The number of housing pension subscribers exceeded 115,000 as of July this year. The metropolitan area, including Seoul and Gyeonggi Province, accounted for 62% of the subscribers by region.
According to data submitted by the Korea Housing Finance Corporation to Kim Hee-gon, a member of the National Assembly's Political Affairs Committee, the total number of housing pension subscribers reached 115,687 as of July this year. Last year, 14,580 people subscribed, marking the highest annual subscription since the housing pension was introduced.
Rep. Kim said, "It is estimated that the rapid rise in housing prices, followed by a recent adjustment period, prompted people to hurry and subscribe to the housing pension before prices fall further."
By region (city/province), Gyeonggi Province had the highest cumulative number of subscribers as of July this year, with 39,984 people (34.6%). In 2022, 5,848 people subscribed, accounting for 40.1% of the total subscribers that year.
Next was Seoul with a cumulative total of 31,717 subscribers (27.4%), and last year, 3,389 people subscribed, marking a record high.
Within Seoul, Nowon-gu had the highest number of subscribers at 3,303, followed by Dobong-gu (2,229) and Gangseo-gu (2,109). Gangnam-gu (564), Seocho-gu (559), and Songpa-gu (1,454), which have high housing prices and many high-income residents, showed relatively low subscription rates.
Based on the total number of housing pension subscribers, the metropolitan area including Seoul and Gyeonggi Province accounts for 62%, making up the majority. Among major cities, Busan, which has entered a super-aged society with a high aging rate, had only 9,241 subscribers (8.1%).
The average monthly payment of the housing pension was 1.46 million KRW as of July this year, down from 1.587 million KRW last year. Seoul's average was 2.027 million KRW, while Busan's was 1.264 million KRW.
By age group of housing pension subscribers, those aged 70-74 accounted for the largest share with 28,149 people (24.3%) cumulatively. Next were those aged 75-79 with 24,159 people (20.9%). People in their 70s accounted for nearly half at 45.2%.
On the other hand, the 60-64 age group, just after the retirement age of 60, accounted for only 16,603 people, or 14.4% of the total. This suggests that the housing pension is more utilized by people in their 70s, after disposable income drops following retirement, rather than immediately after retirement.
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