- Park Soo Ah dreams of having her own place where she can enjoy independence.
- Due to soaring real estate prices in South Korea, she cannot leave her family home.
- She said she would have to double her current salary so she could afford to pay rent with her sister.
This story is part of a series called “Millennial World” that attempts to explore the current state of generations around the world. This narrated essay is based on a conversation with South Korean accounting manager Park Soo Ah, 25.
If money was no problem, I would live in a house full of movies and books. I want a walk-in closet where I can display all my clothes and accessories, and a media room where I can play video games.
But for now it remains a dream. I am 25 years old and still live with my family in the house I grew up in in Goyang, a satellite city of Seoul.
The exterior of Mr. Park’s apartment.
Park Soo Ah
In South Korea, people born between 1980 and 2005 are often grouped into the MZ category, which is Millennials and Generation Z. It accounts for almost one-third of South Korea’s population of approximately 52 million.
And, like many of my colleagues, I can’t afford to move out of my parents’ house, thanks to soaring real estate prices in this country.of average cost The cost to buy a 1,174-square-foot apartment in my city in 2022 was KRW 789.36 million, or about $606,570.
Currently, I am earning a monthly income of 2.2 million won, or about $1,690, as an accounting manager for a publishing company. Before that, I worked as an English tutor for a year and a half.
I graduated from Wonkwang University in Iksan in 2020 with a double major in English Literature, Languages and Economics. I majored in English Literature and English because I loved reading, but I also thought I should try another major to improve my chances of getting a job.
My original goal was to move after 6 months of working. More than two years have passed since then.
It’s not that I don’t like living with my parents and sister. Being close to the people I care about makes me happy because I can spend more time with them. It is reassuring to know that there are people who care about me.
Plus, living together saves money. We always have breakfast together. The same goes for dinner, waiting for everyone to come home before eating.
Park’s bedroom.
Park Soo Ah
My mother makes our meals every day. Sometimes I wish we could each devise our own meals because it can be stressful for my mom, but my parents are already used to this routine so that arrangement may not work. I know.
We share the household chores. I wash the dishes, clean both bathrooms once a week, and clean the refrigerator once a month.
Our house has 3 bedrooms and 2 bathrooms and is a comfortable space shared by 4 people. We have lived here since we were 10 years old.
My sister and I each have a bedroom and my parents sleep in the last room. Their room is the largest in the house and has a bathroom. My father is a businessman and uses the living room as a study, so there is a large desk there where he works.
Park’s living room.
Park Soo Ah
In Goyang City, population With a population of more than 1 million people, there are shopping malls, schools, and hospitals nearby, making it a comfortable city to live in. This place reminds me of a Lego village with many apartments and parks neatly placed next to each other.
The only challenge is that my office is in Seoul and I have to commute to work every day. My commute is about an hour and a half each way using public transport. I pay about 80,000 won (about $62) a month for commuting.
Parents make me feel safe, but it’s also a bad thing
Cohabitation also has disadvantages. I’ve only invited friends over when my parents weren’t home. My parents often ask me this question when I go out at night.
At my age, you should be independent. But whenever I face any difficulty, my parents want to help me work things out. I am leaving home to live my life.
However, renting in South Korea can be complicated, so you should postpone moving until you have enough money saved up to buy an apartment.
Many landlords operate on a rental system called “”.Jeonse, tenants pay a large security deposit in a lump sum instead of monthly rent. Landlords often use this as an interest-free loan for their investment and usually return the security deposit to the tenant at the end of the lease.
The main problem is that jeonse amounts can be large Up to 80% of the sale price of the apartment Depending on the location, especially if you are just renting, the amount is so high that not everyone can afford to pay up front. In June 2022, Average jeonse deposit for apartment in seoul It was 680 million won, or about $522,642.
To be honest, I can’t afford to buy a house by myself now.
Housing prices in this country are terrible. How can people say that if they save money, they can buy their own house?
I used to pay out of my pocket, but now I don’t. My parents would rather have me save money for the future. I only pay for my expenses and the occasional snack when I take my family to the movies or concerts.
Instead of leaving home alone, I have more attainable goals. At least I hope it’s more achievable. I have been wanting to move in with my 23-year-old sister for a while, and hope to do so within the next year.
We are considering renting an apartment with at least two bedrooms. I don’t have a specific goal on how much I need to save yet, but I need to earn at least double my current salary to comfortably pay my rent.