40% of the total population are middle-aged… Proportion of homeownership among young people ‘4 times higher’: Seoul Economic Daily

2023-12-20 03:00:00

◆Administrative statistics by life stage in 2022
20.2 million middle-aged people… 40% of the total
Annual income of 40.84 million won… Young people 1.5 times

A view of an apartment complex in downtown Seoul as seen from Namsan Mountain in Seoul. yunhap news

It was found that 4 out of 10 people in Korea are middle-aged (40 to 64 years old). The proportion of middle-aged people owning homes was four times that of young people.

According to the ‘2022 Administrative Statistics by Life Stage’ published by Statistics Korea on the 20th, the middle-aged population as of last year was 20.24 million, accounting for 40.5% of the total population. The youth population (ages 15-39) was 14.92 million, or 29.9% of the total population. The proportion of the elderly aged 65 or older (9,046,000 people) recorded 18.1%.

Last year, the average annual income of middle-aged people with income was calculated to be 40.84 million won. This is a 5% increase from a year ago (38.9 million won). The average annual income of young people was 27.81 million won, a 6.4% increase compared to the previous year (26.13 million won). The income of middle-aged people was 1.5 times that of young people. Compared to the average annual income of the elderly (17.11 million won), it is more than double.

The proportion of middle-aged people owning homes was 44.3%, up 0.5 percentage points from a year ago. On the other hand, the proportion of home ownership among young people decreased by 0.6 percentage points to 11.8%. The proportion of homeownership among the elderly increased by 0.5 percentage points to 44.5%. Housing asset value was the highest in both the young and middle-aged groups, at 150 million to 300 million won. The elderly group had the highest proportion of ’60 million to 150 million won’.

By region, the proportion of young people was highest in Sejong (40.2%). The region with the lowest proportion of young people was found to be Jeollanam-do (26.5%). The proportion of middle-aged people was highest in Ulsan (50.0%) and lowest in Seoul (42.7%). In terms of the proportion of the elderly, Jeonnam (28.6%) was the highest and Sejong (12.6%) was the lowest.

In addition, 8.4% of the youth population moved between cities and provinces in the past year. The mobility rate was more than three times higher than that of the middle-aged (2.6%) and elderly (1.9%).

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