SEOUL, June 4 (AJU PRESS) - People in their 20s would need to save for an average of 86 years to buy their own home in Seoul, a survey reveals.
According to the survey conducted by the Korean Confederation of Trade Unions, the average annual income of households under 29 was 41.23 million won ($29,981) last year, but deducting essential living costs and taxes, their savable income dropped to 13.89 million.
With the average sales price of apartments in Seoul at about 1.2 billion won last year, it would take them nearly 90 years of saving every spare penny to afford a home in the capital, suggesting that they have little or no chance of ever buying their own home.
The length of time has dramatically increased over the past decade from 39.5 years in 2014, mainly due to a steep rise in real-estate prices.
"Apartment prices in Seoul have risen far more steeply than income, accelerating income disparity and polarization in wealth," said Lee han-jin who led the survey. "The government should make every effort to offer affordable homes for more people."
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