"I Don't Want to Start Out in Debt": Newlyweds Choose Homes in Gyeonggi Over Seoul, Even Delay Marriage Registration

Average Newlywed Loan Reaches 179 Million Won
"No Wedding" Trend Spreads as Couples Marry Without Ceremonies

Rising inflation, increasing housing prices, and the burden of loans are changing the wedding landscape for the younger generation. New trends are emerging, ranging from "no-wedding" couples who skip the ceremony to save wedding expenses amounting to tens of millions of won, to couples who start married life but delay registering their marriage. The reality of having to simultaneously bear the costs of a wedding, a home, and loans is shaking up the traditional formula of marriage.

On September 28, Youngho Pyo, a YouTuber and former TV personality, uploaded a video titled "The Moment You Hold a Wedding, You Start with Debt" on his YouTube channel, analyzing the evolving marriage culture and the wave of wedding hall closures.

Rising inflation, increasing housing prices, and the burden of loans are changing the wedding landscape for the younger generation. From "no-wedding" couples who skip the ceremony to save tens of thousands of dollars on wedding costs, to couples who start married life but delay their marriage registration, new trends are emerging. The Asia Business Daily

Pyo explained that among the younger generation, there is a growing tendency to view marriage not as a mandatory life milestone, but as a lifestyle choice that individuals can opt into. He emphasized that as perceptions about marriage shift, the forms of wedding ceremonies are also rapidly changing. In particular, Pyo pointed out that the trend of young people who used to live in Seoul now setting up their first homes in Gyeonggi Province after marriage to avoid the high cost of living in the capital has also played a role in shaping these statistics.

The biggest driver behind these changes in marriage culture is cited as the financial burden. When you add up all the costs—including studio photography, dresses, makeup (commonly referred to as "Sudome" in Korea), as well as invitations, gifts, and meals—the total cost of a single wedding can reach tens of millions of won. The burden on guests is also significant. According to the video, the average meal cost at a typical wedding venue is around 78,000 won, while hotel weddings range from the high 100,000s to nearly 300,000 won per person.

As a result, some couples are opting for "no-wedding" by deciding it is better to use their limited funds for securing a home, investing, or going on a honeymoon rather than spending it all on a one-day event. In a survey of 1,000 unmarried men and women about alternatives they would consider if wedding costs became overwhelming, 27% said they would choose "no-wedding." Regarding this trend, Pyo analyzed, "Practical thinking is spreading—the idea that instead of spending money on a showy event, it’s better to invest in stocks or real estate to secure a home."

Some couples delay not only their wedding but also their marriage registration. These are so-called 'pretend singles' who live together but remain legally unmarried. The Asia Business Daily

There are even couples who delay not only their wedding but also their marriage registration. These are so-called 'pretend singles' who live together but remain legally unmarried. Reasons cited include that, for dual-income couples, combining their incomes through marriage registration can lead them to exceed the income limits for certain benefits such as special support for newlyweds, and that the number of opportunities each person had to apply for housing allocations individually can change once they are officially married.

Meanwhile, the loan burden faced by newlywed couples at the time of marriage is also increasing. As of 2024, the median loan balance for newlywed couples in their first marriage with outstanding loans in the financial sector is 179 million won, an increase of 130.1% compared to 77.78 million won in 2016 when related statistics were first compiled. Notably, the proportion of newlywed couples with loans exceeding 300 million won rose more than fourfold, from 5.3% to 24.0% during the same period. For newlywed couples who already own a home, the burden is even heavier. The median loan balance for first-marriage couples with a home was 228.24 million won, and the proportion holding more than 300 million won in loans was as high as 33.2%.

In response, Pyo said, "Loans that were taken out during the era of low interest rates are now turning into an enormous interest burden as rates rise. When you combine principal and interest payments that run into hundreds of thousands of won each month, you could be living in a nice home but still suffer from severe financial hardship."

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