My house is soaring that my house is dreamed
Increasing regional gaps due to the increase in revenue of rental workers
Seoul Bay Moong Moe Housing Exceed 50%
Table of Contents
The polarization of the real estate market is intensifying around Seoul. The house prices in Gangnam continues to rise and make big profits to investors, while homeless people are frustrated by the walls of a higher home.
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The charter and rent prices are soaring, and the burden on the housing of the common people is increasing.
Seoul is the only household in homeless households exceeded 50%
According to the housing ownership statistics released by the National Statistical Portal Portal (KOSIS) on the 17th, as of 2023, the nation’s homeless households were 961,474 households.
This is an increase of about 77,000 households from the previous year (954,100 households), accounting for 43.6%of all households (2,207 million households).
In particular, the number of homeless households in Seoul, Gyeonggi, and Incheon was 506,804 households, more than half of the total. Among them, Seoul’s homeless households are 51.7%, the only area of more than 50%of the 17 attempts.
The ratio of Seoul homeless households, which was 51.2%in 2021, rose for two consecutive years until 2023, after 51.4%in 2022. Most other regions are in contrast to the fall or decline.
The imbalance of house prices and income, and the walls of my house are raised
As such, the reason why Seoul’s homeless households is high is rising rapidly.
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According to the Bank of Korea’s recent features and implications of the Housing Market, which was released in June, the housing sales price in Seoul rose 16.1% from January 2023 to April this year.
In the long run, the house price increase rate in Seoul was 419.42%for about 20 years from 2002 to 2021, the highest in the country.
Compared to such house prices, household income and assets are increasing.
According to the Housing Finance Corporation data, Seoul’s housing purchase volume index decreased from 32.5 in 2012 to 3.0 in 2022 to one tenth in 10 years.
This means that only three of the 100 houses in Seoul can live even if they include loans.
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Revenue of the top Seoul rental workers
The situation in which the house price is difficult due to rising house prices is also affecting the rental market. As homeless people flock to the rent to rent, rents rose, which leads to an increase in profits.
According to the data submitted by the National Tax Service by the National Tax Service, the annual income of the top 0.1% real estate leaseers in 2023 reached 12.98 million won.
This is an increase of 1.0%(13.2 million won) from 2022 (1.286 million won), which is about 600 million won higher than the national average (718.42 million won).
The average rental income per capita in Seoul was 24.56 million won, an increase of 2.0%(480,000 won) from the previous year (24.4 million won). Seoul was the only region where the real estate rental income per capita exceeded 20 million won.
This situation eventually shows a vicious cycle that leads to the profits of rents as the high prices of households in Seoul induce the entry of homeless markets, which leads to rising rents.
Kim Kwang -seok, head of the Economic Research Division, Korea Economic Industry Research Institute, said, “In Seoul, the gap between income and assets and house prices is widening, and more households are living in rent and renting.”
