Newlyweds Still Feel Home Ownership Is Essential

      May 07, 2015 09:43

      The vast majority of newlywed couples still believe home ownership is essential, according to a survey by the Ministry of Land, Infrastructure and Transport.

      In the poll of 2,677 couples who have been married for less than five years, 84.7% said home ownership is a must, compared to a slightly smaller proportion of 79.1 percent in the population at large.

      But the survey also showed that 63 percent of newlyweds in fact live in monthly rental or "jeonse" (Korean-style deposit lease) homes, and only 29 percent own their homes.

      Newlywed couples expect it to take eight years and nine months until they can afford the down payment on their own home.

      Asked about their criteria when choosing a home, 47.6 percent said their prime consideration would be proximity to work, while 26.6 percent cited the quality of the neighborhood and 17.7 percent proximity to their parents.

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