Young Koreans' homeownership falls to record low, widening generational gap

Young people in Korea are falling further behind in wealth, as the homeownership rate and the resulting generational gap widen to a record high.

According to the Korean Statistical Information Service on Sunday, the homeownership rate for those 39 and under fell to 27.7 percent last year, down 2.4 percentage points from 2024.

The rate is the lowest since 2017, a 13 percentage point drop from the record high of 40.7 percent set in 2018 and 2019.

By contrast, older age groups saw far smaller declines.

The rate for those in their 50s slipped 0.6 percentage points to 63.5 percent, while the rate for those 60 and older dropped 0.4 percentage points to 68.5 percent.

The result is the widest generational gap in homeownership since 2017.

The gap between those in their 50s and those 39 and under grew to 35.8 percentage points, while the gap between those 60 and older and those 39 and under reached 40.8 percentage points.

That divide extends to net assets.

Households aged 39 and under held 219.5 million won ($150,000) last year, down 0.9 percent from a year earlier, while those in their 50s held 5 ...