Young renters prevail

More than half of young people aged above 16 in Beijing with a college education live in rental housing; about 24.3 percent live with their parents, according to a report on the development of China's young people, the People's Daily website reported.

According to the report, jointly released by the University of International Business and the Social Sciences Academic Press in late April, 11.9 percent of young people in Beijing had bought homes by mortgage; 11.6 owned their homes outright; non-homeowners accounted for 76.4 percent.

Most homeowners are financially supported by their parents. Renters pay an average of 2,000 yuan ($319.50) per month, accounting for 37.1 percent of their total monthly income.