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Almost half of newly married couples in S. Korea own a home Updated: 2019-12-13 07:14:40 KST

Data show the average couple in Korea who tied the knot less than five years ago owns at least one home.
Statistics Korea said on Monday that it surveyed around a million newly wedded couples and found that 460-thousand of them have a house in their names.
This is despite the country's record-low marriage rate and high home prices.
Experts point to the trend nowadays of waiting to get married until there's enough money saved to buy an apartment.

"These couples do not marry until they have concrete plans to buy a house, so they cannot afford a house or do not get married in the first place. Another possibility is that there is a lot of government support now for young couples to get a house down payment. They may be taking advantage of that."

He added that the phenomenon also reflects the Korean culture of young couples getting financial assistance from their parents.
Also, with time comes financial stability.

"Data shows the longer couples are married, the more likely they are to own a home."

Of couples who've been married for five years, more than half of them own a home, while the rate of homeownership is lower for those married for under five years.
For most, getting that first down payment is a major hurdle.
To buy an apartment in Seoul, according to NH Investment and Securities, the average resident would have to save his or her disposable income for 21 years, compared to around 11 years in New York.
The average price of an apartment in Gangnam, for example, peaked last year at almost 800-thousand US dollars.
But most young couples aren't in the market for those homes.
Including their mortgages, they have an average of around 100-thousand dollars in debt.
And though so many new couples do own a home, usually a sign of stability, more than 40 percent of them have no children.
KIM Da-mi, Arirang News.
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