A recent report has revealed that potential homebuyers in Seoul face an uphill battle in the housing market, where they would need to keep every cent they earn and save diligently for a staggering 13 years just to afford a home. This jaw-dropping statistic was unveiled on Friday by the Ministry of Land, Infrastructure and Transport, highlighting the challenging reality many Koreans face in their quest for home ownership.

As the capital city continues to attract a growing population seeking better job opportunities and an enhanced quality of life, housing prices have skyrocketed. The ministry's extensive survey, conducted from June to December 2023 and involving 61,000 households across the nation, painted a clear picture of the affordability crisis.

The report found that the median home price-to-income ratio in Seoul stands at a whopping 13—a striking figure indicating that the average sale price for a home is 13 times higher than the median household income. This unfortunate reality means that a full-time worker in the city must essentially live off nothing and save all their earnings for over a decade just to make their homeownership dream a reality.

To put this in perspective, the home price-to-income ratios in other major areas of South Korea are comparatively lower. For instance, Sejong, which houses the government complex, records a ratio of 8.7, while Gyeonggi Province's ratio is 7.4. North and South Chungcheong provinces follow with ratios of 7.1 and 6.7 respectively. The lowest ratio is found in South Jeolla Province at a mere 3.1, providing a stark contrast to Seoul's dire numbers.

Compounding the problem, the nationwide homeownership rate has experienced a decline, dropping from 61.3% in 2022 to 60.7% in 2023. In urban Seoul, this decline is reflected in the homeownership rates slipping from 55.8% to 55.1%. Metropolitan cities outside of the capital and provincial areas have seen slight drops as well, with homeownership rates hovering around 62.3% and 68.6%, respectively.

Despite these obstacles, the desire to own a home remains strong among the Korean populace. An overwhelming 87.3% of survey respondents consider homeownership essential, indicating a persistent hope amid the mounting challenges. As housing prices continue to rise unabated, South Korea's capital stands at a crossroads, grappling with the twin crises of affordability and accessibility in the housing market. Will policymakers take action to help prospective buyers find a foothold in the pricey real estate landscape? The future of Seoul's housing market hangs in the balance.