"Living with Parents is the Only Option"... Soaring Housing Prices Lead to a Surge in 'Kangaroo Generation' Among 30s and 40s [Heo Midam's Youth Report]

3.13 Million 'Adult Kangaroo Tribe' Living with Parental Support... 650,000 in Their 30s and 40s
Experts: "Reason for Increase in Kangaroo Tribe? Related to Rising Housing Prices"

Young job seekers visiting the job fair are looking at the recruitment bulletin board. The photo is unrelated to specific expressions in the article. Photo by Asia Economy DB.

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[Asia Economy Reporter Heo Midam] # Kim, a 31-year-old office worker living in Yongin, Gyeonggi Province, has been working for over five years but still lives with his parents without becoming independent. Kim said, "Since my workplace is in Seoul, I dreamed of living independently, but I thought the various living expenses such as apartment maintenance fees and food costs would be burdensome if I lived alone." He added, "It's already hard to save money, and if I live independently, it would be even harder to accumulate assets." He continued, "I want to continue living with my parents while giving them living expenses once I have a bit more financial leeway."

As housing prices and jeonse (long-term lease) prices have sharply risen mainly in Seoul and the metropolitan area, the so-called 'Kangaroo tribe'?those who live with their parents with their help?has increased. The Kangaroo tribe refers to those who are of an age to be independent but still rely financially on their parents.

It has been found that not only people in their 20s who are just starting their social lives but also those in their 30s and 40s who are actively working do not become physically or financially independent from their parents. Since finding a job itself is difficult and even if they get one, it is hard to afford the costs for social independence such as 'owning a home,' they end up relying on their parents. Experts analyze that the rapid rise in housing prices has also had an impact.

A real estate agency located in Songpa-gu, Seoul. The photo is unrelated to specific expressions in the article. [Image source=Yonhap News]

Oh, a 26-year-old working at a content production company, introduced himself as a member of the 'Kangaroo tribe.' He said, "It's very difficult to become independent in these times. Housing prices are rising, and with inflation, I don't even dare to live alone." He added, "My parents told me to wait until housing prices go down a bit before becoming independent." He also mentioned, "Among my acquaintances, some live by paying monthly rent to their parents."

According to a survey, there are quite a few Kangaroo tribe members like Oh who do not leave their parents' side despite being adults. According to the '2020 Population and Housing Census - Basic Population and Household Items' released by Statistics Korea last September, as of November last year, the number of Kangaroo tribe members living with their parents' help was 3,139,000 (7.5%).

The proportion of Kangaroo tribe members was highest among those in their 20s at 38.9%. Among them, the Kangaroo tribe in their 30s (7.0%) and 40s (2.2%), considered the main productive population, totaled 650,000. In other words, one in five Kangaroo tribe members is in their 30s or 40s.

The increase in the Kangaroo tribe is also related to the rise in housing prices. According to the monthly housing price trend time series data from KB Kookmin Bank, in October, the average apartment price in the top 20% (5th quintile) of the metropolitan area was 1,503,070,000 KRW. This is the highest since the statistics began.

Compared to just a year ago in October last year (1,227,540,000 KRW), it rose by 275,530,000 KRW. Compared to May 2017, when the Moon Jae-in administration began (721,330,000 KRW), it more than doubled.

The photo is unrelated to specific expressions in the article. [Image source=Yonhap News]

Given this situation, young people ultimately give up on independence itself due to skyrocketing housing prices and worsening economic conditions.

In particular, some young people continue to live with their parents even after marriage. Unable to bear the increased living costs, they choose to live with their in-laws rather than moving out after marriage.

One netizen expressed on a mom caf?, "I live with my in-laws and feel awkward. Although my parents-in-law treat me comfortably, it still feels like sitting on a bed of nails," and added, "I want to find a house and move out as soon as I have financial stability."

However, many parents feel burdened by their children's dependence. According to a survey conducted by the LINA Life Insurance Social Contribution Foundation, LINA Jeonseonggi Foundation, targeting 1,068 men and women aged 55 to 74 living in Seoul on the topic of social participation after retirement among middle-aged and older generations, 91.7% of respondents answered that they have no plans to take care of their children.

Experts point to high housing prices as one of the causes for young people becoming members of the Kangaroo tribe. Professor Kim Taegi of Dankook University's Department of Economics said, "As housing prices rise, young people inevitably cannot leave their parents' side. Also, there are not as many jobs as before. Due to these various factors, young people choose to become part of the Kangaroo tribe."