Seoul Homeownership Rate Falls Below 20%
Stagnant Incomes Amid Rising Rents and Loan Interest
It was found that the number of household heads in their 20s and 30s living in Seoul without homes is nearing 1 million, marking the largest figure since related statistics began to be compiled. When the scope is expanded to the entire Seoul metropolitan area, the number of young households without homes exceeds 2 million.
Analysts say that soaring housing prices amid population concentration in the metropolitan area, combined with limited housing supply, are further raising the barriers to homeownership for young people. On top of this, rising monthly rents and heavier interest burdens on loans are structurally entrenching housing insecurity among the young generation.
According to the National Data Office's Korean Statistical Information Service (KOSIS) on February 8, as of 2024, the number of households nationwide headed by someone aged 39 or younger and not owning a home stood at approximately 3,612,000. This is the highest level since related statistics began to be compiled in 2015.
Nearly 1 million household heads in their 20s and 30s living in Seoul do not own a home, marking the largest figure since related statistics began to be compiled, Yonhap News Agency reported.
Among them, young households without homes living in the Seoul metropolitan area numbered approximately 2,045,000, and the upward trend has continued since the figure first surpassed 2 million in 2022. In Seoul alone, there were about 992,000 such households, also an all-time high.
The number of young households without homes in Seoul has steadily increased from around 800,000 in 2015, surpassing 900,000 in 2020. As the growth has continued since then, the figure has approached 1 million in just four years.
As might be expected, the number of young households that own their homes has decreased. Last year, the number of households nationwide headed by someone aged 39 or younger and owning their home was about 1,288,000. In the Seoul metropolitan area, the figure was around 666,000, and in Seoul it was roughly 216,000, all marking the lowest levels since the statistics began to be compiled.
The homeownership rate was also low. The homeownership rate among young households nationwide was only 26.3%, while the rate in the Seoul metropolitan area was 24.6% and in Seoul just 17.9%, falling short of even 20%. In other words, only one out of four young people in the metropolitan area owns a home in their own name.
Homeownership Drifting Further Away Under the Weight of Housing Prices and Rents
The burden of housing costs is rising rapidly. According to the National Data Office's Household Income and Expenditure Survey, as of the third quarter of 2025, the average monthly rent expenditure for households headed by someone aged 39 or younger was 214,000 won, the highest level since the statistics were revised in 2019. The increase in monthly rents appeared to slow for a while, but in the third quarter of last year it jumped 11.9% year-on-year.
The financial burden of preparing to buy a home is also expanding. During the same period, the average monthly interest payment by young household heads was 166,000 won, making this the only age group to see three consecutive quarters of increase. This is the second-highest level after those in their 40s, who tend to have relatively larger mortgage balances.
In contrast, income conditions appear to be stagnating. As of the third quarter of last year, the average monthly income of households headed by someone aged 39 or younger was 5,036,000 won, with a growth rate of just 0.9%, the lowest among all age groups. The growth rate of disposable income, which excludes taxes and interest, was also limited to 1.2%.
The surplus, which forms the basis for savings and asset accumulation, was 1,243,000 won, down 2.7%, making this the only age group whose surplus decreased for two consecutive quarters.
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