TAIPEI (Taiwan News) — Young people in Taipei face high mortgages and need to rely on financial support, according to Taiwan Realty.

The estate agent noted the average mortgage was NT$14.7 million (US$459,245), while 21% of young people (20-35) in Taipei are paying a mortgage off for a house, per CNA. In New Taipei, 28.6% of young people are paying off mortgages, with an average loan of NT$10.2 million.

Kaohsiung has the highest percentage of young people paying off a mortgage at 37.3% with an average loan of NT$7.47 million. Tainan ranked second, with 35.5% of young people paying a mortgage at an average of NT$7.68 million.

Taiwan Realty CEO Chang Hsu-lan (張旭嵐) said labor and material shortages, as well as rising land prices, have driven up house prices across Taiwan, per CNA. 

“For young people whose financial capabilities are still in the early stages, the purchasing power for homes has weakened accordingly, leading to a gradual decline in the proportion of young people buying homes, dropping to 32.2% in 2023, a decrease from 36.4% in 2014,” he added.

Taiwan Realty’s Trend Center Manager Li Chia-ni (李家妮) said the higher the housing prices in metropolitan areas, the greater the pressure on young people in terms of making down payments and servicing mortgages.

“The burden of housing loans borne by young people in Taipei and New Taipei is the greatest, often requiring them to shoulder loans exceeding tens of millions of NT dollars,” Li said. “As such, most young people are relying on dual incomes or financial support from elders,” she said.