Airbnb-Led Home-Sharing Surges in South Korea, Driven by Millennials and Gen Z (Image courtesy of Airbnb webpage)
SEOUL, May 6 (Korea Bizwire) — South Korea’s home-sharing market, led by platforms like Airbnb, has surged more than twentyfold in just three years, with young adults emerging as the dominant force behind its rapid expansion.
According to newly released data submitted by the National Tax Service to Rep. Park Sung-hoon of the National Assembly’s Strategy and Finance Committee, the number of individuals reporting income from home-sharing businesses reached 1,284 in 2024, a dramatic rise from just 127 in 2021.
The number has steadily climbed year by year — 349 in 2022 and 741 in 2023 — signaling a sustained upward trajectory.
Total reported income from home-sharing operators reached 46.3 billion won (approximately $32 million USD) in 2024, representing a nearly 22-fold increase compared to the 2.1 billion won reported in 2021.
Young adults in their 20s and 30s were the primary drivers of this growth. Their combined earnings amounted to 18.9 billion won last year — accounting for 40.8 percent of all home-sharing income.
On a per capita basis, young operators earned an average of roughly 44 million won annually. Among the 1,284 filers in 2024, 426, or 33.2 percent, were under 40.
Individuals in their 40s followed closely behind, contributing 12.5 billion won (27 percent), while those in their 50s and 60s earned 8.9 billion won and 6.0 billion won, respectively.
Analysts attribute the youth-led growth to low barriers to entry and the ease of utilizing digital platforms, making home-sharing an appealing alternative income stream in a competitive job market.
However, the surge in market activity has also reignited concerns over regulatory blind spots, including the proliferation of unregistered rentals and underreported income. Rep. Park noted that while the rise of home-sharing provides critical support to the tourism industry, it also demands stronger oversight.
“Activating the home-sharing market is promising from a tourism perspective,” Park said. “But to prevent tax evasion and unauthorized rentals, authorities like the National Tax Service must enforce rigorous inspection and compliance measures.”
As the sector continues to expand, the government is expected to face growing pressure to modernize oversight frameworks and ensure that the home-sharing economy develops within legal bounds ahead of 2026.
Ashley Song (ashley@koreabizwire.com)
