A view of apartment buildings in downtown Seoul as seen from Namsan. (Yonhap)
SEJONG, Nov. 14 (Korea Bizwire) — South Korea’s housing wealth gap continued to widen last year as expensive homes climbed further in value while lower-priced properties lost ground, according to new government data released Friday.
The National Data Office said the price difference between the top 10 percent and bottom 10 percent of homes ballooned to a ratio of 45 to 1, the largest on record. The average price of top-tier homes rose by about 90 million won to 1.34 billion won, while the lowest-valued homes slipped to 30 million won, down 1 million won from a year earlier.
The report, based on 2024 housing ownership statistics, underscores the deepening polarization in the property market — even as overall ownership continues to expand.
Homeowners Older, Wealthier — and Owning More Space
The average homeowner household held property valued at 333 million won, up modestly from the previous year. Households owned an average of 1.34 homes covering 86.4 square meters, and the average homeowner was 57.8 years old.
Ownership concentration was stark:
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Top 10 percent households owned an average of 2.3 homes, more than twice that of the bottom tier.
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Their average home size was 113.8 square meters, compared with 62.7 square meters for the lowest decile.
Women accounted for 46.4 percent of all homeowners, a slight increase from a year earlier.
More Than 1 Million People Bought a Home — But Fewer Young Owners
Despite high borrowing costs and elevated prices, 1.11 million people purchased at least one home in the year leading up to November 2024, marking the second consecutive year that homebuyers topped the 1 million mark.
Of these buyers:
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1.07 million purchased one home
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33,000 bought two homes
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5,000 acquired three or more
The photo shows residential houses and apartment complexes in Seoul, as seen from Namsan in Jung-gu, Seoul. (Image courtesy of Yonhap)
Roughly 818,000 people became homeowners for the first time, while 641,000 saw the number of homes they owned decrease, including 365,000 who went from owning to renting.
Total homeowners increased to 15.98 million, up 357,000 from a year earlier.
But the data highlighted a sustained generational divide. For the third straight year, homeownership among people in their 40s and younger fell, while ownership among those 50 and older increased. The steepest decline was seen among people under 30, down 8.6 percent, while those over 80 saw the sharpest rise.
Officials attributed the trend to demographic shifts — including shrinking cohorts of younger adults — as well as affordability challenges in a persistently expensive market.
Regional Divergence Persists
Most homeowners lived in the same province as the property they owned, with “local” ownership at 86.3 percent nationwide.
Ulsan, North Jeolla and Daegu had the highest share of residents owning local homes, while Sejong, South Chungcheong and Incheon showed higher levels of outside ownership.
The data suggests that South Korea’s housing market remains deeply stratified — defined by widening wealth gaps, aging homeowners and diminishing entry points for younger generations.
Ashley Song (ashley@koreabizwire.com)
