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Survey: First Home Purchase Takes 7.1 Years

Write: 2019-05-16 16:55:13Update: 2019-05-16 18:07:30

Survey: First Home Purchase Takes 7.1 Years

Photo : KBS

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.

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