Survey on Living Conditions in Dabang
About 70% of single-person households are monthly rent tenants, and among them, 4 out of 10 spend 20-30% of their monthly income on rent. With the recent surge in demand for monthly rental listings due to the reverse jeonse crisis and the continued rise in monthly rents, concerns are growing that the housing cost burden for single-person households will worsen in the future.
On the 11th, Station3, which operates the domestic real estate information platform ‘Dabang,’ conducted a housing condition survey from the 13th to the 19th of last month targeting users of its app. The results showed that the housing transaction type for single-person households was overwhelmingly monthly rent (68%) compared to jeonse (27%). This means about 70% of single-person households live in monthly rental housing.
Among the total 832 respondents, 45% (376 people) were single-person households, with the age distribution being 30s (34%), 20s (29%), and 40s (27%) in that order. The types of residences were studio apartments (52%), two- or three-room units (24%), officetels or urban lifestyle housing (15%), and apartments (8%) in that order.
When asked about the proportion of monthly income spent on housing costs, 39% answered ‘10% or more but less than 20%,’ and 38% answered ‘20% or more but less than 30%,’ indicating that 4 out of 10 people bear 20-30% of their monthly income as rent.
The average monthly income of single-person households was most commonly ‘2 million to less than 3 million KRW’ at 40%. This was followed by ‘3 million to less than 4 million KRW’ (22%) and ‘1 million to less than 2 million KRW’ (15%). When asked about the largest expenditure item from their monthly income, about half of the respondents (48.1%) answered ‘housing costs (jeonse, monthly rent, utilities).’ This was followed by ‘food purchases’ (19.1%) and ‘dining out expenses’ (13%).
When asked about the desired proportion of monthly rent expenditure relative to monthly income, 71% of respondents chose ‘10% or more but less than 20%,’ followed by ‘20% or more but less than 30%’ (23%).
Jang Junhyuk, head of marketing at Dabang, said, “Through this survey, we found that more than half of single-person households live in monthly rental housing and that the proportion of income spent on housing costs is high. As demand for monthly rental listings is concentrated and monthly rents continue to rise in the real estate market, the housing cost burden for single-person households is expected to intensify going forward.”
Meanwhile, this survey was conducted by Dabang, the largest real estate information platform in Korea, over seven days from the 13th to the 19th of last month, targeting users of its app. The total number of respondents was 832, and the data analyzed included responses from 376 single-person households.
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