"Seoul Housing Prices Too High"... Young People Canceling Subscription Savings Accounts

Cancellations of housing subscription savings accounts are on the rise.

As housing prices and subscription prices surge significantly, this phenomenon regarding subscription accounts is occurring among the younger generation.

From January to August of this year, people in their 20s and 30s newly opened 670,000 subscription accounts.

However, 750,000 accounts were canceled during the same period, resulting in a net decrease of 80,000 accounts overall.

This is likely due to the sharp rise in subscription prices for apartments in Seoul.

As of August of this year, the average subscription price for a 59-square-meter exclusive area apartment in Seoul reached 1.59 billion won.

Analysts point out that even if people win a subscription, it is difficult to cover the subscription payment with loans alone, leading to an increasing number of people giving up on subscriptions.

Last year, subscription accounts held by people in their 20s and 30s decreased by 70,000, and this year, that decline has already been surpassed in just eight months.
※ Please note: This article was translated by AI and may contain errors.