A government survey has revealed that it takes South Koreans an average of seven-point-one years to purchase their first home, up from six-point-eight years in the previous survey.
Purchasing a house in the greater Seoul area proved especially expensive, requiring prospective homeowners to save the entirety of their yearly income for six-point-nine years straight with zero spending.
The Ministry of Land, Infrastructure and Transport released on Thursday its 2018 housing survey report.
The price income ratio --- the ratio of median home prices to median annual household incomes --- increased from six-point-sevenfold to six-point-ninefold in the greater Seoul area.
This means even if a family saved all its annual earnings, it would still take six-point-nine years to buy a house in the capital region.
The national average edged down from five-point-sixfold in 2017 to five-point-fivefold in 2018.
The price income ratio is used to measure the affordability of homes in a given area.