Total Private Education Expenses Near 20 Trillion Won: 'Dangjin I-Park' Near Prestigious School Districts Draws Attention

Total Private Education Expenses in 2018 Reach 19.4852 Trillion KRW... 2019 Nears 20 Trillion KRW
Private Education Expenses as a Percentage of Income Increase Annually... Subscription Frenzy Near Prestigious School Districts
Demand Grows for 'Dangjin I-Park' Near Prestigious School Districts Within Walking Distance in Dangjin City

Despite recording the lowest birth rate in history, the total private education expenses as well as per capita private education expenses have been hitting new highs every year. As a result, residential complexes near prestigious school districts within the region that help reduce the burden of private education costs are gaining popularity among consumers.

According to national statistical data from Statistics Korea, the total private education expenses in 2018 amounted to 19.4852 trillion KRW, maintaining an upward trend every year since 2015. This trend contrasts sharply with the birth rate, which has been sharply declining every year since it recorded 1.24 in 2015.

In particular, as the perception of "having only one child and raising them well" has expanded recently, the average monthly private education expense per child has risen for six consecutive years since 2012, reaching 291,000 KRW in 2018. It is predicted that in 2019, for the first time ever, the average monthly private education expense per child will exceed 300,000 KRW.

The ratio of private education expenses to average monthly household income is also increasing. The private education expense ratio, which was 5.58% in 2015 (244,000 KRW out of 4,376,473 KRW), rose to ▲5.81% in 2016 (256,000 KRW out of 4,404,774 KRW) ▲6.07% in 2017 (272,000 KRW out of 4,480,535 KRW) ▲6.24% in 2018 (291,000 KRW out of 4,661,877 KRW).

As the burden of private education increases every year, residential complexes near prestigious school districts within the region have been drawing attention in the sales market, recording subscription competition rates of hundreds to one.

According to Real Today, a real estate research firm, among the 432 complexes sold nationwide this year, ‘LeaL Daechi,’ which recorded the highest first-priority subscription competition rate of 212.1 to 1, is within walking distance of Daehyeon Elementary School and Huimun Middle and High Schools, prestigious schools in Daechi-dong. The second highest first-priority subscription competition rate was recorded by ‘Songdo The Sharp Central Park Phase 3’ (206.13 to 1), which is within walking distance of Incheon Science and Arts Gifted School and Incheon National University Songdo Campus. ‘Daebong The Sharp Central Park’ (151.74 to 1) is also located within walking distance of Gyeongbuk National University Affiliated High School, one of Daegu’s four prestigious school districts. These complexes with subscription competition rates of hundreds to one are located near prestigious school districts within their regions.

An industry expert said, “Generally, apartment complexes close to prestigious school districts within the region are preferred not only by buyers with high enthusiasm for their children’s education but also by those who feel burdened by excessive private education.” He added, “Especially for these complexes, demand remains high even after move-in, and liquidity is also high, making price increases easy.”

Amid the spotlight on newly supplied complexes near prestigious school districts, ‘Dangjin I-Park,’ supplied by HDC Hyundai Development Company in the Eumnae-dong area of Dangjin-si, Chungcheongnam-do, is attracting buyers’ attention.

‘Dangjin I-Park’ boasts excellent academic achievement within Dangjin-si and is located within walking distance of highly preferred schools such as Gyesung Elementary School, Wondang Middle School, Hoseo Middle School, and Hoseo High School. Nearby, there are also Lotte Mart and Dangjin Express Bus Terminal, and through Musudang-ro and Dangjin Jungang 2-ro, major commercial facilities in Dangjin-si are accessible, providing abundant living infrastructure.

Additionally, major public institutions and cultural facilities such as Dangjin Police Station, Dangjin District Court, Dangjin Office of Education, and Dangjin Arts Center are conveniently accessible.

Behind the complex lies Gyerim Park, spanning 333,859 square meters, providing a pleasant residential environment. Dangjin-si recently announced in its 2020 policy planning report that it plans to develop Gyerim Park, a long-unexecuted urban park, with a budget of 32 billion KRW from 2020 to 2024. Accordingly, once residents move into ‘Dangjin I-Park,’ the complex will become a forest-adjacent apartment connected to a large park.

Its proximity to workplaces is also excellent. Major industrial complexes such as Hyundai Steel and Dangjin 1 Steel Complex, Songsan General Industrial Complex, Seokmun National Industrial Complex, Bugok Industrial Complex, and Godeok National Industrial Complex are all reachable within about 30 minutes by car.

The model house for ‘Dangjin I-Park’ is located at 290 Dangjin Jungang 2-ro, Dangjin-si, Chungcheongnam-do (former SK Honam Gas Station site), and official contracts will be conducted over three days from the 28th (Tuesday) to the 30th (Thursday).

This content was produced with the assistance of AI translation services.