Nearly 16,000 Multi-Homeowners in Their 20s... 1,377 in Their Teens

From the First Step into Society, Multi-Homeowners and Deepening Polarization
Top 1% Housing Assets Worth 3.089 Billion KRW
Bottom 10% at 45 Million KRW... 68 Times Difference

View of Seoul apartments from 63 Square. Photo by Hyunmin Kim kimhyun81@

Last year, the number of multi-homeowners aged 20 or younger who owned two or more houses approached 16,000. Among these multi-homeowners, the number of minors under the age of 19 reached 1,377.

According to housing ownership statistics received by Kim Hoe-jae, a member of the Democratic Party of Korea, from Statistics Korea on the 14th, the number of multi-homeowners aged 20 or younger last year was 15,907.

Gyeonggi-do had the highest number with 3,878, followed by Seoul with 3,422, and Incheon with 993. The metropolitan area accounted for more than half of the total with 8,293 people. Outside the metropolitan area, many young multi-homeowners were concentrated in Busan (959), Chungnam (879), Gyeongnam (817), and Gyeongbuk (773).

Among those aged 20 or younger, the total number of minor multi-homeowners (under 19 years old) was 1,377. Of these minor multi-homeowners, 739 (53.7%) lived in the metropolitan area, including Gyeonggi-do (346), Seoul (323), and Incheon (70). This means they effectively start their lives as multi-homeowners from the outset.

Looking at the number of houses owned and the value of housing assets, the polarization of the real estate market deepened last year. The average number of houses owned by the top 1% of households was 4.75, nearly five times more than the average of one house owned by the bottom 10%.

In particular, the average housing asset value of the top 1% households reached 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. Even compared to the average housing asset value of the bottom 50% (184 million KRW), the housing asset value of the top 1% was only about one-seventeenth. Since housing ownership statistics are based on publicly announced prices, which are lower than actual market prices, the real asset gap is expected to be even greater.

As housing prices for high-end homes have risen sharply under the Moon Jae-in administration, concerns have emerged that asset inequality in the real estate market may have worsened further this year. Representative Kim emphasized, "Inequality has worsened as asset prices rose due to massive liquidity," adding, "Resources should be allocated from non-productive sectors such as real estate to productive sectors."

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