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Korean millennials say buying a house is difficult using only income

(123rf)
(123rf)
Amid soaring house prices, seven out of 10 South Koreans born in 1980s and 1990s believe having their own house is necessary but were pessimistic about purchasing residential property only with their income, a survey showed Wednesday.

According to the survey, conducted by Mirae Asset Investment and Pension Center and Hankook Research in May, 70.6 percent of respondents said buying a house is necessary, while 73 percent said they think it is difficult for the young generation to do so with their salary.

A separate question showed 68 percent of respondents were pessimistic over individuals’ capacity to accumulate wealth, citing lower economic growth compared to the country’s rapid growth in the 1970s and 1980s.

Addressing the negative expectation, 86.6 percent said they were feeling pressure about their life after retirement.

“Millennials are under pressure to set financial targets as they think that accumulating wealth will be no longer easy,” said Jung Nara, a researcher at Mirae Asset Investment and Pension Center.

The survey questioned 700 people between the ages of 25 and 39.

By Jie Ye-eun (yeeun@heraldcorp.com)
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