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Apartment Dwellers Tend to Be Richer, More Educated

2012/03/03 | 347 views |  | Permalink | Source

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People living in apartments tend to have higher incomes and education levels, a study by the Korea Housing Institute suggests. The institute in the study published in February said, "A distinct class differentiation was apparent between people who live in apartments and those who do not. There is a worsening prejudice that wealthier people live in apartments".

According to the study, the average monthly income of apartment dwellers across the country is W3.55 million (US$1=W1,117), around 1.6 times higher than the W2.19 million for people who live in other kinds of housing. The wage gap is even larger in Seoul with the average income of apartment dwellers at W4.44 million, as against W2.6 million for non-apartment dwellers.

The study also shows that people who live in apartments are more highly educated. Some 53.2 percent of apartment dwellers have university degrees, while 85.1 percent have at least high school diplomas. Among non-apartment dwellers, only 37.7 percent have university degrees, while 76.8 percent have high school diplomas.

A KHI researcher said, "Residential styles are being divided along income and academic levels". As a result, non-apartment dwellers tend to aspire to live in apartments, and 52 percent of households seeking to move are considering apartments.

The researcher said demand for apartments will continue to rise. The study was based on a 2010 housing survey by the Ministry of Land, Transport and Maritime Affairs.

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