1,377 Minor Multi-Homeowners... Top 1% Housing Assets 69 Times Those of the Bottom 10%

Analysis of Statistics Korea Data by Assemblyman Kim Hoe-jae

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyun-jung] It was found that 1,377 minors under the age of 19 owned two or more houses last year. When the age is raised to 20 or younger, the number of multi-homeowners exceeds 10,000.

According to the analysis of the 'Housing Ownership Statistics' data received from Statistics Korea by Kim Hoe-jae, a member of the Democratic Party of Korea, on the 14th, there were 15,907 multi-homeowners aged 20 or younger last year. More than half of them, 8,293, lived in the Seoul metropolitan area. Gyeonggi-do had the highest number with 3,878, followed by Seoul with 3,422, and Incheon with 993.

Among multi-homeowners aged 20 or younger, 1,377 were minors (under 19 years old). Of these minor multi-homeowners, 53.7%, or 739 people, lived in the Seoul metropolitan area (346 in Gyeonggi, 323 in Seoul, and 70 in Incheon).

When housing-owning households were ranked by housing asset value last year, the gap in the average number of houses owned and housing asset values between the top 1% and the bottom 10% households was significant. The average number of houses owned by the top 1% households was 4.75. In contrast, the average number of houses owned by the bottom 10% households was only one, showing nearly a fivefold difference.

The gap in housing asset values was even greater. The average housing asset value of the top 1% households was 3.089 billion KRW, while the average housing asset value of the bottom 10% households was 45 million KRW, a difference of about 68.6 times. The average housing asset value of the bottom 50% was 184 million KRW, which is about one-seventeenth of that of the top 1%.

Rep. Kim estimated that the housing asset value held by the top 1% would be higher, considering that the Statistics Korea housing ownership statistics are based on the publicly announced price, which is lower than the actual price.

He stated, "Inequality has worsened as asset prices rose due to massive liquidity," and added, "It is necessary to discover and strengthen policies to allocate resources from non-productive sectors such as real estate to productive sectors."

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