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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

Weekly Briefs (May 13 - 17)

Weekly Briefs (May 13 - 17)

May 20, 2013

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Monday, May 13
The penchant for home ownership has weakened over the past couple of years, said the Ministry of Land, Infrastructure and Transport (MOLIT). In a biennial survey of 33,000 households nationwide, 72.8% said they would buy homes at any cost, down from 83.7% in 2010. According to the survey, the rate of homeowners residing in their own homes also fell slightly to 53.8% from 54.3%. This trend was more apparent among middle- and high-income families. The ministry attributed the drop to the lackluster housing market. During the same period, the home price to income ratio, gauging the number of years to buy a house without spending income, rose to 5.1 from 4.3 as home prices upped mainly in provincial areas. However, the rate slid from 6.9 to 6.7 in the Seoul Metropolitan area.

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