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Real housing costs in the third quarter increased by 1.6% … Low-income households affect many monthly renters
▲ On the morning of the 19th, when the government announced real estate measures to resolve the cheonsei crisis, a notice on charters and monthly rentals was posted in a shopping district in Songpa-gu, Seoul. (Newsis)
Households’ average monthly living expenses in the third quarter increased for the first time this year.
According to the results of a survey on household trends by the National Statistical Office on the 23rd, the actual spending on housing of households with two or more people nationwide in the third quarter was 84,200 won per month, up. 1.6% compared to the same period last year. This is an average calculated including families who are self-sufficient and those who suffer, and the actual housing costs for families with monthly rent are much higher. Actual family housing spending decreased by 8.0% in the first quarter, but the decline shrank to 1.8% in the second quarter and transformed into an increase in the third quarter.
Actual housing expenses are the sum of Jeju’s monthly rent and other housing expenses. However, other housing costs on the agenda are free housing, permanent letting, and private housing that residents pay when renting similar facilities and represent a small portion of actual residence. Therefore, a significant part of the actual housing costs are monthly rent costs.
It was counted as 95,500 won and 96400 won in the first and second quintile by income quintile (bottom 20%). In the case of the first quintile, the share of households in monthly rent also increased compared to the same month last year. From the 3rd to 5th quartiles, there were few monthly residents, so the average value of actual housing costs was relatively low. The third quartile won 75,600, the fourth quartile won 69,600, and the fifth quartile (20% higher) was 84,100. The reason why the actual cost of living in the 5th quintile is higher than the 3rd-4th quartile is analyzed because some of the high-income families live in very high-priced monthly rental housing due to the burden of ownership.
It seems that the increase in monthly rent due to the decrease in the jeonse amount and the increase in monthly rent due to the turnaround has raised the actual cost of housing.
In particular, the monthly rent itself is on the rise. Among the consumer price indices announced by the National Statistics Institute, the rate of increase in monthly rents was negative until March of this year, then remained unchanged in April and May, and then increased after June. The increase is also up from 0.1% in June to 0.3% in October. This can act as a limiting factor in consumer spending. This is because disposable income for low-income families is difficult to increase due to the new coronavirus infection crisis (Corona 19).
The National Bureau of Statistics said in a report on “Trends in Housing Expenditure for This Household Through the Household Trend Survey” published in the second half of last year, “the burden of housing costs is increasing rapidly, mainly due to low-income households. This could limit other consumer spending and consumption capacity “Analyzed.
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