It Would Take 13 Years of Saving an Entire Salary Without Spending a Penny to Buy a House in Seoul

As of 2023, it has been found that it would take 13 years of saving an entire salary without spending a penny to buy a house in Seoul. This is 2.2 years shorter than the figure recorded a year ago. According to the results of the 2023 Housing Survey conducted by the Ministry of Land, Infrastructure and Transport of Korea on 61,000 households nationwide, rental households in Seoul spend 22.7% of their monthly income on rent. The most-needed housing support programs, as identified by the public, were loan assistance for home purchases and long-term leases (jeonse 전세 in Korean). Among regions, the time required to afford a home was longest in Seoul at 13 years, followed by Sejong City at 8.7 years, and then Gyeonggi Province, Daejeon, Busan, and Daegu in descending order.

Meanwhile, the homeownership rate—representing the percentage of households owning their homes regardless of actual residence—was 60.7% nationwide last year, a 0.6 percentage point decrease from the previous year’s 61.3%.

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