Koreans Buy Their 1st Home Later in Life

      June 25, 2019 12:45

      Koreans now have to wait until an average age of 42 before they can afford to buy their first home. They borrow an average of 38 percent of their home value from banks.

      According to report by the Korea Research Institute for Human Settlements on Monday, the average age of first-time homeowners, be it by purchase or inheritance, was 43.3 in the past four years.

      In a similar survey in 2016 the average age was 41.9.

      Some 57.6 percent bought homes they were already renting, followed by those who purchased newly built apartments (20.8 percent) and those who received homes as gifts or inheritance (15.6 percent).

      Younger people and newlyweds who bought their first home when they were in their late 20s or early 30s took out a lot of loans to buy homes. The average loan-to-value ratio was 45.6 percent for younger people.

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