[New Word Dictionary] Momtech - Endure Until Reconstruction

As real estate regulations tighten, the so-called 'Momtech,' where residents live in old apartments while waiting for reconstruction, is spreading. Graphic by Jin-kyung Lee, Designer

[Asia Economy Reporter Kim Heeyoon] Writer Gong Seonok described the inconveniences of apartment living in her novel Crying Together in One Place as follows: "The apartment was a cauldron of noise. My husband said, 'So what if it's a bit noisy?' He also said, 'It's better than having no home.' At first, I agreed with my husband's words. But as time went by, that was not the case. I sometimes felt unbearably angry. I even teared up, thinking, 'Did I go through all that hardship just to prepare this kind of 'home'?'” The feelings of Mrs. A, a housewife living in a 30-year-old apartment in downtown Seoul, are similar to those in the novel. Recently, she has been arguing frequently with her husband over moving. She confided that since their children's education issues were settled with their second child entering university, her desire to move and her husband's insistence on enduring the current situation clash daily. Because the apartment is old, it is hard to find tenants for the jeonse (long-term deposit lease), and as a couple owning only one house, they cannot afford to rent another place separately, so she somewhat understands her husband's argument to hold on. However, she said that due to daily parking difficulties, heating problems, and above all noise issues, her quality of life has declined for years. She wonders, "How much longer do we have to endure for the house price to rise?" and plans to stay at her parents' home for a while.

“Body-tech” is a compound word combining “body” and “financial tech (재테크, jaetech),” referring to enduring inconveniences while living in an old house in anticipation of reconstruction or redevelopment. If it is difficult to immediately gather a large sum to buy a new home, it is a form of financial strategy where one endures physically in an old and inexpensive apartment slated for reconstruction, aiming for a new home in the future. Recently, as real estate regulations have tightened, body-tech among one-home owners purchasing apartments with high reconstruction potential has been spreading. Experts advise, "Apartments built in the past are often located in optimal urban areas, but since it is uncertain when reconstruction will be realized and how much prices will rise, one should carefully consider the opportunity cost of the time and inconvenience invested in body-tech."

Example usage

A: Honey, we've sent the kids off to college, so let's move to a better place.

B: No. If we endure, the house price will go up. If we do body-tech for a few more years, we can move to a better place. Please bear with it a little.

A: Regulations are tight these days. How long do we wait for redevelopment? I'm getting old too.

B: This house is all we have. If we endure a little longer, it will go up. It's hard to even rent a jeonse place with money.

A: Ugh, if I keep doing body-tech, my body will wear out.