{"id":2206435,"date":"2024-09-11T08:00:48","date_gmt":"2024-09-10T23:00:48","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206435"},"modified":"2024-09-10T16:33:28","modified_gmt":"2024-09-10T07:33:28","slug":"fewer-south-koreans-marrying-will-likely-lead-to-lower-demand-for-homeownership","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/09\/fewer-south-koreans-marrying-will-likely-lead-to-lower-demand-for-homeownership\/","title":{"rendered":"Fewer South Koreans marrying will likely lead to lower demand for homeownership"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Statistics Korea <\/span><a href=\"https:\/\/kostat.go.kr\/board.es?mid=a10301010000&amp;bid=11895&amp;act=view&amp;list_no=432676&amp;tag=&amp;nPage=1&amp;ref_bid=203,204,205,206,207,210,211,11109,11113,11814,213,215,214,11860,11695,216,218,219,220,10820,11815,11895,11816,208,245,222,223,225,226,227,228,229,230,11321,232,233,234,12029,10920,11469,11470,11817,236,237,11471,238,240,241,11865,243,244,11893,11898,12031,11825,246&amp;keyField=T&amp;keyWord=&amp;bodo_b_type=all\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> that 33.7% of people aged 25 to 39 were married in 2022, a decrease of 2.4 percentage points from the previous year. Employment rates were higher among married men (91.1%) compared to unmarried men (73.5%), while married women had lower employment rates (61.1%) than their unmarried counterparts (71.8%). The median annual income for married individuals was about $30,000 (40.56 million won), higher than the $24,000 (32.2 million won) for unmarried individuals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report also found that 31.7% of married individuals owned homes, compared to 10.2% of unmarried individuals. Married people were more likely to live in apartments (76.7%) than unmarried individuals (47.6%).<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Statistics Korea\u2019s report reveals a significant gap in homeownership between married and unmarried individuals. Marriages had been trending downward in South Korea for more than a decade. Although that trend appears to have <\/span><a href=\"https:\/\/kostat.go.kr\/board.es?mid=a10301010000&amp;bid=204&amp;act=view&amp;list_no=429995&amp;tag=&amp;nPage=13&amp;ref_bid=203,204,205,206,207,210,211,11109,11113,11814,213,215,214,11860,11695,216,218,219,220,10820,11815,11895,11816,208,245,222,223,225,226,227,228,229,230,11321,232,233,234,12029,10920,11469,11470,11817,236,237,11471,238,240,241,11865,243,244,11893,11898,12031,11825,246&amp;keyField=T&amp;keyWord=&amp;bodo_b_type=all\"><span style=\"font-weight: 400;\">moderately reversed<\/span><\/a><span style=\"font-weight: 400;\"> this year, demographic data suggests that this may have a significant impact on the housing market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A growing population of unmarried, non-homeowning youth may shift focus to rental markets and smaller living spaces in the coming years. Developers will likely have to prioritize smaller, affordable units to accommodate single-person households, while financial institutions will likely have to adjust mortgage products to better suit the needs of first-time buyers.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/culture-society\/\"><span class=\"tag\">Culture &amp; Society<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Statistics Korea reported that 33.7% of people aged 25 to 39 were married in 2022, a decrease of 2.4 percentage points from the previous year. Employment rates were higher among married men (91.1%) compared to unmarried men (73.5%), while married women had lower employment rates (61.1%) than their unmarried counterparts (71.8%). The median annual income [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,25],"class_list":["post-2206435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-culture-society"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fewer South Koreans marrying will likely lead to lower demand for homeownership - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/09\/fewer-south-koreans-marrying-will-likely-lead-to-lower-demand-for-homeownership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fewer South Koreans marrying will likely lead to lower demand for homeownership - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Statistics Korea reported that 33.7% of people aged 25 to 39 were married in 2022, a decrease of 2.4 percentage points from the previous year. 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