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According to the Housing Finance Research Institute of the Korea Housing Finance Corporation on the 14th, the House Buying Burden Index (K-HAI) in Seoul in the fourth quarter of last year was 153, 4, 8.9 points more than the previous quarter (144.5).
The Home Buying Burden Index refers to the repayment burden when a “middle-income household” receives a loan and purchases a “median-priced home.” The higher the number, the greater the burden of buying a home.
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In particular, Seoul’s home buying burden index is three times higher than the national average. The national average home purchase load index registered 57.4, 5.1 points more than the previous quarter (52.3). Of course, the national home buying burden index is also the highest in roughly three years since the third quarter of 2018 (57.5). All 16 cities and provinces (excluding Sejong) also increased from the previous quarter. Gyeonggi (68.9 → 76.4), Busan (54.2 → 61.3), Daejeon (58.0 → 61.9) and Daegu (60.3 → 64.1) showed a significant increase. Compared to this, Jeonbuk (27.2 → 27.4), Gangwon (30.6 → 31.1), and Chungbuk (30.4 → 30.9) showed a small increase.
The reason the Home Buying Burden Index has risen to an all-time high is due to a large rise in home prices relative to income. According to the National Bureau of Statistics, the median income in 2020 was just 2.43 million won, an increase of 140,000 won (6.3%) from the previous year. In terms of annual salary, it is approximately 1.68 million won.
However, the median price of apartment housing in Seoul increased 18% in one year. It is more than three times greater than income. In terms of price, the median house price in Seoul, which was 669.45 million won in 2019 (as of December), rose to 793.33 million won in 2020. Even in two months, the median price of Housing in Seoul was higher, reaching 820 million won in February 2021.
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As the situation is like this, the number of houses in Seoul available to those who earn income from work is decreasing. The Home Purchase Volume Index (K-HOI), which is the proportion of the number of homes suitable for middle-income households, fell dramatically. At the end of last year, Seoul’s home buying volume index reached 6.2, the lowest level since 2012, when related statistics began to be prepared. In the case of Seoul, this means that only 6.2% of the total apartments in Seoul can be bought by middle-income households even with loans.
“The median price of apartments in Seoul exceeded 900 million won, and the median price of apartments in Seoul and the metropolitan area from 2015 to 2020 continued to rise. It is expanding,” he analyzed.
On the other hand, the rise in house prices in Seoul has slowed since last month’s supply policy (2nd and 4th measures). Looking at the weekly apartment price trend for the second week of March published by the Korea Real Estate Agency, the national apartment price rose 0.24% and the exchange rate was the same as the previous week. Seoul 0.07% and local 0.28% were the same as Jeonju, while the metropolitan area was 0.28%, a slight decrease from Jeonju (0.29%).
