[Economy 365]

Rising housing prices and stricter mortgage regulations have made it increasingly difficult for young people to buy their own homes.

Last year, the residential housing ownership rate among young people aged 39 or younger stood at 27.7%, down 2.4 percentage points from a year earlier.

This is the lowest level since the relevant statistics were reorganized in 2017, falling below 30% for the first time.

In contrast, the housing ownership rate for those in their 50s was 63.5%, while for those aged 60 and older, it was 68.5%.

The gaps with the younger generation widened to 35.8 percentage points and 40.8 percentage points, respectively, both marking the largest gaps since records began.

The net worth gap also widened.

The net worth of households aged 39 or younger decreased by 0.9% to around 220 million won, whereas net worth increased for those in their 50s by 7.9% to over 550 million won, and for those aged 60 and older by 3.2% to over 530 million won.

Disparities across classes were also significant.

The housing ownership rate for the bottom 20% in net worth remained at an all-time low of 6.8%, compared to 84.2% for the top 20%.

The average price of residential housing for the top 20% reached 686.77 million won, more than 117 times that of the bottom 20%.

*This article was produced with AI audio.