Abstract
Homeownership becomes the dream of all households. It requires proper planning on the buyer's income and expenses. The different level of household expenditure often influences the allocation of money for house purchasing. Hence, various types of household expenditures have been studied to see how far they may affect the current income and homeownership. A mixed-method was adapted to completing the study. A study sample was obtained through the questionnaire survey among respondents residing within Klang Valley region. The analysis was conducted using the correlation technique. The results show that all categories of expenditure are significant and have a high impact on the status of homeownership.
Highlights
Homeownership becomes a big dream among households
Main data set has been divided into two data sets, namely (i) the tenant and (ii) the owner of a house. Both of these data sets have been conducted with Pearson Chi-square correlation analysis along with significant household expenditures
The results show that all of these expenditure types are significant on their monthly income and affect the ability of a household to own a property
Summary
Homeownership becomes a big dream among households. The level of affordability has been a significant hindrance in acquiring a house amongst the households. Several reasons were identified including high purchase cost with high financing rates which influence the households’ current expenditure and their quality of life. In addition to the surplus of household income in considering affordability, the problem is more apparent whereby every housing loan offered is subject to various requirements imposed from time to time. Through the 10th and 11th Malaysia Plan (Malaysia Government, 2015), the Malaysian government is working very hard to provide a home to all income groups in line with the government's objective of homeownership. Provision of housing at prices as low as RM130,000 were set to be delivered for the lowincome earners of RM 3000 a month (Khazanah Research Institute, 2014).
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