Young adults are expressing outrage on online communities as they compare apartment prices from a decade ago to current rates.
On August 25, various online forums featured a post titled '2015 Apartment Transaction Statistics (based on 24 pyeong).' The post included data showing the average transaction prices for 24-pyeong (approximately 55-60 square meters) apartments in Seoul from 2015. Notably, the figures indicated that apartments in Gangnam and Seocho districts were priced at 680 million won, while those in Yongsan were at 510 million won. In contrast, areas like Mapo, Seongdong, and Gwangjin had prices around 420 million won. Outer districts such as Dobong and Nowon were priced in the 260 to 270 million won range, while most areas in Gyeonggi Province, excluding Gwacheon (570 million won) and Seongnam (360 million won), were priced between 100 to 300 million won.
However, the current housing market presents a stark reality. According to KB Real Estate and Real Estate R114, apartment prices in Seoul have surged by approximately 14.7% to 15% since the inauguration of the Lee Jae-myung administration. This has led to a 'triple increase' in rental prices, with jeonse (long-term lease) prices rising by 6.77% and monthly rents by 8.99%, placing a heavy burden on young adults and low-income households. The phenomenon of 'one good house' has intensified, with demand concentrating on high-end properties, resulting in a record asset gap between high and low-priced homes, with a ratio of 13.4 times.
In response, young adults on social media have voiced their frustration over the widening asset gap in real estate and criticized political leaders. Comments in female-dominated communities expressed sentiments like, 'There was hope 10 years ago,' and 'Back then, taking out loans to buy a house was frowned upon,' reflecting regret over not purchasing apartments in Seoul at that time.
Some users lamented the significant asset gap between those who were able to buy apartments in areas like Mapo and Gaepo with parental support and those who could not. Others remarked, 'I should have bought a house back then, even if it meant stretching my finances,' while also criticizing the real estate policies of different administrations.
In male-dominated communities, criticism of real estate policies, including regulations on multiple homeowners and land transaction permits, continued. Some users argued that as regulations on multiple homeowners tightened, many sold their properties, leading to increased demand for high-end homes in Seoul, which in turn affected the rental market. There were also observations that the price gap between local and Seoul housing has widened significantly compared to the past.
The majority of users expressed that 'up until the early 2010s, the gap between local and Seoul housing prices was not as severe, but now it is insurmountable,' indicating that it has become increasingly difficult for young adults to purchase homes in Seoul solely based on their income. Discontent with current real estate and tax policies was evident.
Responses in both communities also reflected a common sentiment of holding political leaders accountable for the trends in housing prices. Some users criticized the real estate policies during the Moon Jae-in administration and expressed dissatisfaction with the Democratic Party's overall approach to real estate policy, extending their critique to the current Lee Jae-myung administration.
* This article has been translated by AI.
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