TAIPEI (TVBS News) — According to statistics from Taiwan Realty Estate Co, young adults in Taiwan are shouldering a record-high average mortgage of NT$8.62 million.
The data reveals that only 21% of young people in Taipei City are homeowners, the lowest rate among the six municipalities and Hsinchu County and City. However, their average mortgage is the highest at NT$14.7 million.
Taiwan Realty spokeswoman Charlene Chang attributes the decline in homeownership among young people to rising property prices due to labor and material shortages and increasing land prices. Homeownership among young people dropped to 32.2% in 2023, a decrease of about 4.2 percentage points from 2014.
Among the six municipalities and Hsinchu County and City, Kaohsiung has the highest rate of young homeowners at 37.3%, with an average mortgage of NT$7.47 million. Tainan follows with a rate of 35.5% and an average mortgage of NT$7.68 million, and Hsinchu County and City with a rate of 35.4% and an average mortgage of NT$9.84 million.
In Taipei and New Taipei, less than 30% of young people are homeowners, the lowest rates in the six municipalities and Hsinchu County and City. The rate in New Taipei is 28.6%, with an average mortgage of NT$10.19 million.
Taiwan Realty noted that as property prices rise in metropolitan areas, young people face increased pressure to shoulder mortgages. This is especially evident in Taipei and New Taipei, where many young individuals rely on dual incomes or financial assistance from their elders.