(Yicai Global) Jan. 28 -- Almost half of homebuyers in China last year were born after 1980, with the average age across all purchasers around 29 and a half, according to data published today.

Most people born after 1980 buy homes to improve the condition of their homes, Beijing News reported, citing a document published by real estate researcher Beike. The average per-person living space in new homes was 27.8 square meters in 2018, but was slightly lower, at 27 square meters, for those born after 1980 as they sought better homes in which to raise their children, the report added.

The government should formulate more policies to support residents and help them improve their living environment, Beike analysts said, adding that there needs to be greater consideration for living conditions, debt leveraging and demand.

The typical price of a home was 7.1 times higher than the buyers' pre-tax salary. It was slightly larger for those born after 1980, at 7.2, but just 6.5 for those born after 1990 as many were buying homes for the first time. Those born before 1980 were mostly buying by selling their old properties, so the ratio was considerably higher.

There is a lot of pressure on the younger generations to repay their debts, the report said, adding that the average ratio of mortgages against income was 40.8 percent for those born after 1980 and 43.5 percent for those born after 1990.