House price revival may drag on Israel’s economy

Significance Short-term government policies have consistently failed to contain price increases, much less lower them. As a result, sharply rising housing prices over more than a decade have raised costs for many families. Impacts The growing need to meet climate change-related targets may slow the infrastructure development needed to expand housing supply. Housing affordability could re-emerge as a major political issue. The post-pandemic era may spur changes to the housing market, easing price pressures in urban areas that experienced the sharpest increases.

Locked-out: generational inequalities of housing tenure and housing type

PurposeThe purpose of this paper is to first explore whether Australia and the main metropolitan areas demonstrate significant differences in tenure and property type between generational groups. Second, whether the millennial generation is more likely to rent rather than own. Third, if such variation in tenure and property type by millennials is one of individual choice and lifestyle or the impact of housing market inefficiencies.Design/methodology/approachThis paper employs a comparative research approach using secondary data from the Australian Bureau of Statistics (ABS) to consider housing tenure and type distributions across generations as well as through cross-city analysis.FindingsThe results show that home ownership is still the dominant tenure in Australia, but private rental is of increasing significance, becoming the tenure of choice for Millennials. Owner occupation is shown to remain and high and stable levels for older generations and while lower in percentage terms for Generation X; this generation exhibits the highest growth rate for ownership. Significant differences are shown in tenure patterns across Australia.Originality/valueThe significance of this paper is the focus on the analysis of generational differences in housing tenure and type, initially for Australia and subsequently by major metropolitan areas over three inter-census periods (2006, 2011 and 2016). It enhances the understanding of how policies favouring ageing in place can contradict other policies on housing affordability with specific impact on Millennials as different generations are respectively unequally locked-out and locked-in to housing wealth.

Human rights and housing unaffordability: Applying policy practice engagement to a wicked problem

INTRODUCTION: In working with marginalised communities, social workers are confronted with the consequences of housing unaffordability. The 1948 Universal Declaration of Human Rights (UDHR), adopted by Aotearoa New Zealand, identifies housing deprivation as a human right of relevance to social work. This study explores the application of the Policy Practice Engagement (PPE) framework (Gal Weiss-Gal, 2015) as a tool by which social workers can contribute to policy-making processes to address the human right to affordable housing.METHOD: The project used a descriptive/exploratory design. Data were collected by semi- structured interviews of eight subject matter experts in housing affordability: two public sector economists; one private sector economist/developer; two public sector urban planners; one public policy advisor; one non-governmental policy analyst; and one private sector housing strategist. Data were analysed thematically, followed by an inter-rater process.FINDINGS: Participants identified human rights as relevant to the wicked problem (Grint, 2005) of housing affordability. Participants also identified political, economic and environmental factors impacting affordable housing. They considered that these factors are found in local body planning regulations, leading to land supply constraints. Some participants considered that housing unaffordability is the price paid to live in liveable cities.CONCLUSIONS: The PPE framework offers a conceptual structure through which social workers can address housing unaffordability. By understanding the factors causing unaffordability, social workers are enabled to examine why and how they should contribute to policy processes.

ANALYSIS OF FACTORS AFFECTING HOUSING AFFORDABILITY IN RUSSIA

Доступность жилья является очень многогранным понятием, отражающим социально-экономические процессы, происходящие в обществе, учитывающее ожидания населения и его доходы. Проведен анализ факторов, определяющих ценовую политику в секторе недвижимости. Выявленные факторы разделены на две группы: объективные и субъективные. К группе объективных факторов отнесены такие, которые зависят от макроэкономической ситуации, ситуации на рынке недвижимости и факторы, на которые не могут повлиять домохозяйства. К субъективным отнесены факторы, которые зависят от особенностей самих домохозяйств или могут быть ими изменены. Показано, что влияние выявленных факторов необходимо рассматривать комплексно, что обусловлено их взаимосвязью и непропорциональной взаимозависимостью. На примере мониторинга цен для Иваново показан существенный разброс цен в сегменте жилья как эконом-класса, так и бизнес-класса. Проведены примеры анализа влияния различных факторов на формирование стоимости жилья в различных категориях. Предложено разделение понятий доступное жилье» и «доступное комфортное жилье». В частности, при расчете критериев доступности жилья (независимо от методики расчета) следует брать в расчет среднюю цену за наиболее экономичные варианты новостроек. Приводится обоснование важности участия государства в формировании доступного жилья за счет регулирования доходов граждан, а также внедрения государственных программ поддержки граждан по приобретению жилья. Housing affordability is a very multifaceted concept that reflects the socio-economic processes in society, which take into account the expectations of the population and its income. We carried out analysis of the factors determining the pricing policy in the real estate sector. All identified factors are divided into two groups: objective and subjective. The group of objective factors included those ones that depend on the macroeconomic situation, the situation in the real estate market and which cannot be influenced by households. Subjective factors include the ones that depend on the households or can be changed by them. We show that the influence of the identified factors must be considered comprehensively, which is due to their interrelation and disproportionate interdependence. On the example of price monitoring for the city of Ivanovo (Russia), we demonstrate a significant variation in prices in the segment of housing estate, both economy and business class. We give some examples of the analysis of various factors influence on the formation of cost of housing estate in various categories. We offer differentiation of the concepts of affordable housing estate and affordable comfortable housing . In particular, when calculating the criteria for housing affordability (regardless of the calculation method), the average price for the most economical options for new buildings should be taken into account. As well we offer substantiation of the importance of state participation in the formation of affordable housing estate both by regulating the income of citizens and by introduction of state programs to support citizens in home buying.

DETERMINANT FACTORS INFLUENCING HOUSING AFFORDABILITY AMONG BUMIPUTERA YOUTHS IN KLANG

Housing affordability issues arise when the household income is insufficient to cover the expenses of owning a house due to high housing market prices. This significantly impacts potential buyers, especially members of the youth generation who have just embarked on their careers. This study contributes to the empirical studies related to the monetary and non-monetary factors that influence the affordability of housing for Bumiputera youths in Klang. Primary data was gathered from 382 respondents using purposive stratified sampling. The findings indicate that seven main factors strongly influence housing affordability for Bumiputera youths: household income, housing price, loan approval, household expenditure, type of property, number of working households and location. Thus, the findings of this study will contribute to policy decisions, assessments and practices related to housing affordability among Bumiputera youths and support the implementation of the government policy to ensure that at least 75% of Bumiputera households are able to own residential property.

Housing affordability evaluation based on the third-generation prospect theory and the improved VIKOR method

Housing affordability is an important issue and can be measured by an increasing number of indicators. Different urban settings may lead to different housing affordability criteria. This study incorporates the third-generation prospect theory and improved VIKOR method to construct a novel, comprehensive evaluation model for assessing housing affordability. The housing price to income and rent to income ratios were chosen as evaluation indicators, and the yearly median value of each indicator was taken as a dynamic reference point. The housing affordability indicators’ realistic prospect value matrix for large- and medium-sized Chinese cities were obtained for the study period’s duration. The comprehensive housing affordability prospect values were ranked using the improved VIKOR with entropy weight method. The novel proposed approach’s rationality and effectiveness were examined by comparing the original and prospect values, performing sensitivity analysis on the prospect value parameters, contrasting the ordinary and improved VIKOR methods, and comparing the proposed approach with the TOPSIS method. The results demonstrate that the proposed method can consider the decision maker’s psychological factors, endow housing affordability evaluation criteria with dynamic characteristics, overcome the problem of order reversal, and ensure the optimal compromise solution. Therefore, the proposed approach is suitable for housing affordability evaluation.