Record number of 30-somethings in Seoul unable to afford their own homes

SEOUL, November 24 (AJP) - A triple whammy of soaring home prices, an increase in single-person households, and tighter loan regulations has pushed the number of households in their 30s without their own homes in Seoul to a record high.

According to the Ministry of Data and Statistics, the figure rose by 17,215 from the previous year to 527,729, the highest since relevant statistics began in 2015.

After a slight dip from 475,606 in 2015 to 456,461 in 2018, the number of households in their 30s without their own homes began climbing in 2019, rising by about 3,000 in 2021 and reaching 17,000 in 2023.

Homeownership among 30-somethings has fallen for three consecutive years, with 193,456 households owning homes in 2024, down 7,893 from the previous year, and 2.9 times fewer than those in the same age group without homes.

In Seoul, just 25.8 percent of people in their 30s owned homes in 2024, compared to 33.3 percent in 2015 and 30.9 percent in 2020.

Across the country, the proportion fell to 36 percent for its sixth consecutive year, though it remains 10 percentage points higher than in Seoul, suggesting that soaring home prices in Seoul make it difficult for young people to afford their own homes.

Delays in employment and marriage are also pushing back home purchases, while Seoul's high proportion of single-person households is seen as another factor lowering homeownership among young people.

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.

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