Seeking Independence, Facing Reality

At 27, Hai, along with his wife and their two-year-old daughter, embarked on a journey to independence by moving out of his parents' crowded home in Thanh Xuan District, Hanoi. With a combined monthly income of VND20 million (US$783), they believed they could manage the VND8 million rent and other expenses. However, a sudden rent increase by VND3 million forced them to reconsider their decision, leading them back to the comfort of their parents' home.

"At this rate, I might never afford my own place," Hai reflects, highlighting the harsh reality many young Vietnamese face today.

The Dream of Homeownership Fades

Thanh Nha's story mirrors Hai's struggles. Despite saving VND300 million and receiving VND800 million from her parents, the skyrocketing property prices in Hanoi made her dream of owning a home seem unreachable. With apartments costing over VND3 billion, even exploring options on the city's outskirts or older properties in central districts offered no solace.

A Growing Trend

This predicament is not unique to Hai and Nha. A growing number of young Vietnamese are returning to live with their parents due to unaffordable housing, a trend seen globally in countries like the U.K., U.S., Australia, South Korea, and China. Property analyst Le Quoc Kien notes that with average salaries of VND10-15 million, homeownership has become a distant dream for many.

Expert Advice in a Tight Market

Real estate expert Kien offers a glimmer of hope, advising young people to save at least 30% of a house's cost within the first 10 years of working and to consider long-term bank loans for the remainder. He emphasizes the importance of ensuring that mortgage payments do not exceed 40% of one's income and suggests renting out properties bought on the outskirts while leasing a more convenient place closer to work.

The soaring cost of apartments in Hanoi has made it unaffordable for many people to buy or rent. Photo by VnExpress/Quynh Nguyen