Perhaps the hardest truth about living in an incredibly busy country is the astounding cost of living. Hong Kong is not the most ideal place to stay for millennials. The word “millennials” is the term we use to categorize the generation of young adults born within the Early 80s to the Early 90s. The previous generations have it way easier than the generation of today.
Why is this so? Millennials were greatly affected by the financial crisis that occurred between 2007 and 2008. These young adults have faced challenging times since most of them were graduates and have just graduated around this time. With a great number of people seeking job opportunities and very few substantial jobs available, the unemployment rate has plummeted drastically in all parts of the world.
The financial tsunami has caused a great impact to young adults globally. Another factor, which is a result of this global financial crisis, is the drastic increase of tuition fees for colleges and universities. On average, the student loan debt for fresh graduates in America, amounts to $28,400. Generation Y is also called the Peter Pan/ the Boomerang generation, since they tend to move back to their parents, which is often the result of financial difficulties or the hesitation in living on their own and facing the pressure that comes with being an adult.
If you think this is bad, you should go experience life in Hong Kong, where millennials are barely keeping their head above water. According to reports and surveys conducted by real estate and financial analysts, Hong Kong is one of the leading countries with the highest cost of living. The demographic for this are young adults who live in central business districts. The criteria shown in these reports include utility bills, groceries, price of rented or owned housing, as well as other miscellaneous necessities. These are the places that appealed to millennials before the cost of living sky-rocketed. It had something to do with supply and demand. Land is scarce in Hong Kong, but it is, no doubt, a beautiful place to live in.
Therefore, it is only right that a higher price is set for accommodation, with the increasing number of young people who want to live in a booming country in terms of business opportunities. One of the advantages in living in Hong Kong would be safety. Hong Kong, in comparison to similarly developed countries, is shown to be a safer place to live in.
The following parts of Hong Kong would be some of the best places that millennials shall consider:
Areas in Southern Kowloon, which include Prince Edward, Jordan and Mong Kok
These areas take in families from China, Nepal and India. These areas are near the country’s MRT line, which is the primary form of transportation people take to get from point A to point B. Neighborhoods that comprise of Asian communities are very common in these areas. Living in these areas is perfect for young adults who wish to save more money while working.
Tin Hau, North Point, Fortress Hill
These areas offer more affordable housing for millennials. There are both new and old buildings to choose from, and the best thing about it is that it’s a lot nearer to the Central. People living here take a different MRT line to get to the central business district.
Qi Homes help could also be a great fit for young adults that are sticking to a very limited budget. It is very important to scout and select a property in Hong Kong that will not compromise comfortable living. If you’re looking to buy a property in Hong Kong, consider the information included in this article and you’ll feel better – guaranteed.