HOUSING ASPIRATION OF A NEW GENERATION OF HOME OWNERS

Abstract

Reacting to the sanguine market conditions, price level for private housing had increased progressively by 10.2% in 2005, the highest since 1999. The widening entry level gap between HDB tlat and private housing raised issues of escalating discontentment among the youths whom were perpetually finding it hard to fulfill their housing aspirations. A significant 57.7% of the youths aspired for private housing with majority of those aged between 30 to 34 years. Five factors including future affordability, personal preference, current affordability, housing environment and opinion of partner was observed to be the main determinants of housing aspirations. The magnitude of housing aspirations of these youths, through the use of factor analysis were demarcated into three categories namely the "Satisfiers "Hopers and "Aspirers Most of the youths were established to be within the "Hopers" group. The "Aspirers" who had the strongest housing aspirations, are anticipated to grow gradually with a rise in general affluence. The management of housing aspiration dissonance among the three groups was observed to be different. Measurement of housing aspirations through the use of upgrading as criterion appeared rudimentary. Instead, housing environment was suggested as a complementary measurement scale. However, the two factors were perceived to be closely intertwined and the employment of two separated scales might be difficult.