"Same Age, but Wealth Differs by 3.6 Times: Homeownership Divides Single-Person Households in Seoul"

Homeowners in Their 60s Hold 3.6 Times More Assets Than Non-Homeowners
Loan and Credit Card Usage Differs Despite Similar Age and Credit Scores

Among single-person households in Seoul, there is a considerable economic and financial gap depending on whether they own a home, even among people of the same age. Homeowners had an asset index up to approximately 3.6 times higher than non-homeowners, and their lending and credit card usage rates were also significantly higher.

Apartment complex in Bundang-gu, Seongnam-si, Gyeonggi-do (Photo by Yonhap News)

According to the "Seoul Welfare in Data" report published by the Seoul Welfare Foundation on October 7, among single-person households in Seoul aged 40 to 44, the asset index of homeowners residing in their own homes reached 214, about 2.5 times higher than that of non-homeowners or renters, which stood at 84.2.

This index indicates that if the number is greater than 100 compared to the entire age group, the value is higher than the group average for that age; if it is below 100, it is lower than the average.

For those aged 40 to 44, the income index for homeowners was 126, compared to 94.4 for non-homeowners, presenting an approximate ratio of 1.3 times higher.

The asset gap within the same age cohort widened as participants' ages increased. For those aged 65 to 69, the asset index for homeowners was 250—about 3.6 times higher than that of non-homeowners, which was 70.2.

Among those aged 70 and older, homeowners had an asset index of 228, while non-homeowners registered 65.1, a difference of about 3.5 times.

Homeowners residing in their own homes also had a higher rate of credit card and loan use compared to non-homeowners or renters.

Among 40 to 44-year-olds, 55.6% of homeowners had loans, compared to 37.6% of non-homeowners, showing a difference of about 18 percentage points. There was little difference in credit scores between the two groups, which were 96.7 and 103.4, respectively.

The rate of credit card usage was recorded at 99.2% for homeowners and 83.8% for non-homeowners.

The ratio of individuals whose debt-to-income (DTI) ratio could be calculated was 68.4% for homeowners and 42.8% for non-homeowners.

This analysis was conducted by the Seoul Welfare Foundation targeting 921,328 Seoul residents who met single-person household criteria from January to December 2024. The study used pseudonymized data from KCB, Shinhan Card, and SK Telecom.

Detailed results by age group are available on the Seoul Welfare Foundation website.

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