Average House Price for Housing Pension 307 Million Won... Monthly Receipt of 1.04 Million Won

81,205 Home Pension Subscribers... 10,172 Newly Joined Last Year

Apartments in the Gangnam area as seen from a Seoul Metropolitan Police Agency helicopter. Photo by Jang Jin-hyung aymsdream@

[Asia Economy Reporter Kwangho Lee] It has been revealed that housing pension subscribers entrust an average home worth 307 million KRW and receive an average monthly payment of 1.04 million KRW.

The housing pension is a product that allows elderly couples aged 55 or older to receive a fixed monthly amount as a lifelong loan by using their owned home as collateral.

According to the Korea Housing Finance Corporation as of the end of last year, the average housing price of housing pension subscribers was 307 million KRW.

This represents a 3.37% increase compared to 292 million KRW at the end of the previous year. As overall housing prices rose, the housing prices of housing pension subscribers also entered the 300 million KRW range.

The average monthly payment was 1.035 million KRW, an increase of 2.3% compared to the previous year.

The total number of housing pension subscribers was counted at 81,205. During the past year, 10,172 new subscribers joined, and the average age was 72.2 years.

The number of housing pension subscribers, which was 850 in November last year, increased by 37.5% to 1,169 in December compared to the previous month.

It is analyzed that the increase in subscribers was due to the revision of the Housing Finance Corporation Act in December last year, which adjusted the price ceiling of homes eligible for housing pension from the current market price basis to 900 million KRW based on the publicly announced price.

Additionally, the law was amended to allow residents of residential officetels to subscribe to the housing pension, enabling about 46,000 elderly households, which had not been classified as housing and thus could not subscribe to the housing pension, to now join.

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