In today's China, mortgages have become an unbearable burden for countless families. In pursuit of so-called "stability" and "happiness," they willingly plunge into this huge debt vortex. However, behind this seemingly beautiful façade lies a tragicomedy of despair and collapse.
First, we must understand the origins of mortgages. Mortgages, as a form of lending, allow people to pay their current home prices with their future income. However, as house prices continue to rise, the amount of mortgages is becoming higher and higher, far beyond the reach of ordinary people. As a result, a mortgage-themed debt wave swept across China.
Let's start with the heroes of those tragedies, who have a common name: house slaves. With a yearning for a better life, they are burdened with heavy mortgage pressure, and they struggle day after day in the reinforced concrete forest. Their smiles are replaced by anxiety and apprehension, and their dreams are worn out by the harsh reality of mortgages. They have to face the reality that most of the monthly salary will be used to repay the mortgage as soon as they arrive in the account. Their lives are kidnapped by mortgages, and their futures are tied to mortgages.
In this wave of debt, we have seen the struggle and despair of countless ordinary people. They bear the heavy burden of decades to buy a house, spending more than half of their income each month to repay loans. For the sake of so-called "stability", they gave up the colorfulness of life and the right to pursue their dreams. They are tied up in this yoke called "mortgage," day after day, year after year.
According to authoritative data from the central bank, by the end of 2021, the total amount of personal housing loans nationwide reached 38.3 trillion yuan. If calculated by this, it seems that every Chinese, old and young, is saddled with a mortgage of 27,000 yuan. However, this calculation method is not scientific, and it does not exclude those who do not have mortgages. So, how many Chinese are actually saddled with mortgages?
In order to attract attention, many self-media claim that there are 400 million house slaves in China, a number like a sword of Damocles, hanging over the head of Chinese society. However, is this data really accurate?
First, we must recognize that the source of this figure of "400 million house slaves" is not clear. We can't find a trace of this number from the official statistics, which raises deep doubts about the accuracy of this data.
Let's put it another way, starting from the data of the seventh population census, we can understand that there are about 243 million urban households in China. So, how many families are saddled with mortgages? According to the "Survey Report on Household Assets and Liability of Urban Residents in China" released by the central bank, 43.4% of urban households in China have housing loans. Using simple mathematical calculations, we can conclude that the number of urban households with mortgages is 105 million.
However, we need to look beyond how many households are saddled with mortgages, but also at the total amount of mortgages. Again, we can find the answer in the central bank's report. According to the report, the total amount of housing loans for urban households in China is 38.3 trillion yuan. So, how much mortgage does the average household need to bear? The answer is 364,800 yuan.
This number may surprise you. 364,800 yuan is undoubtedly a heavy burden for most families. Especially in the current economic climate, many families may despair due to the pressure of mortgages.
Let's understand the indicator of "per capita mortgage", which actually hides the bitterness and confusion of Chinese. Behind this figure is the "collapse" of countless Chinese families under the pressure of mortgages.
Let's make a hypothesis: Bob just graduated and he decides to apply for a mortgage. His monthly income is only 10,000 yuan, but he needs to repay the mortgage as much as 8,000 yuan a month. His quality of life declined dramatically from that moment on. He can't buy his favorite clothes at will, go to a restaurant to enjoy a good meal, or even take his girlfriend to the movies. His life was completely controlled by mortgages, and his personal time, space, and freedom were severely compressed.
In fact, Bob's experience is not an isolated case. In China's major cities, there are countless "Xiaoming" struggling to support their mortgages. They are oppressed by debt, and their lives become dull, boring, and even hopeless.
Yes, the house is where they settle down, where they can rest after a tiring day. However, the mortgage is like a mountain, overwhelming them. In order to repay their mortgage, they have to give up their dreams, give up their pursuits, and even give up their lives.
However, the mortgage collapse is not just a personal tragedy. From the social level, excessive housing loans lead to uneven economic development and aggravate the gap between the rich and the poor in society. Some people quickly accumulate wealth with low loan interest rates and easy loan terms, while others have a significant decline in their quality of life due to the heavy mortgage burden. This economic inequality makes our society more and more like a giant Matthew effect.
At the same time, the large number of mortgages also poses great risks to the financial system. Once house prices fall, these mortgages secured by houses will face great risks and may even trigger a serious economic crisis. Banks can be stranded by a large number of bad debts, which in turn affects the economic stability of society as a whole.
However, in the face of such a crisis, we seem to have nowhere to escape. Although we see the magnitude of the problem, the continued rise in house prices makes it impossible to turn a blind eye. We try to find a solution, but find ourselves in an unsolvable dilemma. Under the pressure of mortgages, we seem to have lost the strength to resist.
In addition, mortgages have had a profound impact on the younger generation. They watched their fathers toiling all their lives to pay off their mortgages, and their hearts were filled with confusion and fear. They no longer dare to sacrifice their youth and dreams to buy a house like their parents. This change in mentality is affecting the values and future development of Chinese society.
This generation of young people, their eyes fixed on the mortgages of their fathers' lifelong work, are full of confusion and fear. They saw their parents exhausted to pay off their mortgage and sacrifice their youth and dreams for a home. Therefore, they are afraid to follow in the footsteps of their parents and dare not bear such a heavy burden.
Instead of spending their lives buying a home, as their parents did, they began to question the goal they once took for granted. This change in mentality is affecting the values and future development of Chinese society.
At one time, the house was regarded as the basic security of a family and the home of everyone's heart. However, the house now has become a heavy burden, a slave to mortgages. Under the pressure of this debt wave, young people feel powerless and hopeless.
Mortgages not only make young people lose the courage to pursue their dreams, but also make their lives stretched. They are afraid to pursue what they really love because they cannot afford the extra burden. They are afraid of the future, afraid that they will have to spend their entire lives paying off their mortgages.
Behind this seemingly prosperous society, young people are paying a heavy price for their mortgages. Their youth and dreams faded under the weight of mortgages, and their future became out of reach in the yoke of this debt.
It's a desperate frenzy about Chinese mortgages, a war without a winner. In this war, both individuals and society have paid a heavy price. However, we cannot and should not just accept such a reality. We need to be heard, we need to act, and we need to find that outlet that can free us from despair.
First, we need stricter regulation of mortgages. Banks should raise the threshold for mortgage applications, lower the loan amount, and avoid excessive borrowing. At the same time, the government should set up a better protection system to provide necessary assistance to families who are struggling with housing loans.
Second, we need to promote a diversified housing supply system. By increasing the construction of affordable housing such as public rental housing and co-ownership housing, reduce the people's excessive dependence on commercial housing, thereby alleviating the pressure on housing loans.
In addition, we need to guide the public to establish a correct concept of consumption and family financial management. It is recommended to live within your means and avoid excessive consumption and advanced consumption. At the same time, we will strengthen the popularization and education of financial knowledge and improve the financial literacy and risk awareness of the public.
Finally, we need to further improve the social security system and financial risk prevention mechanisms. Reduce people's dependence on real estate by improving the level of social security. At the same time, strengthen financial supervision and risk early warning, and prevent and resolve financial risks in a timely manner.
In this desperate frenzy about mortgages in China, we are all victims. However, we cannot give up on the struggle. We must face reality bravely and find solutions to problems. Only in this way can we find hope for survival in this desperate frenzy. Only in this way can we avoid making mortgages a source of collapse in our lives and even in society.
Epilogue:
However, this wave of debt may be seen as a baptism in China's economic development. It allows us to see the cruelty of reality and make us think about the way forward. Perhaps we should return to our original intention, no longer use housing prices and material things as the standard of happiness, but redefine the value of our lives and pursue a truly meaningful future.
In this seemingly desperate wave of debt, we may find a new way out. This requires the joint efforts of our whole society to re-examine our values and development direction. Only in this way can we free ourselves from this vortex of debt and find our true happiness.
Finally, let's take a rational look at mortgages as a force for social progress, rather than letting them be a shackle for our lives. We all have the right to pursue happiness, but we should also understand that true happiness should not be built on endless debts and stress.
In this context, we need to rethink the meaning of mortgages and find a healthier and more sustainable real estate development model. This requires the participation of the whole society and the call for a more just and reasonable financial policy and the emergence of social values.
Let's start with this discussion and gradually change our perception and attitude towards mortgages. Let's work together to find a future where happiness and dignity can be enjoyed by all. Under the challenge of this debt wave, let us become stronger and more resilient, and walk towards a future full of hope and dreams together!
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