Home • PRRES Inc. Journal • Read the Journal

Generation X and Y’s demand for homeownership in Hong Kong

Author/s: Rita Yi Man Li

Date Published: 2/01/2015

Published in: Volume 21 - 2015 Issue 1 (pages 15 - 36)

Abstract

Although differences between generation X (born between 1961 and 1980) and Y (born between 1981 and 1995) about the factors which drive homeownership have policy implications, little or no research has been undertaken into this issue. Results of interviews undertaken show that generation X and Y agree that price was the most important factor and that there are more generation Y reliant on government help. Questionnaire results found that “income and housing prices” and “affordability and accessibility” were the most important factors among generation X and Y, respectively. This paper concludes that policy makers need to consider the generation differences.

Download Full Article

Download the Full Article PDF

14445921.2015.1026195.pdf 14445921.2015.1026195.pdf (167kB)

Keywords

Generation X - Generation Y - Home Ownership - Interview - Questionnaires - Triangulation Research

References

  • Barzilai-Nahon, K.Mason, R. M. (2010) How executives perceive the net generation, Information, Communication and Society. 13(3), p:396-418. Information, Communication and Society.
  • Beer, A.Faulkner, D.Gabriel, M. (2006) 21st century housing careers and Australia’s housing future: Literature review. Adelaide: Australian Housing and Urban Research Institute, Southern Research Centre, Flinders University. 21st century housing careers and Australia’s housing future: Literature review.
  • Belsky, E. S. (2009) Demographics, markets, and the future of housing demand, Journal of Housing Research. 18(2), –.p:99-119. Journal of Housing Research.
  • Bertaud, A.10th annual demographia international housing affordability survey. , –.p:1-69. 2014, November. 10th annual demographia international housing affordability survey.
  • Bickel, J.Brown, A. J. (2005) Generation X: Implications for faculty recruitment and development in academic health centers, Academic Medicine. 80(3), p:205-210. Academic Medicine.
  • Bland, J. M.Altman, D. G. (1997) Cronbach’s alpha, British Medical Journal. 314, p:572. British Medical Journal.
  • Bonvalet, C.Ogg, J. (2008) The housing situation and residential strategies of older people in France, Ageing and Society. 28(6), p:753-777. Ageing and Society.
  • Bourassa, S. C.Haurin, D. R.Haurin, R. J.Hendershott, P. H. (1994) Independent living and home ownership: An analysis of Australian youth, Australian Economic Review. 27(3), p:29-44. Australian Economic Review.
  • Brown, J. B.Fluit, M.Lent, B.Herbert, C. (2013) Surgical culture in transition: Gender matters and generation counts, Canadian Journal of Surgery. 56(3), p:153-158. Canadian Journal of Surgery.
  • Buttimer, R. J. (2004) The Chinese housing provident fund, International Real Estate Review. 7(1), –.p:1-30. International Real Estate Review.
  • Case, F. E. (1978) Family housing: Dream or nightmare?, California Management Review. 20(3), –.p:23-31. California Management Review.
  • Chapman, D. W.Lombard, J. R. (2006) Determinants of neighborhood satisfaction in fee-based gated and nongated communities, Urban Affairs Review. 41(6), p:769-799. Urban Affairs Review.
  • Chau, K. W.Ng, F. F. (1998) The effects of improvement in public transportation capacity on residential price gradient in Hong Kong, Journal of Property Investment and Finance. 16(4), p:397-410. Journal of Property Investment and Finance.
  • Crane, D. R.Busby, D. M.Larson, J. H. (1991) A factor analysis of the dyadic adjustment scale with distressed and nondistressed couples, The American Journal of Family Therapy. 19(1), p:60-66. The American Journal of Family Therapy.
  • Dua, P. (2008) ‘Analysis of consumers’ perceptions of buying conditions for houses, Journal of Real Estate Finance and Economics. 37(4), –.p:335-350. Journal of Real Estate Finance and Economics.
  • Eisner, S. P. (2005) Managing generation Y, Advanced Management Journal. 70(4), –.p:4-15. Advanced Management Journal.
  • Fisher, L. M.Jaffe, A. J. (2003) Determinants of international homeownership rates, Housing Finance International. p:34-42. Housing Finance International.
  • Gbadegesin, J. T.Ojo, O. (2013) Ethnic bias in tenant selection in metropolitan Ibadan private rental housing market, Property Management. 31(2), p:159-178. Property Management.
  • Hall, J.Binney, W.O`Mahony, G. G. (2004) Age related motivational segmentation of wine consumption in a hospitality setting, International Journal of Wine Marketing. 16(3), p:29-44. International Journal of Wine Marketing.
  • Haughwout, A.Peach, R.Tracy, J. (2010) The homeownership gap, Current Issues in Economics and Finance. 16(5), p:1-10. Current Issues in Economics and Finance.
  • Hirayama, Y. (2010) The role of homeownership in Japan’s aged society, Journal of Housing and the Built Environment. 25, –.p:175-191. Journal of Housing and the Built Environment.
  • Hornstein, A. (2009) Problems for a fundamental theory of house prices, Economic Quarterly. 95(1), –.p:1-24. Economic Quarterly.
  • Ioannides, Y. M.Zabel, J. E. (2003) Neighbourhood effects and housing demand, Journal of Applied Econometrics. 18(5), p:563-584. Journal of Applied Econometrics.
  • Kadushin, C.Hecht, S.Sasson, T.Saxe, L. (2008) Triangulation and mixed methods designs: Practicing what we preach in the evaluation of an Israel experience educational program, Field Methods. 20(1), p:46-65. Field Methods.
  • La Grange, A.Pretorius, F. (2000) Ontology, policy and the market: Trends to home-ownership in Hong Kong, Urban Studies. 37(9), p:1561-1582. Urban Studies.
  • Lamont, C. (2008) Housing affordability crisis: Fact or fiction?, Australian Economic Review. 41(2), –.p:194-199. Australian Economic Review.
  • Lands, L. (2008) Be a patriot, buy a home-imagining home owners and home ownership in early 20th century Atlanta, Journal of Social History. 41(4), –.p:943-965. Journal of Social History.
  • Li, R. Y. M. (2012) The internalization of environmental externalities affecting dwellings: A review of court cases in Hong Kong, Economic Affairs. 32(2), –.p:81-87. Economic Affairs.
  • Li, R. Y. M. (2014) Law, economics and finance of the real estate market – a perspective of Hong Kong and Singapore. Germany:Springer. Law, economics and finance of the real estate market – a perspective of Hong Kong and Singapore.
  • Li, R. Y. M. (2015) Construction safety and waste management: An economic analysis. Germany:Springer. Construction safety and waste management: An economic analysis.
  • Mace, L. M.Kagochi, J. M. (2009) The determinants of demand for single family housing in Alabama urbanized areas, International Journal of Housing Markets and Analysis. 2(2), p:132-144. International Journal of Housing Markets and Analysis.
  • Martin, C. A. (2005) From high maintenance to high productivity: What managers need to know about generation Y, Industrial and Commercial Training. 37(1), –.p:39-44. Industrial and Commercial Training.
  • McGrindle, M.Wolfinger, E. (2010) Generations defined, Ethos. 18(1), p:8-13. Ethos.
  • Montuno, E.Davidson, A.Iwasaki, K.Jones, S.Martin, J.Brooks, D.Mori, B. (2012) Academic dishonesty among physical therapy students: A descriptive study, Physiother Canada. 64(3), p:245-254. Physiother Canada.
  • Mueller, J.Loomis, J.González-Cabán, A. (2009) Do repeated wildfires change homebuyers’ demand for homes in high-risk areas? A hedonic analysis of the short and long-term effects of repeated wildfires on house prices in Southern California, Journal of Real Estate Finance and Economics. 18(2), p:155-172. Journal of Real Estate Finance and Economics.
  • Myers, D. (1992) Retreat from homeownership: A comparison of the generations and the States, Housing Policy Debate. 3(4), –.p:945-975. Housing Policy Debate.
  • Nettleton, S.Burrows, R. (1998) Mortgage debt, insecure home ownership and health: An exploratory analysis, Sociology of Health and Illness. 20(5), p:731-753. Sociology of Health and Illness.
  • Oliver-Hoyo, M.Allen, D. (2006) The use of triangulation methods in qualitative educational research, Journal of College Science Teaching. 35(4), p:42-47. Journal of College Science Teaching.
  • Ortiz, S. E.Zimmerman, F. J. (2013) Race/ethnicity and the relationship between homeownership and health, American Journal of Public Health. 103(4), p:122-129. American Journal of Public Health.
  • Painter, G.Redfearn, C. L. (2002) The role of interest rates in influencing long-run homeownership rates, Journal of Real Estate Finance and Economics. 25(2/3), p:243-267. Journal of Real Estate Finance and Economics.
  • Park, B. G. (1998) Where do tigers sleep at night? The state’s role in housing policy in South Korea and Singapore, Economic Geography. 74(3), –.p:276-286. Economic Geography.
  • Salako, A. E. (2006) Principal component factor analysis of the morphostructure of immature Uda sheep, International Journal of Morphology. 24(4), –.p:571-774. International Journal of Morphology.
  • Tan, T. H. (2008) Determinants of homeownership in Malaysia, Habitat International. 32(3), –.p:318-335. Habitat International.
  • Warsame, A.Wilhelmsson, M.Borg, L. (2010) The effect of subsidy on housing construction in various regions of Sweden, Journal of European Real Estate Research. 2, p:228-244. Journal of European Real Estate Research.
  • Wiesel, I. (2012) Can ageing improve neighbourhoods? Revisiting neighbourhood life-cycle theory, Housing, Theory and Society. 29(2), –.p:145-156. Housing, Theory and Society.
  • Wong, T. Y. J.Hui, C. M. E.Seabrooke, W. (2003) The impact of interest rates upon housing prices: An empirical study of Hong Kong’s market, Property Management. 21(2), p:153-170. Property Management.
  • Wood, G.Watson, R.Flatau, P. (2006) Microsimulation modelling of tenure choice and grants to promote homeownership, Australian Economic Review. 39(1), p:14-34. Australian Economic Review.
  • Wu, F. (2010) Housing environment preference of young consumers in Guangzhou China: Using the analytic hierarchy process, Property Management. 28(3), –.p:174-192. Property Management.
  • Yakubu, A.Ayoade, J. A. (2009) Application of principal component factor analysis in quantifying size and morphological indices of domestic rabbits, International Journal of Morphology. 27(4), p:1013-1017. International Journal of Morphology.
  • Yan, X.Li, Z. (2012) The influence of Shanghai’s population structure on city’s housing demand and the solution for housing supply, Management Science and Engineering. 6, p:44-50. Management Science and Engineering.
  • Yrle, A. C.Hartman, S. J.Payne, D. M. (2005) Generation X: Acceptance of others and teamwork implications, Team Performance Management. 11(5/6), p:188-199. Team Performance Management.
  • Zhang, J. (2010) The persuasiveness of individualistic and collectivistic advertising appeals among Chinese generation-X consumers, Journal of Advertising. 39(3), –.p:69-80. Journal of Advertising.