Home ownership rate South Korea 2022, by age

Among heads of households in their seventies in South Korea, about 70 percent owned homes in 2022, followed by those in their sixties at around 68 percent. According to the source, the homeownership rate overall that year was 56 percent. 

Decreasing housing purchases

There has been a decline in apartment prices, as the prices have averaged over five million South Korean won per square meter and surpassed 12 million won in the capital city of Seoul. This decline has partly led to lower housing transactions, with the volume of housing transactions dropping below one million. Since 2021, the sales price index for housing purchases in South Korea has experienced a sharp decline.

Living in South Korea

There has been a slight increase in living space per person despite the high population density in South Korean cities. While most households live in high-rise apartments with five or more stories, only a fraction live in stand-alone houses. Nonetheless, most Koreans in their thirties believe they should own their own house, though financial factors may make this difficult to achieve.