6 out of 10 Koreans Feel Home Ownership Is a Must

  • By You So-yeon

    May 27, 2021 11:20

    Six out of 10 Koreans believe that they must own their home, and around 40 percent of households have gotten into debt to buy or lease one.

    The findings come from a poll of 5,000 people by the Korea Housing Finance Corporation surveyed from September of 2020 until January.

    Some 61.4 percent of respondents said home ownership is a must and only 18.5 percent said they would definitely live in a rental home if it guarantees stability. Another 11.2 percent felt it is important to own more than one home for investment purposes.

    Some 30.1 percent said they plan to buy a home in the future, down 2.2 percentage points from the same poll last year. But 52.9 percent of those who do not own their home and 56.5 percent under 30 said they want to own one.

    /Yonhap

    High-income earners are more likely to take out housing loans with 55.7 percent in the top 20 percent of the income bracket compared to 12.3 percent in the bottom 20 percent, who find it more difficult to get credit.

    By age group, 54.2 percent of 40-somethings had taken out housing loans, compared to 46.8 percent under 30, 43.3 percent in their 50s and 18.7 percent over 60, who are more likely to have paid their loans off.

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