86 Years to Buy an Apartment: The Dismal Reality for Young Workers in Seoul”.

In a recent study conducted by the Korean Trade Union, it was revealed that workers in their 20s would need an average of 86 years to afford buying an apartment in the capital city with their current salaries. This study was conducted by Lee Han-jin, a researcher at the Labor Institute of the Korean Trade Union, who analyzed official statistics on household finances and real estate data to arrive at this alarming conclusion.

The research findings indicated that the average savings of householders in the 20-29 age group in South Korea amounted to 13.9 million won (approximately $10,000 USD) in 2023. However, the average transaction price for an apartment in Seoul stood at a staggering 1.2 billion won ($873,000), making it nearly impossible for young workers to afford housing in the city. This means that a Korean worker in their 20s would need to save for over 86 years to be able to purchase an apartment in Seoul, highlighting the significant challenges faced by young people in the country.

The surge in real estate prices in recent years has significantly contributed to these challenges. House prices nationwide increased by 45% in 2021, with Seoul experiencing particularly high inflation. This has forced many young people to live in cramped and expensive housing in the city, discouraging them from starting families or getting married. To address this issue, the government is working on developing suburban areas and high-speed train networks to encourage young people to consider buying houses outside of the capital.

Additionally, while workers in their 20s experienced an income growth rate of 21% over the past decade, this was only half of the salary growth rate of workers across all age groups. Furthermore, the savings growth rate for young workers was only 12.6%, much lower than the 65% rate observed for workers of all ages. These disparities further exacerbate