In South Korea, there has been a growing trend among young adults to either postpone or even avoid marriage. Although it may seem that younger generations just aren’t interested in settling down, social media creators and experts suggest it’s much more realistic to consider crippling financial pressure.
Real estate prices are one of the many economic challenges facing youth, and it is the highest cost of real estate that is the biggest factor for couples not being able to tie the knot.
The Costs of Real Estate are High
In the past, South Korea’s society has set the expectation that a man should find a house before he takes the step of marriage. But upholding this standard is virtually unattainable for the typical young worker.
In Seoul, the city where millions of people live and work, the average expense of an apartment has reached a whopping US$1 million. The high cost prevents young professionals from being able to afford housing, and this cost is too high for many to be able to afford traditional life events such as marriage and childbearing.
Changing Realities for Modern Couples
Precise housing industry expectations are changing out of necessity in reaction to the intense housing market. Many couples are doing something that is untraditional and are combining their finances and working together to save, prior to their wedding day, for the cost of a home.
But even with dual incomes, many still find that property prices are very high and thus find themselves in a financial limbo for years beyond any previous generation.
Broader Societal Shifts
Economic and social conditions continue to influence demographic trends in the country beyond the housing factor. Many young adults feel they need to work toward personal stability before making long-range commitments because of the high cost of living, job insecurity and financial obligations.
In addition to shifting perceptions of traditional gender roles and career trajectories, South Korea’s younger generation are normalising the idea of being single.
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@rebeccainkorea__ Why Koreans Aren’t Getting Married 🇰🇷 #lifeinkorea #foreignerinkorea #korealife #koreanculture #korea
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