As real estate prices surge and lending regulations tighten, it has become even more difficult for people in their 20s and 30s to buy their own homes.

Consequently, the asset gap between young adults and middle-aged or older generations has widened to a record high.

With the homeownership rate for the bottom 20 percent dropping more sharply than that of the top 20 percent, the asset gap between upper and lower classes has also expanded, prompting calls to rectify the situation through loan and tax system overhauls.

According to the Korean Statistical Information Service (KOSIS) of the National Data Agency on the 26th, the proportion of young people aged 39 or younger who owned their residence last year was tallied at 27.7 percent.

This represents a 2.4 percentage point decrease from a year earlier.

The figure fell to an all-time low since statistics were reorganized under the current standards in 2017, dropping below the 30 percent mark.

Compared to the peak in 2018 and 2019 (both at 40.7 percent), it has shrunk by 13 percentage points.

In contrast, the homeownership rates stood at 63.5 percent for those in their 50s and 68.5 percent for those aged 60 and older.

Although these figures decreased by 0.6 percentage points and 0.4 percentage points, respectively, from a year earlier, the magnitude of the decline was smaller than that of the younger generation.

As a result, the gap in homeownership rates between those in their 50s and those aged 39 or younger stood at 35.8 percentage points, while the gap between those aged 60 and older and those aged 39 or younger was 40.8 percentage points.

Both figures represent record highs since 2017.

The gap in homeownership rates between people in their 50s and those aged 39 or younger narrowed from 24.5 percent in 2017 to 23.0 percent in 2019, but has been widening every year since.

Similarly, the gap between those aged 60 and older and those aged 39 or younger narrowed from 28.5 percent in 2017 to 27.1 percent in 2019, before continuing to grow thereafter.

As the homeownership gap widened and housing prices in the Seoul metropolitan area rose, the generational gap in net assets—calculated by subtracting liabilities from total assets—also expanded.

Last year, the average net assets of households headed by individuals aged 39 or younger amounted to 219.5 million won, marking a 0.9 percent decrease from a year earlier.

In contrast, net assets increased for those in their 50s by 7.9 percent to 551.61 million won, and for those aged 60 and older by 3.2 percent to 535.91 million won.

The net assets of those in their 50s reached 2.5 times that of young adults aged 39 or younger, while the net assets of those aged 60 and older reached 2.4 times.

These also mark the largest gaps recorded since the relevant statistics began in 2017.

The housing ownership gap has grown not only across generations but also between upper and lower classes.

Asset disparities have also widened depending on homeownership status.

Last year, the homeownership rate for the bottom 20 percent of net assets (the first net asset decile/quintile) remained at a mere 6.8 percent, the lowest since statistics began.

The homeownership rate for the first net asset quintile was 10.3 percent in 2017 and peaked at 10.6 percent in 2018, but failed to expand further afterwards.

Meanwhile, the homeownership rate for the top 20 percent of net assets, or the fifth quintile, was tallied at 84.2 percent last year.

Although it saw a slight decline from 84.5 percent in 2017, it showed no significant difference.

Consequently, the difference in homeownership rates between the top and bottom 20 percent of net assets recorded 77.4 percentage points, the largest since 2022 (79.8 percentage points).

Regarding the price of residential housing, the average for the top 5th quintile of net assets stood at 686.77 million won, which is 117.4 times the average of the bottom 1st quintile (5.85 million won).

(Photo: Yonhap News)