When Multi-Homeowners' Wealth Increased by 230 Million KRW, Non-Homeowners Gained Only 6.1 Million KRW... Asset Gap Widened More During Moon Administration

[Asia Economy Sejong=Reporter Son Sun-hee] Over the three years from 2018, house prices soared, widening the asset gap between households depending on homeownership. During this period, the Moon Jae-in administration declared a 'war on multi-homeowners' and implemented various real estate policies, but these measures instead fueled house price increases, resulting in side effects.

Statistics Korea published the 'Social Trends in Korea 2022' report on the 13th, which includes this information. Experts from various fields analyzed data across 12 areas such as population, labor, and housing to help easily understand changes in citizens' lives and society.

Professor Kim Jun-hyung of Myongji University compared housing sale prices from January 2018 to January 2021 and analyzed the asset gap among households without homes, with one home, and with multiple homes.

During this period, the median net assets of non-homeowning renter households increased by 6.1 million KRW from 33.9 million KRW to 40 million KRW, while one-homeowner households saw an increase of 55 million KRW from 210 million KRW to 265 million KRW. Notably, multi-homeowner households' net assets rose by 230 million KRW from 530 million KRW to 760 million KRW.

As households owning more homes saw their net assets increase significantly, the net asset size of one-homeowner households compared to non-homeowning renter households grew from 6.2 times to 6.6 times, and for multi-homeowner households, from 15.6 times to 19.0 times, widening the gap further over three years.

This trend was similar nationwide, including Seoul. Professor Kim explained, "During the 2018-2021 period when most regions experienced rapid housing price increases, the asset gap between non-homeowning renter households and homeowner households widened further," adding, "Changes in real estate assets had a significant impact on net asset size."

Looking at the housing sale price increase rates by region, Sejong recorded the highest at 40.1%, followed by Seoul (26.1%), Daejeon (21.3%), and Gyeonggi (17.8%).

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