⚡ Key Summary
Among homeowner newlywed couples in Seoul, 31.4% own homes with an officially assessed value exceeding 600 million won. This is a more than fivefold increase in nine years, up from 5.9% in 2015.
Over the same period, the actual number of homeowner newlywed couples in Seoul decreased by 44.6%. As of 2024, 65.9% of newlywed couples in Seoul do not own a home.
Newlyweds who owned homes also carried significantly more debt. For homeowner newlyweds with debt, the median loan balance was 228.24 million won, with 33.2% holding loans of 300 million won or more.
01. 1 in 3 Homeowner Newlywed Couples in Seoul Owns a Home Exceeding 600 Million Won
According to the "2024 Newlywed Statistics" released by the Ministry of Data and Statistics, there are 48,989 homeowner couples among first-marriage newlyweds living in Seoul. Among them, 15,368 couples, or 31.4%, own homes with a total officially assessed value exceeding 600 million won. Looking only at homeowner newlyweds in Seoul, that is equivalent to one in three couples.
In 2015, when the statistics were first compiled, the figure was 5.9%. At that time, out of 88,500 homeowner newlywed couples, only 5,254 couples owned homes with an assessed value exceeding 600 million won. Over nine years, the proportion surged 5.3-fold, and the number of couples roughly tripled.
Looking at the numbers alone, one might wonder: Have Seoul's newlyweds become that much wealthier? Looking at other figures from the same statistics paints a somewhat different picture.
02. Homeowner Newlywed Couples Dropped by 44.6%
In 2015, there were 88,500 homeowner newlywed couples in Seoul. In 2024, there are 48,989 couples. In nine years, the number decreased by 44.6%. In contrast, couples owning homes with an assessed value over 600 million won increased from 5,254 to 15,368. In other words, while the total number of homeowner newlyweds declined sharply, those holding relatively expensive homes actually increased.
Looking at the entirety of newlyweds in Seoul makes this even clearer. In 2024, there are 143,820 first-marriage newlywed couples in Seoul. Among them, 65.9% do not own a home. This means more than six out of ten couples are starting their married lives in Seoul without owning a house.
03. Why an Assessed Value of 600 Million Won Does Not Automatically Mean "Wealthy"
Owning a home with an officially assessed value of more than 600 million won should not be immediately interpreted as being "a wealthy newlywed couple owning high-priced housing." This is because housing prices across Seoul have risen significantly over the past nine years. A considerable number of homes that fell below the 600 million won assessed value mark in 2015 may have surpassed it due to rising prices. Moreover, because the gap between the assessed value and the actual transaction price varies by property, converting uniformly that "an assessed value of 600 million won equals a market price of X hundred million won" is not accurate.
Therefore, what the figure of 31.4% indicates is not that "one-third of Seoul's newlyweds have become wealthy." Rather, it reflects a phenomenon where the number of homeowner newlyweds in Seoul is shrinking, while the asset prices of those who remain homeowners have risen substantially.
04. Another Number Has Grown Alongside Housing Prices
Debt. In 2024, the median loan balance among first-marriage newlyweds with debt stands at 179 million won. In 2016, it was 77.78 million won. In eight years, it surged by 130.1%. The proportion of indebted newlyweds with loans of 300 million won or more also jumped from 5.3% in 2016 to 24.0% in 2024, nearing one in four couples.
In particular, the loan size among homeowner newlyweds was substantial. For homeowner newlyweds with loans, the median loan balance is 228.24 million won. This was 86.64 million won higher than that of non-homeowner newlyweds. There was also a stark difference in the proportion of couples with loans of 300 million won or more: 33.2% for homeowners versus 16.7% for non-homeowners, an almost twofold gap.
However, this loan balance cannot be viewed entirely as mortgage debt. The loan balance in the newlywed statistics includes various types of loans from the financial sector. Therefore, one cannot conclude that "newlyweds took on an average of more than 200 million won in debt to buy a house."
What can be stated clearly is that homeowner newlyweds carry far greater debt burdens than those without homes.
05. "Because I Feared I Would Never Be Able to Buy if Not Now"
An office worker in their 30s, identified as A, borrowed 660 million won earlier this year to purchase a home for newlyweds in Seoul. Monthly principal and interest payments alone amount to around 3.5 million won, roughly one-third of the couple's monthly earnings. Still, A explains the reason for buying the house: "I had a great fear that if I didn't buy now, I would never be able to buy a home."
On the other side are couples who were unable or chose not to buy. Couple B, married for three years, lives in a jeonse (lump-sum deposit lease) home in Yeongdeungpo-gu, Seoul. They recently looked into apartments priced around 800 million won in Mapo and Seodaemun districts, but ultimately gave up. Judging that even with a dual income, purchasing a home in Seoul is difficult without hundreds of millions of won in loans, they have recently expanded their search to properties in Gyeonggi Province.
The question of whether one can afford to buy a home in Seoul has ultimately become a matter not only of how much one earns, but also of how much existing wealth one possesses and how much debt one can shoulder.
06. As Interest Rates Rise, the Divide Becomes Clearer
The Bank of Korea raised the benchmark interest rate consecutively in July and August. The current benchmark interest rate stands at 3.0%. The five-year fixed-rate mortgage rates at the five major commercial banks range from 4.90% to 6.88% per year, approaching nearly 7% at the upper end. For newlyweds who already borrowed large sums to purchase homes, the interest burden is difficult to ignore. Conversely, for couples who have not yet bought a home, the threshold to enter the Seoul housing market using loans has risen even higher.
Apartment prices in Seoul also remain high. According to KB Real Estate, the median apartment sale price in Seoul reached 1,313.33 million won in September, surpassing 1.3 billion won for the first time. The average sale price was 1,624.69 million won. These price levels are difficult to reach based solely on dual incomes without substantial preexisting assets or heavy borrowing.
07. More Newlyweds Are Choosing Not to Start in Seoul at All
Newlyweds residing in Seoul account for 19.0% of all newlyweds nationwide. Among homeowner newlyweds across the country, the proportion living in Seoul is even lower at 15.2%, the lowest level since relevant statistics began. Of course, one cannot conclude solely from this that "newlyweds left Seoul because of high housing prices," as multiple factors—such as changes in the married population by region, housing supply, and workplace locations—interact together.
However, putting all the numbers together shows that the housing reality for Seoul's newlyweds is not moving in just a single direction. The number of homeowner newlyweds has decreased. Among remaining homeowner couples, the proportion owning expensive homes has increased. And homeowner newlyweds carry larger debts. The gap between newlyweds who own homes in Seoul and those who do not is growing increasingly distinct.
Deep Dive Q&A
Q1. Does this mean 31.4% of homeowner newlyweds in Seoul are "owners of luxury housing"?
Not necessarily. The 31.4% represents the proportion whose combined officially assessed home value exceeds 600 million won. Seoul housing prices themselves have climbed significantly over the past nine years, and the relationship between assessed values and market prices varies by individual property. Therefore, directly interpreting this figure as the "proportion of wealthy newlyweds" is not appropriate.
Q2. Why is the 31.4% figure significant?
Because while homeowner newlyweds themselves fell by 44.6% over nine years, the absolute number of newlyweds owning homes assessed at over 600 million won roughly tripled. This shows that the composition of homeowner newlyweds in Seoul has shifted significantly.
Q3. Is the 228.24 million won in loans for homeowner newlyweds all mortgage debt?
No. Not all loan balances recorded in the statistics can be considered mortgage debt. Consequently, how much was borrowed specifically to purchase a home cannot be determined from this data alone. However, a comparison is possible showing that the median loan balance of indebted homeowner newlyweds was 86.64 million won higher than that of non-homeowner couples.
Q4. Has the housing situation for Seoul's newlyweds improved or worsened?
It is difficult to evaluate the overall housing situation of newlyweds as simply good or bad based on this single dataset alone. However, one can observe clear trends: homeowner newlyweds in Seoul have dropped significantly, while the proportion holding relatively higher-priced homes and the scale of debt among homeowner couples have both expanded. That is why, in this data, a figure just as important as 31.4% is 65.9%—the number showing that nearly two out of every three newlywed couples in Seoul do not own a home.
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