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Despite of the significant progress made in the technology of building construction
and architectural design, many housing problems exist. In the 1960s and
1970s, the dream of a typical salaryman was "A 20-million-yen home
one hour away from work." By the early 1980s, home-ownership in Japan
was high. Just three decades after WWII, about two thirds of all families
in Japan owned homes of their own. However, in the 1980s, the dream collapsed.
Housing prices soared out of sight. In 1988 a successful salaryman earned
5 million yen a year, and to obtain standard 35-year mortgage, could not
spend more than 17% of his income annually. In some cases, there are even
mortgages that spread across two generations. The son continues to pay
for the house or apartment that he inherited from his father.
Housing has been the most expensive item for urban dwellers because of the growing urban population and scarcity of land. Prices of land in residential areas of large cities rose 200-fold between 1955 and 1990. With the current decrease in population of the younger generation, perhaps the housing problems will improve. More creative use of space in the city could also lead to better and more economical living environment in Japan. |
