Taiwan’s housing loan burden rate increased by 3.93% year-on-year in the second quarter. People in Taipei are under great pressure to buy houses.
On October 24, officials from Taiwan’s Department of Internal Affairs released new statistics indicating that the mortgage burden ratio in Taiwan for the second quarter of 2024 has reached 46.02%. This figure represents a 1.72% increase from the first quarter and a year-on-year rise of 3.93%. Notably, Taipei City recorded the highest burden ratio at 70.69%.
The data, which can be found on the department’s website, reflects the percentage of a household’s monthly mortgage payment relative to its monthly disposable income, effectively illustrating the changing affordability of homeownership for residents.
Reports from various Taiwanese media outlets, including the Economic Daily and ETtoday, highlight significant increases in mortgage burden ratios in Tainan City, Kaohsiung City, and New Taipei City, with rises of 2.72%, 2.49%, and 2.09%, respectively, in comparison to the previous quarter. In contrast, Keelung City is the only region with a mortgage burden ratio below 30%, suggesting that families in this area can more reasonably manage housing costs.
Additionally, statistics show that the median residential price in Taiwan for the second quarter has increased by 4.71% from the first quarter, contributing to the rising mortgage burden ratio.
Earlier, the Taiwan authorities’ financial department reported that in September, the updated “New Youth Housing Loan Program” received 5,664 applications, reflecting a decrease of approximately 9% compared to the previous month, marking a decline that has continued for four consecutive months.
