South Korean Newly Weds Need 7 Years to Own a Home
kpride, April 16, 2015, 9:12 a.m.
It takes an average of 6.9 years for a newlywed couple to afford their own home, the Ministry of Land, Infrastructure and Transport said Wednesday citing a survey on 20,000 households nationwide. In 2010, it took 8.5 years for young couples to buy their own home.
Ministry official Kwon Hyuk-jin said, "The number of households being able to afford their own home has increased thanks to low interest rates, tax cuts for first-time buyers and other stimulus measures."
But almost 55 percent of households live in rental accommodation, an increase of 4.5 percentage points compared to 2012 and the highest ratio since 2006. The part of monthly wages that goes into housing rent stood at 20.3 percent, up from 19.8 percent in 2012. And the proportion of households who own their own home fell from 61 percent in 2006 to 58 percent.