Housing Cost Burdens and Parental Support for Young Renters in South Korea

In Korea, the housing issues faced by young renters negatively impact both their parents and themselves. This study aimed at exploring young renters’ situations whereby they receive financial support from their parents in order to pay current housing expenses, and their perception of housing cost bu...

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Bibliographic Details
Published in:Sustainability 2021-10, Vol.13 (19), p.11105
Main Authors: Lee, Hyun-Jeong, Hwang, Yoon-Seo
Format: Article
Language:English
Subjects:
Adult children
Childbirth & labor
Cost control
COVID-19
Families & family life
Households
Housing
Housing prices
Lump sum
Marriage
Parents & parenting
Public housing
Rentals
Residential location
Sales
Young adults
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Summary:In Korea, the housing issues faced by young renters negatively impact both their parents and themselves. This study aimed at exploring young renters’ situations whereby they receive financial support from their parents in order to pay current housing expenses, and their perception of housing cost burdens. Additionally, this study examined the influences on the reception of parental support and their perceived housing cost burdens. In February and March of 2021, an online questionnaire survey was conducted amongst young renters living independently from their parents and 385 responses from Jeonse renters and monthly renters with deposits in private rental housing units were analyzed. The major findings are as follows: (1) among the subjects, 43.4% had experienced receiving parental support in order to pay for housing expenses since their first instance of independent living, and 35.6% were still receiving parental support. (2) A discriminant model with a linear combination of the variables of age, income, residential location and rental deposit was found effective in predicting the receipt of parental support with 66.5% accuracy. (3) A linear combination of the variables of gender, rental deposit and monthly cash housing expenses was found to explain 5.8% of the total variance of perceived housing cost burdens. The results imply the necessity to expand the provision of public housing and housing subsidies to alleviate the financial burdens of young renters and their parents.
ISSN:2071-1050
2071-1050
DOI:10.3390/su131911105