but once the interest rate rises, it will also crush the mortgage loan borrowers, resulting in a large number of mortgage defaults, bankruptcies, and lawsuits. A wave of filming may occur, which deserves more attention from the government and the public.
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