Half of Adults Pessimistic About Home Ownership

  • By Kim Kang-han

    September 16, 2020 13:24

    Half of all adults in Korea believe they have little or no chance of ever buying their own home, a straw poll suggests.

    In the poll of some 2,000 people who do not own a home by job search portal Saramin, 51.4 percent said it is impossible for them to save up enough money to buy their own.

    Those who said it is possible believe it would take them on average 10.3 years to do that and they would need some W610 million on top of their assets (US$1=W1,181).

    Some 71.5 percent said they are trying nonetheless, with 86 percent saving money through installment and deposit savings accounts, while 24.5 percent were trying to raise the money through stock investments, 19.9 percent by bargain hunting and 10.2 percent by working multiple jobs.

    Asked why it seems so important to own their own home, 76.8 percent cited stability and 29.6 percent were afraid that rising rents could leave them with nowhere to live. Others said they are tired of moving around or that buying and selling real estate is the best investment.

    Out of the respondents who said they are not trying to buy their new homes, more than half think it is simply impossible.

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