Every weekend, I rise at 7 a.m. to get on the subway to hunt for apartments. The cheapest two-bedroom homes in the suburbs of Shanghai cost $200,000 or more, which would take me more than 12 years to pay off — if I don't spend a dime of what I make.
This is the reality of China's boom. After decades of explosive growth, the cost of living in China's big cities has skyrocketed, and many young people have been priced out of the housing market.
People in the West tend to think the Chinese are taking over the world; the reality is young people here struggle to make ends meet. Putting food on the table and having a shelter are still their biggest concerns. I'm 27, with a graduate degree in journalism and a good job in my field, and I'm worried about these basics.
No Home, No Honey
Owning a home is even more important in China than in America. Homeownership is the main prerequisite for single men looking for wives — property becoming a unifying force that binds two families together.
“ A rough calculation reveals that every month after paying the mortgage and for food and other essentials, I will have a little more than $100 left. A crowded bus ride to the office now takes nearly two hours.