Posted November. 20, 2017 07:26,
Updated November. 20, 2017 08:13
The median housing price of Seoul has turned out to be 100 million won higher than that of Tokyo, Japan, and it takes five more years for Seoulites to purchase a house, compared to Tokyo residents.
Rep. Park Kwang-on’s office of the Minjoo Party and the National Assembly Research Service reported Sunday that the median price of a Seoul house stood at 434.85 million won, highest in Korea, and 124.97 million won higher than Tokyo’s 398.9 million won (based on exchange rate as of Sunday). The median housing price of Seoul was similar to those of New York (437.36 million won) and Washington D.C. (432.85 million won), but was lower than London’s 638 million won. The median price is the value in the middle when housing prices are listed from lowest to highest. Most median prices are lower than the average.
The timeline needed to purchase a Seoul home was also longer than a Tokyo home. It will take 9.2 years for a household of two or more members in an urban area with an average yearly income of 47.28 million won to purchase a median-price home in Seoul even if they save their entire income. It took Tokyo residents 4.7 years, 4.5 years shorter than Seoulites. New York and Washington D.C. residents needed 5.7 and 4.1 years, respectively, also fewer years than Seoulites. Even London, whose median housing price was more than 200 million won higher than Seoul, had shorter timeline of 8.5 years, as the household income was comparatively higher than Seoul.