A residential unit at a public rental home complex in Hwaseong, south of Seoul. (Yonhap)
SEOUL, June 22 (Korea Bizwire) — South Korea’s young single-person households living on monthly rent are paying more than 300,000 won (US$265) in monthly rent on average, data showed Monday.
The actual monthly housing expenses for the nation’s young (less than 30 years old) single-person households averaged 315,534 won in the first quarter of this year, according to the data compiled by Statistics Korea.
The actual housing expense refers to the money spent for monthly rent and other rent related payments. However, since the share of other rent related payments is small, the actual housing expense can be seen as the monthly rent payment.
On the basis of monthly rents with deposits, the residential floor space of the young single-person households averaged 29.93 square meters.
This figure is about two times larger than the government-set minimum residential floor space (14 square meters) for single-person households. However, it’s smaller than the average residential floor space of all single-person households (35.22 square meters).
In the meantime, for young single-person households living on monthly rent without deposits, residential floor space averaged 24.74 square meters.
Ashley Song (ashley@koreabizwire.com)
