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Buy a home?
The Vietnamese capital Hanoil is an exotic locale for a couple of reasons: it’s home to the largest concentration of Chinese tourists in the world, and it’s also home to a growing number of real estate companies.
But there are also plenty of people who aren’t as keen on the idea of renting out a home.
In Hanoig, real estate agents say they’re trying to lure buyers with the idea that renting a home is an affordable alternative to buying one.
«There are people who are willing to pay a higher rent,» says Paul Nguyen, president of Nguyen Properties, one of Vietnam’s largest real estate houses.
He notes that renting is also popular in other Asian nations.
«We don’t really see that as a bad thing,» he says.
But it’s unclear exactly how many of those who rent do so for the right reasons, or if the money makes up for the extra cost.
«The real estate industry in Vietnam is very conservative, and the cost of living is very high,» says Nguyen.
For Nguyen, who has lived in Hagoi for a decade, the answer to that question is complicated.
«A lot of people in Vietnam are struggling financially,» he said.
«And the government is trying to make things affordable.»
In the United States, rents are among the highest in the developed world.
But in Vietnam, the average price for a two-bedroom apartment is $1,300 a month, compared to $1.15 in the United Kingdom and $1 a month in Singapore.
«That’s not cheap,» says Hanoilean-born Nguyen.
«It’s also a lot of money.»
For many, the extra expense isn’t worth it.
«If I’m looking to buy a house, I’m going to spend the money for something that I actually like,» says one young man in Hangoi.
For many in Haoi, however, the rental market is just as appealing.
«I’m not too interested in a new house, so if I can get a better deal, I’ll definitely do it,» says a young woman in Hondo.
In the end, the cost is worth it for many in the country.
«In a way, renting is a great option because you don’t have to work,» says David Chiang, a senior researcher at the Asian Studies Program at Columbia University.
«So you can spend time with your family, and you don’ have to worry about having to pay taxes on income.»
But for others, it might not be worth it at all.
«You can buy a nice house, and get all of your expenses covered,» says Rolf Riesner, an economist at the University of Chicago.
«But if you don, you’re not going to be able to afford the monthly rent, or you’ll end up living in a small apartment with no furniture.»
And many of these same people, in some cases, may end up buying a home they never even consider owning.
«People buy a lot,» says Chiang.
«They don’t think about the cost.»
Read more about renting in Vietnam: • Vietnam is the world’s largest country with a population of around 2.3 billion.
But according to a 2016 report by the United Nations, it has the highest debt-to-income ratio in the region.
A recent study by the U.N. Office for the Coordination of Humanitarian Affairs estimated that the country’s average annual per capita income is $2,800, which is more than three times the United Arab Emirates’ average per capita wage.
And while the population of Hanois is still growing, its rate of growth has slowed.
• Hanoix has a per capita GDP of $8,621.
The average monthly wage is $600, according to the U-Tasne.
The median monthly household income is about $2.1 million.
In other words, an average family of four would have to earn $22,000 a year to afford a typical home in Hongoi.
• If you want to move to Hano Island, you’ll need to pay $10,000 for a one-bedroom, $6,000 per month for two-bedrooms and $4,000 to $7,000 in total for a three-bedroom.
• When it comes to real estate, the median price in Hien was $1 million in 2017, according the Real Estate Institute of Vietnam.
The Hanoidians also tend to have higher prices than the residents of the United Sates.
The city of Hien is considered one of the world-class destinations for international visitors.
It has international hotels, cruise ships and restaurants.
But most people in Hhois living conditions are quite poor.
«Hanoi is a place where the rich people have a lot, and then the poor people are left behind,» says Khoi