Parental Support and Even Crypto: How People in Their 30s Funded Home Purchases in Seoul

It has been found that more than 2 trillion won in funds from gifts and inheritances were used to purchase homes in Seoul between January and March of this year.

According to data on housing purchase funding plans in Seoul submitted by the Ministry of Land, Infrastructure and Transport to Assemblyman Kim Jongyang of the National Assembly's Land, Infrastructure and Transport Committee on April 26, a total of 2.1813 trillion won in gift and inheritance funds were used for home purchases in Seoul in the first quarter (January to March) of this year.

Jamsil Apartment, Seoul

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The housing funding plan is a document that discloses the source of funds used to acquire a home. It must be submitted to the relevant local government within 30 days of signing a sales contract for any home located in a regulated area (adjustment target area or speculative overheated district), as well as for homes priced at 600 million won or more in non-regulated areas.

Gift and inheritance funds used for purchasing homes in Seoul have been rising sharply each year, from 1.7451 trillion won in 2023 to 3.3257 trillion won in 2024, and 6.5779 trillion won last year. In particular, among all gift and inheritance funds raised for Seoul home purchases in the first quarter, those in their 30s accounted for 1.0915 trillion won-nearly half the total. This was followed by those in their 40s (526.5 billion won), 50s (229.9 billion won), 60 and above (227.8 billion won), those in their 20s (103.3 billion won), and those under 20 (2.2 billion won).

The proportion of gift and inheritance funds used by people in their 30s for purchasing a home in Seoul has increased every year, rising from 34.8% in 2023 to 40.9% in 2024-surpassing the 40% mark for the first time-and then to 43.5% last year. This year, over the past three months, it has exceeded 50%. This means that actual homebuyers in their 30s, who tend to have relatively lower purchasing power, are increasingly relying on financial support from their parents through gifts and inheritances to buy homes.

People in their 30s also raised the largest amount among all age groups by selling stocks, bonds, and cryptocurrencies to fund their home purchases. This amounted to 721.1 billion won, significantly surpassing the amounts raised by those in their 40s (585.5 billion won) and 50s (464 billion won).

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