It Takes More Than 12 Years to Buy a Home in Seoul, Even If You Spend Nothing

[Financial News] It has been found that an average salaried worker would need more than 12 years to buy a median-priced apartment in Seoul, even if they saved every penny and spent nothing.
According to analysis of data from the Korea Real Estate Board (KREB) and the Ministry of Data and Statistics, commissioned by Park Sung-hoon of the People Power Party, a member of the National Policy Committee, on the 28th, the median-priced apartment in Seoul in 2026 is 970 million won, while the average income of urban worker households, annualized for the first quarter, is 78.12 million won. Even if the entire income were saved, it would still take 12 years and 5 months.
Looking at the ratio by year based on Seoul apartment median prices and the average income of urban workers, it was about 10 years in 2017. But during 2020 and 2021, when home prices surged under the Moon Jae-in administration, it rose to more than 13 years. It reached nearly 15 years in 2022, then eased gradually and fell below 12 years last year, but it is rising again.
The period has not shortened despite steady income growth because home prices have risen faster than incomes. From 2017 to 2025, the median price of an apartment in Seoul jumped 69.9% from 523.16 million won to 889 million won, while average income increased only 39.1% from 53.57 million won to 74.5 million won.
If one makes the relatively realistic assumption that only disposable income, after deducting non-consumption expenses such as taxes, social security contributions, and interest costs, is used to buy a home, the period becomes much longer. It took 12 years in 2017, but based on last year, it would take more than 15 years.
Park said, "The fact that it takes 12 years if you save every paycheck without spending a single won, and 16 years if you base it on money that can actually be used, shows how far the dream of owning a home has moved away." He added, "Home prices are rising faster than incomes, but if the government keeps repeating taxes, loan restrictions, and inconsistent supply measures, the housing ladder will be broken."

[email protected] Kim Yun-ho Reporter