Abstract
The government of Malaysia has implemented many housing policies and programs to increase the rate of home ownership among youths. However, this rate remains low as the motivation in having a home has decreased over the years, whilst renting became the youths’ alternative. Besides, a high frequency of job changing has influenced them in purchasing a house. Hence, to verify the gap, this research has performed to understand the relationship between perceived job alternatives and home ownership motivation among Malaysian youths. Local amenities investment, social capital investment, financial benefits, and residential stability are dimensions of home ownership used to study its relationship with perceived job alternatives. Whereas, job insecurity used as a mediating factor between perceived job alternatives and home ownership motivation. The research data collected through an online survey and 379 usable respondents were obtained. Results showed perceived job alternative does have a significant relationship with home ownership and its dimensions. There is also a partial mediating effect of perceived job insecurity on the relationship between perceived job alternatives and home ownership motivation. These findings will be useful for the government to understand the Malaysian youth’s motivation in purchasing a house with a job being an influence.
Highlights
The property sector has a promising growth in Malaysia throughout recent years
This study explored the relationship between perceived job alternatives and home ownership motivation as well as determining the mediating effect of perceived job insecurity among Malaysian youth
The findings have shown that three out of the four factors contributing to home ownership which are local amenities investment, social capital investment, and residential stability have a significant relationship with perceived job alternatives
Summary
The property sector has a promising growth in Malaysia throughout recent years. The amount of supply for housing and property has drastically increased exceeding the demand. Home ownership is a crucial drive in improving the behavioral problems among children (Haurin et al, 2002) Youths these days are unaware of the importance of having a house as the source of wealth which can lead to a better future. Against all these claims, in Malaysia, home ownership motivation continuously declining and it’s due to rising prices. Youths in Malaysia are following the footstep of family members by not investing in housing properties This is one of the major problems faced by the government in achieving its goal of increasing home ownership. Social attributes, financial stability, income status, job uncertainty, and awareness of the importance of owning a house are among the factors that reduce the home ownership motivation drive among youth in Malaysia (Abdullah et al, 2012)
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