PS. We provide audience with lunch and drinks.
In metropolitan housing markets with escalating housing prices there is increasing concern with access to housing ownership and by extension with the implications for inequality. The focus of recent work has turned to the way in which the Millennial generation has been able or unable to gain traction in the housing market.
This presentation explores these issues in two very different economies, housing markets in the US and China. Just as the Chinese housing market has been transformed as China emerged as a world “market” economy, the US housing market poses problematic contexts for the growing Millennial generation. While a growing middle class in China is pursuing the Chinese Dream – a car, an apartment and a family, there is concern in the US and Europe with what has been labelled – “generation rent”. I explore these contrasting housing trajectories with new surveys of the Chinese housing market, and data from the US Census on changing access to ownership in US cities.
In both cases I assess the questions of whether the process of homeownership is broadly available - whether young adults in China have different trajectories than those in the US and how economic transfers play a role in the Chinese economy. The Chinese and US housing markets, have different behaviors and increasingly different outcomes. I will argue that overall, the Chinese shift to a homeownership society has been largely successful, while the previous successful trajectory in the United States and Europe has become much more problematic in the 21st Century.
The analysis in this presentation is part of the ongoing discussion in cities in advanced economies of whether an ownership society is sustainable, and what levels of ownership we can expect in the coming decades.
Fri Nov. 912:00 pm - 1:30 pm
Massry Center for Business, BB B010 ,