Most Young Koreans Can't Buy Home Without Parents' Help

  • By Jin Joong-eon

    October 06, 2021 13:20

    More than half of the young people in Seoul believe they could never afford to buy their own home without their parents' help, a straw poll suggests.

    In the poll of people between 18 to 34 across the country by the National Youth Policy Institute, 53 percent of the Seoulites said it is impossible to buy a home on their own. The national average was a little lower at 46.2 percent.

    /Yonhap

    Some 44.4 percent in Seoul said their parents helped with their jeonse or Korean-style deposit lease, compared to the national average of 34.3 percent. A whopping 73.9 percent believe they need to own their home, compared to 68.6 percent nationwide.

    Asked why, 30.3 percent of young Seoulites said to increase their wealth and 28 percent because rents are rising. But only 4.5 percent said they have actually purchased their own home, compared to the national average of 7.8 percent. Another 15.4 percent have given up hope of ever owning a home in the capital and 10.9 percent nationwide.

    Of the 3,520 respondents, 667 live in Seoul. 

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