Housing Affordability: Determining the Percentage of Working-Class Millennials to Afford Renting a Studio-Type Condominium in Bonifacio Global City

• Main Authors: Piega, Johara B., Santos, Ricardo Cholo L.
• Format: text
• Published: Animo Repository 2024
• Subjects: affordability; Bonifacio Global City (BGC); housing; millennials; studio-type condominium
• Online Access: https://animorepository.dlsu.edu.ph/conf_shsrescon/2024/paper_spl/1; https://animorepository.dlsu.edu.ph/context/conf_shsrescon/article/2386/viewcontent/SPL_Piega_Santos____Ricardo_Cholo_Santos.docx.pdf
• Institution: De La Salle University

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.