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Household Assets Decline for First Time Due to Falling House Prices

Written: 2023-12-07 15:28:09Updated: 2023-12-07 18:32:41

Household Assets Decline for First Time Due to Falling House Prices

Photo : YONHAP News

Average household assets in the nation decreased by more than 20 million won, or more than 15-thousand U.S. dollars, on the back of a decline in the real estate market last year.

According to a report on a survey on household finances in 2023 by the Bank of Korea and the Financial Supervisory Service released on Thursday, the average as of the end of March stood at slightly above 527-point-27 million won, a decrease of three-point-seven percent from a year ago.

Due to a decline in the country’s real estate market last year, the average for household assets decreased by more than 20 million won, the first decline in eleven years since such statistics were first compiled in 2012.

As the outlook for housing prices worsened, the number of people willing to invest in real estate also decreased.

Meanwhile, the average debt per household stood at 91-point-86 million won, an increase of zero-point-two percent compared to the previous year.

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