"Even with a Decent Home, I Pay Millions of Won to the Bank"—A 30-Something Says Marriage Means Starting Under a Mountain of Debt

[Financial News] As high prices, soaring home prices, and high interest rates persist, marriage culture among young people is rapidly changing.

On the 28th, former broadcaster-turned-YouTuber Pyo Young-ho posted a video on his channel titled "Starting Under a Mountain of Debt the Moment You Hold a Wedding."
Pyo Young-ho pointed out that wedding venues have recently been closing one after another. Citing statistics showing that the unmarried rate among people in their 30s has reached 54.7% and that one-person households account for 36.6% of all households, he said, "Marriage has now become a choice rather than a necessity."
Above all, as social norms change, "no-wedding" ceremonies—in which couples do not hold a ceremony at all—have begun gaining popularity among engaged couples. The financial burden has grown as the costs of studio photography, wedding dresses, makeup, invitation gatherings, and wedding meals have all risen.
Pyo Young-ho said, "Twenty-seven percent of unmarried men and women said they would not hold a wedding if the cost were too burdensome," interpreting this as evidence that "a practical mindset has spread: rather than spend money on a showy event, people would invest in stocks or real estate to secure a home."

Couples who hold a wedding ceremony but remain legally unmarried are also increasing. If the incomes of dual-income couples are combined, they may exceed the income threshold for special housing allocations for newlyweds, lose housing subscription opportunities, and face tax disadvantages.
Pyo Young-ho explained that although the government has partially eased the housing subscription system, the barriers remain high in practice, so some couples continue to strategically delay registering their marriage.
It is also common for newlyweds to take on massive debt after beginning married life. According to the data, the median loan balance for newlywed couples in their first marriage was approximately 179 million won, an increase of more than 130% from 2016. Loans of 300 million won or more accounted for 24% of the total. Among newlywed couples who own homes, the median loan balance approached 228 million won.
Pyo Young-ho pointed out, "Debt taken on during the low-interest-rate era is coming back as an interest-rate bomb as it collides with the period of rising rates." He added, "When people spend millions of won every month on loan principal and interest payments, they can suffer severe financial hardship even if they have a decent home."
He emphasized, "The trend of skipping wedding ceremonies and delaying marriage registration is an unavoidable survival strategy for making it through soaring home prices and mountains of debt." He added, "Older generations need to seriously consider that housing insecurity and fear of debt lie beneath this shift toward practicality."
[email protected] Ahn Ga-eul Reporter