The co-living trend is becoming a practical solution to the housing problems that trouble many young professionals in Hong Kong.
As prices for lodging in Hong Kong continue to rise, it grows increasingly difficult for the next generation of the working class to find a place to stay.
A community of illegal dwellers living in an underground slum was recently discovered beneath a high-end apartment block in Beijing.
Residents of the apartment units in Julong Gardens were shocked to discover that around 400 people had taken shelter in the basement of the residential/commercial building.
High property costs in Hong Kong have prompted a lot of people to live in cheap, tiny housing units that have become famously known as coffin cubicles. Taking a cue from the capsule hotels found in Japan, some entrepreneurs have created a successful business in Hong Kong renting out single-sized bed space pods to city dwellers.
Offering quite an upgrade to the increasingly common coffin homes in the city, each of these space capsule pods comes equipped with air-conditioning, a bed with a mattress, a pillow, bedding, outlets for charging devices, three different lights, and a small fire extinguisher. The pods are also secured with key-card access and lodgers are provided with shared space for kitchen, bathroom and common area.
With diminishing residential spaces available, local property developers in China have still found a way to maximize profits, leading to the creation of the most blatant display of capitalist greed: Shenzhen Mini-Houses.
In the modern metropolis of Shenzhen in China, many residents are living in tiny six-square-meter flats that cost around $150,000 (1 million yuan), Forbes reported. Such expensive mini-houses have started to become the norm, to the annoyance of many.
A recent report published by the National Low Income Housing Coalition revealed that an American needs to earn at least a wage of $20.30 per hour in order to afford a modest, two-bedroom apartment in the U.S.
The so-called “housing wage” is $4.88 higher than the estimated national average wage of $15.42. The discrepancy, however, gets a lot more alarming for the minimum wage earners who get $7.25 per hour, Citylab reported.