45.1% live in monthly rent… 8.9%p increase compared to 2 years ago
Spending 1.28 million won per month on living expenses… 40.8% of average monthly income
The average monthly income of a single-person household in Korea is 3.15 million won, of which 1.28 million won (40.8%) is used for living expenses.
This is an increase of about 2.1 percentage points (p) from the proportion of living expenses (38.7%) as of 2022, and it is analyzed that the burden of living expenses and loan repayment has increased due to high interest rates and high inflation.
KB Financial Group announced the results of this survey through the ‘2024 Korean Single-Person Household Report’ on the 17th.
According to the survey, the average monthly income of a single-person household was 3.15 million won, and 40.8% of the total was spent on living expenses such as housing, food, and leisure expenses.
On the other hand, the surplus funds remaining after living expenses, loan repayment, and savings from monthly income amounted to 16.2% of the total, a 3.9 percentage point decrease compared to 2022 (20.1%).
An official from KB Financial Group explained, “Compared to 2022, the proportion of living expenses and loan repayments has increased, and free funds have also decreased.”
45.1% of monthly renters… 8.9%p increase compared to 2 years ago
Among single-person households, monthly renters accounted for the most at 45.1% of the total. 30.0% were renters, followed by owner-occupiers at 21.8%.
Compared to two years ago, the proportion of monthly renters increased by 8.9%p, while the proportion of people owning a home decreased by 6.2%p and the proportion of jeonse properties decreased by 2.1%p.
In this year’s survey, the proportion of single-person households who responded ‘intent to purchase a home’ was 53.6%, only a slight increase from 2022 (50.9%).
The type of house they wanted to purchase was overwhelmingly apartments (77.5%), showing high preference following 2022 (75.4%).
The proportion of people wishing to purchase housing types other than apartments is insignificant, and all have decreased compared to 2022.
54.9% of single-person households have a loan… Average 78 million won
54.9% of single-person households had a loan, an increase of 7.2 percentage points compared to 2022 (47.7%). The average loan balance was 78 million won, a decrease of about 21 million won compared to 2022 (99 million won).
The types of loans held were secured loans at 56.0%, credit loans at 32.9%, and other loans such as car loans, card loans, and student loans at 11.1%, which did not change significantly compared to 2022.
Meanwhile, 76.8% of single-person households managed their assets through their own planning, while 14.8% did not manage their assets.
There were more single-person households (32.0%) that said they were not good at managing their assets than single-person households (21.8%) that said they were doing well.
(Seoul = News 1)
Source: www.donga.com
