The Korea Herald

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[Monitor] Housing costs keep employed youths at home

By Korea Herald

Published : Dec. 11, 2016 - 14:33

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South Korea’s rising house prices discourage millennials from setting out on their own even after they land jobs, a survey showed Sunday.

According to a survey by Job Korea, 52 percent said they lived with parents due to expensive house prices. Another 20 percent said they would rather save up a lump sum by saving on housing costs and daily expenditure. The survey was conducted on 1,061 people in their 20s and 30s.

House prices in Seoul averaged 606.5 million won ($518,000) this year, according to Budongsan 114, a real estate information provider. Employees at conglomerates earned 30.4 million won a year on average while those in small and mid-sized companies earned 27.96 million won a year, a job portal Saramin data showed.