In real life, many young people are looking forward to getting paid every month. When they get paid, they can repay the mortgage quickly. I often hear that their wages are not low, and there is little left after paying off the mortgage. Especially in first-and second-tier cities with high housing prices, some young people not only have to pay their monthly bills, but also think about when they can pay back the money owed to relatives and friends. Even if they choose to rent, some young people have to face the ideological pressure that rents will rise at any time.
Whether you just need a loan to buy a house or pay the rent to the landlord on time, a considerable part of the disposable income of ordinary people is used for mortgage or rent payment. Once more money is spent on buying a house and renting a house, it will naturally reduce consumption in other aspects of life and even have to reduce other consumption. Consumption is one of the troikas that stimulate economic growth. Excessive housing prices and excessive rent increases have crowding out effects on consumption, and related issues deserve attention.
In the traditional concept of China people, only by owning your own house can you live and work in peace and contentment. Therefore, many newly graduated college students have just joined the work, relying on a family of three generations to go into battle and buy a suite with loans. In this case, other large-scale consumption that the whole family can use to improve their living standards in a certain period of time is basically out of consideration.
In addition to the influence of traditional ideas, China people's enthusiasm for buying houses is also related to the imperfection of the housing rental market in China. Buying a house and renting a house are both ways to solve the housing problem, but the data show that the age of buying a house for the first time in China is about 10 years earlier than that in some developed countries. This is because the housing rental market in China is not perfect, and the relevant system is not perfect enough, so renting always gives people a sense of insecurity. I don't know when the landlord will raise the price or ask to move. If the rental market is perfect enough and the rental relationship is stable enough, the rent and house price will not rise too fast. I believe more people will choose to rent, and the money originally used to buy a house can be used for living consumption.
Another important reason why many people just need to buy a house in a hurry is that house prices have risen too fast. People keep the expectation of rising for a long time, thinking that house prices will keep rising. Therefore, if the relevant policies and measures can promote the stable and healthy development of the real estate market, avoid the ups and downs of housing prices, remove speculative investment components and return to the residential function of houses, the people will remain rational about buying houses.
At present, tenants are more young people. Although the increase in the cost of living can stimulate their fighting spirit to a certain extent, on the whole, the excessive increase in rent may directly lead to a decrease in their consumption, a decrease in their living standards, and even depression because they can't afford to buy a house. Youth is the fresh blood of social development and represents the future of a country and a nation. If a city squeezes out a large number of outstanding young people because of high housing prices and high rents, the competitiveness of the city will be affected over time.
Beware of the crowding-out effect of high housing prices and excessive rent increases on consumption, and basically build a long-term mechanism to promote the stable and healthy development of the real estate market. With the stability of the lease relationship, the inclination of the housing purchase policy for low-and middle-income groups in cities, and the restrictions on housing ownership, speculation will be reduced ... I believe that with the gradual improvement of policies and measures, people's living concept will be more rational and their consumption capacity will be more healthy and sustainable.
(Original title: Beware of the crowding-out effect of high housing prices on consumption)