[New Slang Dictionary] Byeorakgeoji - The Shadow of Soaring House Prices

Actor Kim Kwang-gyu (53), who appeared on the recently aired MBC program "I Live Alone," revealed his experience of a house price he intended to buy doubling, attracting attention. Photo by MBC "I Live Alone" broadcast capture

[Asia Economy Reporter Kim Heeyoon] Actor Kim Kwanggyu (53), who recently appeared on the MBC program "I Live Alone," revealed his experience of a house price doubling, drawing attention. He disclosed that a few years ago, while living in a jeonse lease at an apartment in Namgajwa-dong, Seodaemun-gu, Seoul, a real estate agent suggested he purchase the house. Contemplating buying his own home, Kim said he saw media reports at the time predicting that house prices would soon fall, so instead of buying, he moved to a monthly rent apartment in Gangnam-gu, fulfilling his long-held dream of living in Gangnam. Singer Yuk Joongwan, who bought the apartment where Kim had been living on jeonse as his newlywed home, said the current house price has doubled. On the show, Kim said, "The Namgajwa-dong apartment I lived in on a 600 million KRW jeonse has now risen to 1.3 billion KRW," adding, "After moving to Gangnam and paying monthly rent, my living expenses have become tight, and I think the pain now is even greater than when I was previously scammed on a jeonse contract. Every moment at home is painful." When his co-stars offered words of comfort, Kim added, "Yuk Joongwan became rich by buying a house, but I have spent all my living expenses on monthly rent."

The term "byeorakgeoji" (literally "lightning poor") is a real estate neologism used self-deprecatingly by those who suddenly become monthly rent refugees due to skyrocketing house prices and jeonse difficulties, contrasting with "byeorakbuja" (lightning rich), which means becoming rich overnight. Recently, as many have become "byeorakbuja" through rapid stock price increases, the term is also used ironically by people who, instead of overextending themselves to buy houses or stocks, focused solely on their jobs and suddenly fell into poverty overnight. Experts diagnose that the reality where no matter how much salary one earns at work, it is difficult to escape a lifetime of jeonse and monthly rent refugee status due to soaring house prices is rapidly devaluing labor. Recently, with many office workers flocking to stock investment, which can yield large profits with small capital, a new term "Donghak Ant" has emerged. On internet community boards for workers in their 20s and 30s, comments like "The job is just a place that provides stable income, and the goal is to invest that income in stocks to save seed money for an apartment" are common. They say, "If you only rely on your salary, it's hard to avoid becoming a byeorakgeoji."

Example

A: Hey, what should I do? My jeonse contract is about to expire, and the landlord is telling me to move out completely.
B: They want you out with no warning? Without even saying they’ll raise the jeonse deposit?
A: A few months ago, they asked for a 50 million KRW increase, but now the market price has risen so much that it seems they just want me out. So I said I’d request a contract renewal...
B: So they want to live there themselves and are kicking you out? Where are you going to find another place right away?
A: If I had listened to my mom and bought a house back then, I would have made 500 million KRW. I never thought I’d become a byeorakgeoji, seriously.

This content was produced with the assistance of AI translation services.