The Korea Herald


Housing costs up 3% in 9 months

By 박윤아

Published : Oct. 19, 2016 - 13:54

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[THE INVESTOR] Housing costs increased 2.7 percent on-year in the first nine months of this year, according to government data on Oct. 19.

The housing cost refers to overall spending related to maintenance, utility payments and other residential services, Statistics Korea said.

In comparison, consumer prices rose 0.9 percent during the cited period. It means that the cost of owning and living in a home has jumped three times as high as that of consumer prices, it said.

The housing cost has been staying above the growth rate of consumer prices since 2011 when the two gained 4 percent compared to a year earlier.

The data results showed that consumer prices have been on the decline due to a fall in oil prices, but the cost of owning and living in a home has been on the rise due to the hike in home prices and home rental system known as jeonse.