About one in five young people in South Korea hold debt at least three times their annual income.

According to a report released on Monday by the Korea Institute for Health and Social Affairs, the average debt for households headed by those aged 19 to 39 amounted to 84-point-55 million won, or around 64-thousand U.S. dollars, in 2021.

While the average has increased a whopping two-point-five times from some 34 million won in 2012, the percent of such households reporting a debt-to-income ratio over 300 percent in 2021 stood at 21-point-75 percent, up two-point-six times from 2012.

When calculated by debt service ratio, those with a debt-to-asset ratio exceeding 300 percent in the age group also rose significantly from eleven-point-77 percent in 2012 to 16-point-72 percent in 2021.

A sharp increase in home prices during the period was mainly attributed to the debt hike among youngsters.