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Japan’s population drops by nearly 800,000 with falls in every prefecture for the first time
(www.theguardian.com)
this post was submitted on 26 Jul 2023
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That's true, and Japan does have a workers shortage, but unfortunately they are planning on meeting that worker shortage by building robots.
In fact they have already deployed robots in places like airports and restaurants. You can occasionally see them depending on where you go.
One thing I would like to refute however is that housing costs in Japan are quite low compared to the United States. You can buy a house in Tokyo for less than you can buy a one-bedroom apartment in New York or the Bay area. Houses in the countryside are way cheaper.
There are literally millions of vacant houses in Japan right now that are being maintained by family members or neighbors. They are literally boarded up and you can buy them for pennies. I was just in Japan a month ago and in one town near Tokyo, over 50% of the houses were vacant.
But pay is not the same as in the US. Average wage in the US is 77k in Japan it’s 41k. Wages have been even more stagnant in Japan than in the US. Also Japan is in a unique situation. Nobody wants to live in an old home unless they have no choice, because Japan is an earthquake prone country. People only want to live in a home that’s build up to the latest building code. Otherwise people wouldn’t choose to live in tiny apartments. People rather live in a small new apartment than a larger old one, because they fear the old building is a death trap. Therefore rent and prices for relatively new homes are still high. And that’s also why, unlike the rest of the world, houses depreciate in value. And because houses depreciate they are maintained poorly. If you buy such a cheap house you need to raze it to the ground anyway and rebuild from the ground up, because the building is falling apart. Yes cheaper than in the US but you will most certainly lose a significant amount of money when you sell the home again. They are not investments in Japan.
Re: that last sentence -- housing should never have become an investment in the first place.