Single-person households (Image courtesy of Yonhap)
SEOUL, Jan. 5 (Korea Bizwire) — Solo households have surged to make up over a third of all residences in the city, according to a report released by the Seoul Welfare Foundation.
As of 2024, the city recorded 1.63 million single-person households, comprising 36.4% of all households, marking a significant and steady increase in recent years.
Key Demographics and Trends
The average age of individuals in single-person households is 44.6 years. A majority—66.2%—earn an annual income below 30 million won, highlighting widespread financial vulnerability within this demographic.
Men outnumber women in these households, and the sharpest growth is observed among residents aged 65 and older, underlining the impact of an aging population.
Geographically, the districts with the highest concentration of single-person households include Gwanak-gu, Gangseo-gu, Songpa-gu, Yeongdeungpo-gu, and Gangnam-gu.
With the growing number of single person households, the number of meal kit products for single person households has increased dramatically. (Yonhap)
Income and Asset Inequalities
The average annual income of single-person households stands at 36.3 million won, closely mirroring the citywide average of 37.7 million won. However, 66.2% of these households fall below this average, with a mean income of just 26.9 million won.
In terms of assets, the average Seoul resident holds 454.9 million won in net worth, while single-person households lag behind with an average of 330.6 million won.
Notably, 71.3% of solo households own less than the average, with an even lower mean asset value of 156.4 million won, underscoring significant wealth disparities.
Debt and Working Hours
Single-person households also carry higher-than-average debt burdens. Their average outstanding loan balance is 34.4 million won, but this figure skyrockets to 149.9 million won for financially vulnerable solo households, nearly four times higher than the overall average.
Interestingly, the average working hours of single-person households are slightly longer than those of the general population. Solo residents work an average of 9.48 hours per day, compared to the citywide average of 9.31 hours.
However, financially vulnerable solo households report significantly shorter working hours, averaging only 6.2 hours per day, which the foundation attributes to job instability or age-related limitations.
Policy Recommendations
The report emphasized the urgent need for targeted policies to address the financial precarity of single-person households. These include expanding social safety nets, providing income supplements, and offering tax benefits. It also called for systematic support to mitigate the compound vulnerabilities faced by economically disadvantaged solo households.
“The growing number of single-person households, particularly among older residents, presents a multifaceted challenge,” the foundation stated. “A structured approach is essential to uncover and address the complex vulnerabilities within this group, including employment insecurity and inadequate financial resources.”
As Seoul’s demographic landscape evolves, ensuring the well-being of its solo households will remain a pressing social and economic priority for 2025 and beyond.
Lina Jang (linajang@koreabizwire.com)
