Since the start of the year, the number of subscribers to housing subscription accounts has fallen by more than 130,000. Experts say that is because the odds of winning are low, and even if selected, only cash-rich buyers can sign contracts due to lending curbs and high presale prices. In particular, as a "housing subscription account is useless" view spreads among unmarried young adults, more people are closing their accounts, according to analyses. Experts said the subscription system needs a wholesale overhaul to match the rise in single-person households.
According to the Korea Real Estate Board (REB)'s Subscription Home on the 13th, as of the end of March, the number of subscribers to housing subscription accounts (comprehensive housing subscription savings, subscription savings, subscription installment savings, subscription time deposits) totaled 26,051,929. Compared with December last year (26,184,107), 132,178 people closed their accounts this year alone. After rising following the introduction of the presale price cap in 2020, the subscriber count peaked at 28.5 million in 2022 but has fallen by more than 2 million in four years.
In particular, the Gangnam-area subscription market in Seoul is effectively seen as a "league for perfect scorers and cash-rich buyers." For ACRO de Seocho in Seocho District, Seoul, which took subscriptions in April, the winning score for two units of the 59㎡ type C was a perfect 84. That requires more than 15 years without a dwelling (32 points), more than 15 years of account subscription (17 points), and at least six dependents excluding the applicant (35 points). In effect, a seven-person household would have to live together as non-homeowners for more than 15 years to win.
The problem comes after winning. The maximum presale price for the 59㎡ type C was 1.79 billion won (about 78 million won per 3.3㎡). Although the presale price cap applied, making it more than 1.7 billion won cheaper than market rates, even those who win would need more than 1 billion won in cash to sign a contract.
Jeong, a 34-year-old office worker living in Anyang, Gyeonggi Province, said, "I've diligently deposited money into my housing subscription account every month for more than 15 years, but I lost all five times to newlyweds or those with elderly parents as dependents," adding, "My lump sum is tied up, there is almost no interest, and the odds of winning seem small, so I'm considering closing the account." Another office worker, Seo, 37, said, "As returns from investments such as stocks have risen recently, many people around me are closing their housing subscription accounts."
Experts said the subscription system fails to reflect the reality of the sharp increase in single-person households. The current point-based system is designed to favor the number of dependents and marital status, structurally disadvantaging unmarried young adults. Because housing subscription deposits are used as resources for the housing & urban fund and go toward low-interest loans for non-homeowning low-income residents, there are concerns that continued declines in subscribers could weaken the foundation for policy finance.
Some also argue that rewards for long-term subscribers should be strengthened. Under the current system, the maximum points for subscription duration are capped at 17, and no additional points are given beyond 15 years. Park Ji-min, head of Wol-yong Subscription Research Institute, said, "If we remove the cap on maximum points based on account duration so that those who have subscribed longer can earn higher scores, it would deter cancellations."
There are also calls to revise the point-centered structure. As with public presales, the proposal is to simplify the private presale system so that a higher total amount deposited is more advantageous, while adjusting the share and benefits of special supply. Currently, for public presales with exclusive areas over 40㎡, winners are selected in order of recognized deposit amounts. However, monthly deposits exceeding 250,000 won are not recognized.
Kim In-man said, "There is a need to change the system so that benefits in private presales also go to those who have paid in faithfully for a long time," adding, "Newlyweds and multi-child households receive double benefits through both special supply and general-supply points, so it is time to discuss adjustments for fairness with single-person households."