This year in the second quarter, the annual income of households that purchased apartments in Seoul exceeded 90 million won for the first time.
According to KB Real Estate on the 26th, the average annual income of households that bought apartments in Seoul using collateral loans from KB Kookmin Bank from April to June this year is 91.73 million won.
It is the first time that the average annual income of households that purchased apartments in Seoul with collateral loans from KB Kookmin Bank has exceeded 90 million won since KB began compiling relevant statistics in 2008.
The annual income of households purchasing apartments in Seoul was in the range of 50 million to 60 million won in 2021. After exceeding 70 million won in 2023, it surpassed 82.36 million won in the third quarter of the previous year, marking the first time it exceeded 80 million won.
In the second quarter, the median price of apartments in Seoul was 970 million won. The ratio of 'household income to apartment price' (PIR) in Seoul was reported as 10.6. This means the price of the purchased apartment is 10.6 times the average annual income of the household.
This figure rose to 14.8 in the second quarter of 2022 and has since shown a general downward trend. As the incomes of apartment buyers have increased, the PIR has also decreased.
The average annual income of households that purchased apartments in Gyeonggi and Incheon in the second quarter of this year was 61.74 million won and 50.07 million won, respectively. The annual income of households purchasing apartments in Gyeonggi has exceeded 60 million won for the first time this time. During this period, the PIR for Gyeonggi apartments was 8.8, while it was recorded as 8.5 for Incheon.
According to KB Real Estate, as lending requirements have been tightened, the income levels of those wishing to purchase apartments are naturally rising. With the 6·27 household debt measures limiting the household mortgage loan cap to 600 million won and the implementation of the three-step Stress Total Debt Repayment Ratio (DSR) regulation, the annual income of households wishing to buy apartments through loans is expected to increase.