Most Young People in Seoul Live in Rented Housing

      June 22, 2016 12:15

      Nine out of 10 Seoul citizens in their 30s rent their homes, either monthly or by way of jeonse or Korean-style deposit lease, according to a study released by the Seoul Metropolitan Government on Tuesday.

      City officials surveyed 20,000 households and 2,500 foreigners living in the capital in October last year. Seoul has been conducting the survey annually since 2003.

      Some 88 percent of people in their 30s live in monthly rent or jeonse homes, whereas among over-50s some 61 percent own their homes.

      The household debt ratio stood at 48.4 percent, meaning about half of all households in the capital owe money.

      The biggest reason for taking out loans was to either buy or lease a home with 66 percent of respondents. By age, the debt ratio stood at 76.7 percent for residents in their 30s, 64.8 percent for those in their 40s, 59.1 percent for those in their 50s and 54.1 percent for in over 60.

      As of last year, 24.6 percent or a quarter of the city's population were single households. The proportion of one-person households in the capital has been rising steadily from 21.5 percent in 2005.

      A Seoul city official said a growing number of young people and senior citizens live alone.

      The area of Seoul with the most university-educated residents is affluent Gangnam in southern Seoul at 51.1 percent, while the proportion is only 26.5 percent in northern Seoul.

      Some 59.4 percent of Seoul citizens said they want to live in the capital 10 years from now. Among respondents in their 20s, 66.7 percent said they want to keep living in Seoul.

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