Beijing first-home buyers average age 27
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The average age of Beijing's first-home buyers is 27, while in Japan and Germany it is 42, and the United States, 30, according to a jointly published report by the Research Center of Homelink Real Estate and GuangDa Bank.
The report also concludes the average age of Beijing home buyers is declining yearly, from 34 in 2007 to 27 in 2010.
Nowadays, graduates earn a salary from 3,000-5,000 yuan ($440-735) per month, and some are expected to make 10,000 yuan ($1469) several years later. According to housing prices in Beijing's 4th and 5th Ring Road, taking 20,000 yuan ($2938) per square meter on average, it costs 1.6 million yuan ($235,000) to buy an 80 square-meter house.
A couple of an average age of 27 has to pay 9,000 yuan ($1322) each month for 15 consecutive years. However, this has far exceeded their paying capability.
Currently, supply cannot meet the demand in Beijing's real estate market, and rocketing prices won't easily begin to decline or level off.
Experts have suggested that the younger generation should be aware that purchasing a house is a formidable challenge, and it should in most cases be delayed, especially for those newly graduated.
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