The Rising Cost of Living For Family

UNAFFORDABLE HOUSING PRICE

The country has gone through a rapid urbanization process where the percentage of urban population has increased rapidly from 50% in 1990 to 74% in 2014 and is projected to increase to 80% by 2030 and 86% by 2050 (UN, 2014; Martin Prosperity Institute, 2017). This has led to the rising prices of housing in the country.

If the median-multiple ratio indicator introduced by the United Nations Center for Human Settlement is used to make comparisons between countries, the price of housing in the country is higher than developed countries such as Ireland (3.4), United States of America (3.6), Canada (3.9) and Japan (4.1).

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