Document Types
Paper Presentation
School Code
N/A
School Name
Housing Affordability: Determining the Percentage of Working-Class Millennials to Afford Renting a Studio-Type Condominium in Bonifacio Global City
Research Advisor (Last Name, First Name, Middle Initial)
Santos, Ronan Sierra
Abstract/Executive Summary
Proper housing is vital for sustainable environments and for an individual’s well-being — providing security, emotional stability, and a sense of belonging. However, the Philippines faces challenges in providing affordable shelter, especially as it has remained in the lower-middle income bracket alongside other Southeast Asian countries for over three decades. Bonifacio Global City (BGC) stands as Metro Manila’s premier business district and contributes to the affordability for housing in the country. This study focuses on the affordability of studio-type condominiums in BGC for working-class Millennials aged 28-43. Conducted through quantitative research methods and a descriptive design, it employed snowball and convenience sampling to gather data from 100 respondents via an online questionnaire. The study found that cost and affordability (87.50%) were the primary factors influencing decisions to reside in BGC. Makati emerged as the most preferred alternative due to its convenience and lower costs. Despite an average monetary allocation of ₱24,241 for housing, the mean rental rate in BGC stands at ₱33,835 across ten condominiums, making studio-type units in BGC affordable for less than 50% of single working-class Millennials. While demand for housing in BGC remains significant, affordability remains a challenge, particularly for those in the lower-middle income bracket. Consequently, Millennials in this demographic could explore government housing options or consider adjacent areas with lower housing rates.
Keywords
affordability; Bonifacio Global City (BGC); housing; millennials; studio-type condominium
Start Date
13-6-2024 10:30 AM
End Date
13-6-2024 12:00 PM
Research Theme (for Paper Presentation and Poster Presentation submissions only)
Socio-Economic and Political Landscape (SPL)
Initial Consent for Publication
yes
Statement of Originality
yes
Housing Affordability: Determining the Percentage of Working-Class Millennials to Afford Renting a Studio-Type Condominium in Bonifacio Global City
Proper housing is vital for sustainable environments and for an individual’s well-being — providing security, emotional stability, and a sense of belonging. However, the Philippines faces challenges in providing affordable shelter, especially as it has remained in the lower-middle income bracket alongside other Southeast Asian countries for over three decades. Bonifacio Global City (BGC) stands as Metro Manila’s premier business district and contributes to the affordability for housing in the country. This study focuses on the affordability of studio-type condominiums in BGC for working-class Millennials aged 28-43. Conducted through quantitative research methods and a descriptive design, it employed snowball and convenience sampling to gather data from 100 respondents via an online questionnaire. The study found that cost and affordability (87.50%) were the primary factors influencing decisions to reside in BGC. Makati emerged as the most preferred alternative due to its convenience and lower costs. Despite an average monetary allocation of ₱24,241 for housing, the mean rental rate in BGC stands at ₱33,835 across ten condominiums, making studio-type units in BGC affordable for less than 50% of single working-class Millennials. While demand for housing in BGC remains significant, affordability remains a challenge, particularly for those in the lower-middle income bracket. Consequently, Millennials in this demographic could explore government housing options or consider adjacent areas with lower housing rates.
