S. Korea’s homeownership rate rises 2%

South Korea’s homeownership rate reached 15.62 million in 2023, a 2.0 per cent increase from the previous year, mainly driven by a growing number of female homeowners, as per data released by Statistics Korea on Monday.

Female homeownership continued its upward trend, accounting for 46.2 per cent of all homeowners in 2023. This marks a steady increase from 45.2 per cent in 2020, 45.6 per cent in 2021, and 45.9 per cent in 2022.

In 2023, 15.0 per cent of homeowners, totalling 2.34 million, owned multiple properties, down from a peak of 15.9 per cent in 2019. The majority of homeowners, 85.0 per cent, owned just one property, totalling 13.28 million.

Age-wise, the 50s demographic had the highest homeownership rate at 25.2 per cent, followed by the 60s at 22.8 per cent, the 40s at 21.2 per cent, the 70s at 12.0 per cent, and the 30s at 9.5 per cent.

Attribution: Xinhua

Subediting: M. S. Salama