2 out of 3 Tenants Experience "Housing Insecurity"

Only Half Own Homes Are "Stable"
77% "Willing to Live in Public Rental Housing"

[Asia Economy Reporter Kangwook Cho] As housing prices soar, three out of three tenants are reported to feel anxious about their current living situation.

According to the final report of the "Long-term Public Rental Housing National Perception Survey," commissioned by the Korea Land and Housing Corporation (LH) to AI and big data specialist company Vibe Company, an online survey was conducted targeting 3,000 adults aged 19 to 59 nationwide. When asked, "Do you think your current housing situation is stable?" 50.8% answered "Yes."

By housing type, 63.6% of homeowners responded positively, but only 33.5% of those living in jeonse or monthly rent housing answered affirmatively. This means that two out of three tenants living in jeonse or monthly rent perceive their current housing situation as unstable. Even among public rental housing residents, positive responses were less than half, at 48.1%.

The reasons for housing insecurity mainly included the heavy burden of monthly rent or jeonse deposit payments and anxiety that recent increases in jeonse prices might prevent maintaining the same level of housing environment for the same amount of money.

The "Young Chul" phenomenon was also confirmed among those in their 20s and 30s. Young people, who previously did not feel a strong need to own a home, have recently shown interest in housing comparable to older generations, even leading real estate-related communities. This is analyzed as a result of both hope and a sense of crisis driven by the sharp rise in housing prices and jeonse/monthly rent costs.

The report explained, "Witnessing many cases of asset growth through real estate investment has strengthened the perception that even earning a salary from a good job is not as effective as successful financial investment," adding, "The pressure that failing to own a home now could lead to a failed life due to further housing price increases has heightened the sense of crisis."

Meanwhile, attitudes toward public rental housing were relatively positive. Regarding the construction of public rental housing near their residence, 56.7% responded positively, 35.2% were neutral, and 8.1% responded negatively. When asked if they would be willing to live in public rental housing if given the opportunity, 76.6% answered "Yes."