House Prices in Korea

An article in the Catholic Peace Weekly mentions what the writer heard from some acquaintances about their daughter who moved to Seoul from the country and their efforts to find a house. A decent  apartment of 30 square-meters was  priced at 500,000 dollars to lease, and about a million to buy. He was completely flabbergasted.

The area in which the writer works the prices are so steep that one would never imagine even asking. Seoul overall would have prices on average going for about $400,000 for lease and $800,000 to buy. Borrowing $200,000 dollars from the bank we can see how long it would take to make the house your own.

 We can see why many shout out: 'Hell Chosun'. Young people find it impossible to live in Seoul with their own efforts. Those in their twenties and thirties  sarcastically mention the many things they have to abandon: romance, marriage, birth, house, relationships, dreams and even hope. Are we able to refute this? They are the 'seven-give-up' generation.  They criticize the present government for the situation.

Children who have no hope of receiving help from their parents have a greater degree of frustration.
Inheritance and donations accounted for 42% of the total assets in the 2000s from 27% in the 1980s. In 2018, the proportion will have exceeded 50%. Are we to expect young people who start off with nothing to be good Samaritans? Is it possible to expect a bright future in society for those who can't move to another area and are asked to tighten their belts.

High house prices are not the problem of young people alone. Parents who can't help their children get a start in life are faced with anger and guilt, not being able to help. The rich also are not going to like it. Those who can pass on their wealth to their grandchildren are not many. Many are wondering how they can help their children in the future.

If both the husband and wife work for more than 10 years, you have to create a system where they are able to own their house. If the price of houses continues to rise,  even if the number of jobs increase and low-income increases this is of little concern. The problem with low fertility will continue.

 In the Apostolic Exhortation: "Rejoice and Be Glad"  Pope Francis spoke about the mission of holiness, "the mission to build this nation of love and justice and peace with all people... The goal had to be the restoration of just social and economic systems, so there could no longer be exclusion” President Moon should not only improve relations between the North and South but also concentrate on stabilizing house prices, without doing this he will lose the good will of the people.