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Some Beijingers must work 25 years to afford a home

07-19-2010 10:39 BJT

By Huang Jingjing

An ordinary family in Beijing would need to work for 25 years to save enough money to buy a 90-square-meter apartment, according to an academic report issued on Saturday.

The 2010 Beijing Social Construction Analysis Report, jointly issued by the Chinese Academy of Social Sciences and Beijing University of Technology, revealed that the average disposable income per household for urban residents in Beijing was 64,258 yuan ($9,483) in 2008, and the average housing price hit 17,810 yuan ($2,628) per square meter in late 2009.

The figures mean that an ordinary family would need to save for 25 years to buy a 90-square-meter apartment, Beijing News said Sunday.

Some local residents said the actual gap between average incomes and housing prices is worse than the report indicated.

"Only if the family ate and drank nothing for 25 five years could the dream come true," Wang Bing, 30, a worker at a foreign-owned company in Beijing, told the Global Times Sunday.

Though Wang and his wife together earn about 10,000 yuan ($1,476) per month, the couple still feels squeezed by the high cost of urban life.

Their budget includes 3,500 yuan ($517) for daily necessities each month, and a 5,000-yuan ($738) monthly payment on a 20-year mortgage for their 100-square-meter apartment.

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