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Taiwan’s young adults face record-high mortgages
Young adults in Taiwan face record-high mortgages, with only 21% of young people in Taipei City owning homes. Rising property prices are attributed to labor and material shortages and increasing land prices. Homeownership among young people dropped to 32.2% in 2023, with Taipei and New Taipei having the lowest rates. Kaohsiung has the highest rate of young homeowners at 37.3%.2024/03/28 16:13 -
Childless newlyweds rise in S. Korea amid economic woes
New data from Statistics Korea reveals a decline in young married couples in South Korea, with approximately 1.032 million couples within the first five years of marriage as of November 1, 2022. Since 2015, there has been an annual average decrease of 50,000 to 80,000 newlywed couples, projected to fall below 1 million by the end of this year. Around 79% of these newlyweds are marrying for the first time, while over 20% are embarking on a second marriage. Notably, 46.4% of first-time married couples have chosen not to start a family yet, marking the highest recorded rate of childless couples. Economic and housing conditions play a role in these trends, as the average annual income of newlyweds has increased by 6.1% from the previous year, and dual-income households have claimed a larger share, reaching 57.2%. However, despite earning 1.7 times more than single-earner families, dual-income couples have a lower rate of having children. The unique Korean rental system, Jeonse, involving significant security deposit payments, and rising rental costs may further impact young couples’ decision to start a family, adding complexity to South Korean family dynamics.2023/12/12 20:08