{"id":3453,"date":"2019-06-26T11:24:23","date_gmt":"2019-06-26T11:24:23","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3453"},"modified":"2021-06-04T14:30:22","modified_gmt":"2021-06-04T07:30:22","slug":"south-koreans-own-homes-at-age-43-survey","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/south-koreans-own-homes-at-age-43-survey\/","title":{"rendered":"South Koreans own homes at age 43: survey"},"content":{"rendered":"<p>Home ownership continues to elude younger generations<\/p>\n<figure id=\"attachment_3455\" aria-describedby=\"caption-attachment-3455\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-3455\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_179932589.jpg\" alt=\"\" width=\"1000\" height=\"664\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_179932589.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_179932589-300x199.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_179932589-768x510.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-3455\" class=\"wp-caption-text\">Pedestrians cross the street near Gangnam Station in Seoul. Joshua Davenport\/Shutterstock<\/figcaption><\/figure>\n<p>The average age of South Koreans who acquired their first homes during a four-year period ending 2018 was 43.3, according to a survey by the Korea Research Institute for Human Settlements via <a href=\"http:\/\/koreabizwire.com\/average-home-ownership-age-in-s-korea-is-43-newlyweds-rely-on-loans\/139535\" target=\"_blank\" rel=\"noopener noreferrer\">Korea Bizwire<\/a>.<\/p>\n<p>In comparison, the average age of household ownership was 43 in the 2017 survey and 41.9 in 2016.<\/p>\n<p>The newest survey, which involved 61,275 households, also found that the average age of home ownership went higher among lower-income households\u2014at 56.7 years.<\/p>\n<p>The loan burden on first-time home buyers has also grown higher, survey results showed. The loan-to-value ratio for homes at the time of purchase was 37.8 percent on average, down 0.4 percentage points from 38.2 percent in 2017.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/songdo-smart-city-getting-smarter\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: South Korea\u2019s smart cities getting smarter<\/strong><\/a><\/p>\n<p>For young and newlywed households, the loan-to-value ratio was 45.6 percent and 43.2 percent, respectively, at the time of purchase.<\/p>\n<p>Around 83.3 percent of newlyweds said they \u201cneed to have a home,\u201d survey findings showed. Yet many of them, along with young households, are compelled to rent, \u201cwandering from place to place,\u201d the BizWire is reporting.<\/p>\n<p>Around 80.9 percent and 69.7 percent of young and newlywed households, respectively, lived in homes for less than two years.<\/p>\n<p>For \u201cordinary\u201d households, the proportion of people who resided in a property for less than two years was 36.4 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home ownership continues to elude younger generations<\/p>\n","protected":false},"author":8,"featured_media":20142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[199,198],"class_list":["post-3453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-seoul","tag-south-korea","news_author-property-report"],"acf":[],"yoast_head":"<!-- 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