4 ms·

Who is renting all the apartments in Seoul if every smart person with a perfect GPA and 52 hour a week job can't afford it?

thomasahle 4y ago
I think OP is talking about _buying_ an apartment. The property may simply be owned by who bought it a while ago and are now sucking up the majority of wages of the younger generation.
Joakal 4y ago
That's assuming it's being rented out. It could be investor or developer sitting and waiting to sell or get a high rent tenant.
NhanH 4y ago
Afford in this context means buy. You can rent it but can’t buy it.
creakingstairs 4y ago
As other people have mentioned, its about not being able to afford to buy a house to raise kids in. I do want to also mention though, a unique Korean system called "Jeonse", which is a large deposit that is 50-80% of the property value. After putting in the deposit, you can live there on yearly basis without paying rent. This system has been and is being used as property ladder for young families (as they don't have to "lose" money on rent) but as "Jeonse" is pegged to property value, they've been rapidly rising as well AND frauds around Jeonse has been on rise, in which case you can lose the whole deposit or be tied up in court battle for years. [1] https://en.wikipedia.org/wiki/Jeonse https://en.wikipedia.org/wiki/Jeonse
- pnut 4y ago
  Keeping up with the Jeonses, that's how they get you.
  - mrcheesebreeze 4y ago
    lol
- Silverback_VII 4y ago
  >As other people have mentioned, its about not being able to afford to buy a house to raise kids in. Why do you need a house to raise kids? In many advanced countries there are some systems which will keep your kids feed and clothed even if you have no money at all. This is one of the reasons you often see economically unsuccessful people have way more children and thus a larger influence on humanity's future.
- balfirevic 4y ago
  Barely anyone I know was raised in a house, or has a house today (but rather apartments). It's very weird seeing this as some kind of condition for having a family.
bruce343434 4y ago
Speculation but: apartments might have less supply than there is demand from those people. And to "us" 52 workweek and perfect GPA might sound like being upper of the uppest but in Korea, as GP frames it, it sounds median.
deleted 4y ago
[deleted]

thomasahle 4y ago

I think OP is talking about _buying_ an apartment. The property may simply be owned by who bought it a while ago and are now sucking up the majority of wages of the younger generation.

Joakal 4y ago

That's assuming it's being rented out. It could be investor or developer sitting and waiting to sell or get a high rent tenant.

NhanH 4y ago

Afford in this context means buy. You can rent it but can’t buy it.

creakingstairs 4y ago

As other people have mentioned, its about not being able to afford to buy a house to raise kids in. I do want to also mention though, a unique Korean system called "Jeonse", which is a large deposit that is 50-80% of the property value. After putting in the deposit, you can live there on yearly basis without paying rent. This system has been and is being used as property ladder for young families (as they don't have to "lose" money on rent) but as "Jeonse" is pegged to property value, they've been rapidly rising as well AND frauds around Jeonse has been on rise, in which case you can lose the whole deposit or be tied up in court battle for years. [1] https://en.wikipedia.org/wiki/Jeonse https://en.wikipedia.org/wiki/Jeonse

pnut 4y ago
Keeping up with the Jeonses, that's how they get you.
- mrcheesebreeze 4y ago
  lol
Silverback_VII 4y ago
>As other people have mentioned, its about not being able to afford to buy a house to raise kids in. Why do you need a house to raise kids? In many advanced countries there are some systems which will keep your kids feed and clothed even if you have no money at all. This is one of the reasons you often see economically unsuccessful people have way more children and thus a larger influence on humanity's future.
balfirevic 4y ago
Barely anyone I know was raised in a house, or has a house today (but rather apartments). It's very weird seeing this as some kind of condition for having a family.

bruce343434 4y ago

Speculation but: apartments might have less supply than there is demand from those people. And to "us" 52 workweek and perfect GPA might sound like being upper of the uppest but in Korea, as GP frames it, it sounds median.

deleted 4y ago

[deleted]