楼市寒冬已至，国内房价自2022年起便步入下行通道，且颓势延续至2025年。最新数据显示，9月全国百城二手住宅均价为每平方米13381元，同比大幅下跌 7.38%，今年前三季度累计跌幅已达5.79%。值得注意的是，全国百城二手房价格已连续41个月呈现环比下跌，种种迹象表明，国内房价长期调整的大趋势 已成定局。 那么，在这房价持续走低、楼市格局面临深度调整的背景下，不同类型的家庭又将面临怎样的境遇呢？对于仅拥有一套自住房的家庭而言，或许影响相对较 小，安居乐业足矣。然而，对于那些手握多套房产的家庭（占比高达45%）来说，挑战与困境则显得更为严峻。他们可能将直面以下四大难题： 三、持有成本攀升，压力倍增：持有大量房产的家庭，其面临的经济压力正在不断增加。一方面，许多家庭的收入水平相较以往有所下降，但每月需要承担 的房贷压力却并未减轻。另一方面，国内物价持续上涨，导致物业费、取暖费、电梯费、维修基金等各项费用也水涨船高，进一步加重了持有成本。相比于 仅拥有一套房产的家庭，多套房家庭在物业费用方面的支出压力无疑更大。 四、"以租养贷"梦想破灭：曾经被许多投资者寄予厚望的"以租养贷"模式，如今正面临严峻挑战。在人口流出 ...

从2022年开始，国内房价就步入到长期调整的趋势之中。而在进入到2025年之后，国内各地房价还是延续之前下跌的趋势。数据显示，全国百城二手住宅均 价，9月为13381元/平方米，同比下跌7.38%，前三季度累计跌幅达5.79%。全国百城二手房价格已连续41个月环比下跌。从当前情况看，国内房价调整的趋 势大局已定。 事实上，在当前房价长期下跌，楼市调整大局已定的情况下，对于那些只有一套房的家庭来说，影响并不是很大。他们买房就是为了自住，只要房子住得舒 服就可以了。但对于45%有多套房的家庭，影响就比较深远了，他们将要面临以下这"4个难题"。 另一个是，由于国内物价每年都会有不同程度的上涨。所以，持有多套房的家庭将面临物业费、取暖费、电梯费、维修基金等价格不断上涨的压力。实际 上，持有多套房子家庭的物业费用支出压力要远比只有一套房子的家庭大的多。 第四，"以租养贷"的梦想正在破灭 近些年，国内房价一直在下跌，这让拥有多套房了家庭损失惨重。2019年，上海居民杨斌购买了一套400万的房子。而在时隔6年之后，现在这套房子的市值 只有256万，房价跌幅超过30%。而未来各地的高房价仍有下跌空间，并逐步与当地居民收入挂钩 ...

Core Viewpoint - The Chinese real estate market has entered a prolonged adjustment period since 2022, with average national housing prices declining by over 30%, significantly impacting families with multiple properties [1][3]. Group 1: Real Estate Market Dynamics - The decline in housing prices has been felt across various cities, with second and third-tier cities experiencing sharper declines, particularly in the Beijing-Tianjin-Hebei region where prices have dropped by more than 50% [1]. - The proportion of families owning two or more properties has exceeded 45%, facing unprecedented challenges in liquidating their assets [1][3]. - The supply-demand imbalance is evident, with cities like Chongqing seeing nearly 340,000 second-hand homes listed for sale, while buyer demand continues to shrink [3]. Group 2: Financial Burdens on Homeowners - Families with multiple properties are struggling with heavy mortgage payments, which have become burdensome as incomes decline [3][6]. - The average monthly mortgage payment has surpassed 12,000 yuan, with first-tier city families often paying over 20,000 yuan, consuming more than 70% of their income [6]. - The cost of maintaining properties is rising, with monthly property fees for larger homes reaching 200 to 300 yuan, and additional costs for heating and maintenance increasing annually by 5% to 10% [7]. Group 3: Rental Market Challenges - The expectation of using rental income to cover mortgage payments is becoming increasingly difficult, especially in third and fourth-tier cities where rental demand is low [8][10]. - In major cities like Shanghai, rental prices have decreased, making it harder for homeowners to rely on rental income to alleviate financial pressure [10]. Group 4: Psychological and Social Impacts - The financial strain from high mortgage debts is leading to significant psychological stress, with individuals facing anxiety and depression at rates three times higher than the general population [14]. - Many families are forced to cut back on essential expenses, including education and healthcare, due to the financial burden of their mortgages [14]. Group 5: Risks of Default - The risk of default is a growing concern, with some homeowners considering extreme measures like "defaulting" on their loans, which can lead to severe financial and legal repercussions [15]. - A case study illustrates the potential losses and long-term damage to credit scores that can result from defaulting on mortgage payments, highlighting the precarious situation many homeowners find themselves in [15].

Core Viewpoint - The real estate market in China has experienced a significant downturn since 2022, leading to financial distress for families holding multiple properties as property values continue to decline and the market shows no signs of recovery [1][3][8] Market Trends - Starting in 2022, cities like Tianjin, Zhengzhou, and Shijiazhuang saw initial declines in property prices, which extended to first-tier cities such as Shanghai and Shenzhen by 2023 [3] - As of January 2025, the average price of second-hand residential properties in 100 cities in China was 14,130 yuan per square meter, marking a 0.51% month-on-month decline and a continuous drop for 30 months [3] - In certain third and fourth-tier cities around Beijing, property prices have plummeted by as much as 50% [3] Market Supply and Demand - The second-hand housing market is currently oversaturated, with a surge in listings since 2024; for instance, Chongqing has nearly 340,000 listings, while cities like Wuhan, Hefei, and Xi'an have close to 200,000 each [4] - The oversupply has made it difficult for homeowners to sell their properties, even at reduced prices, leading to a situation where properties are seen as burdens rather than assets [4] Financial Pressures - Many families with multiple properties are facing increased financial strain due to rising costs associated with property maintenance, such as property fees and utilities, alongside potential mortgage obligations [6] - The impending implementation of property taxes in 60 cities, starting from 2024, is expected to further escalate the holding costs for families with multiple properties [6] Changing Rental Market Dynamics - The "rent-to-pay mortgage" strategy has become increasingly unviable, especially in third and fourth-tier cities where demand has plummeted, leading to high vacancy rates and low rental income [6] - In first and second-tier cities, despite relatively higher demand, economic conditions have led to reduced job opportunities and increased living costs, causing a decline in rental prices; for example, rental prices in Shanghai have dropped from 4,500 yuan to 3,800 yuan for a 40 square meter apartment [6] Asset Management Challenges - Approximately 45% of households in China own two or more properties, and these families are now facing significant challenges including asset depreciation, difficulties in liquidating properties, and increased holding pressures [8] - In light of the current market conditions, families are advised to reassess their asset allocations and consider selling excess properties to optimize their financial positions [8]