This photo taken July 28, 2020, shows apartment complexes in southern Seoul. (Yonhap)
SEOUL, Dec. 24 (Korea Bizwire) — More than 7 in 10 millennials believe buying a home is necessary, but most don’t have high enough incomes to do so, a recent study showed.
Mirae Asset Investment and Pension Center conducted a nationwide survey of 700 men and women between 25 and 39 years of age, 70.6 percent of whom believed buying a home was necessary.
Home ownership appears to a pipe dream for many, as 73 percent of respondents believed that their current level of income wasn’t high enough to purchase a home.
Among respondents who strongly believe that buying a home is important, 79.8 percent said that it wouldn’t be possible at their current level of income.
“Millennials believe that while buying a home is important, they can’t do it on their own,” said Jeong Na-ra, a senior researcher at Mirae Asset Investment and Pension Center.
Roughly two-thirds of the respondents believed that economic growth and saving would become even more difficult in the future.
At 86.6 percent, almost all believed they were on their own when it came to preparing for retirement, expressing considerable anxiety.
Lina Jang (linajang@koreabizwire.com)
