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Soaring Rents Drain Household Budgets

2015/05/02 Source

The proportion of rent in household spending has risen to over one-third of the average monthly budget.

According to a report by the Hyundai Research Institute on Sunday, rent last year accounted for 34.5 percent of total household spendings for households who rent their homes. The figure in 2010 was 30.4 percent.

The figure includes associated costs like utility bills, and the institute also included "jeonse" or Korean-style deposit lease homes.

The burden of housing costs is greater for households where the head of the household is over 40 and in urban areas.

The proportion of housing costs in cities rose from 31 percent in 2010 to 35.8 percent in 2014 but increased only one percentage point in rural areas. This is due to a rapid rise in rents in the Seoul metropolitan area.

The burden for households whose head is over 40 went up from 30.9 percent to 35.2 percent over the same period but rose only 3.7 percentage points for those in their 20s and 30s.

Housing costs for households with incomes in the bottom half were 41.4 percent, much higher than the overall average.

Kim Kwang-seok at the institute said, "If the proportion of spending on necessities like housing goes up, disposable income goes down and accelerates the recession. "There is an urgent need for more help including low-interest loans to alleviate pressure for low-income households".

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