Have you ever asked yourself "Where could I buy an apartment in Korea on my income?"
Here is a neat interactive map [below] showing the relative expenses for buying an apartment throughout Korea. Scroll around and compare the areas with the greatest expense (darker red) and least expense (lighter to white).
중소형 아파트 구매 위해 필요한 시군구별 연소득 지도 (Map of Annual Income needed in various regions to purchase a small/mid size apartment)
Technically the shading gradients show the differences in annual income you would need to purchase a standard sized apartment in that area. No surprise that the cities and Jeju are the most expensive, with the Gangnam area coming in #1.
The needed annual incomes stretch from the high end at 2억7천원 (270,000,000 won, ~$270,000) down to 6,930,000 won (~$6,930). You can also use the check-boxes to adjust for specific time periods. The default is a comprehensive view.
You may notice that I keep saying "needed annual income" rather than just simply "apartment price" because these numbers were crunched using a messy formula taking into account real-world conditions, including not just the price of the apartment itself, but the likely financial backing conditions that would have to be met along with your bank regarding housing loans.
Here was their formula if you're into this sort of thing:
In other words, these are the incomes a real-world, average Joe would need to finance buying an apartment home in these areas. So if your goal is to settle down and not utterly break the bank (or if you're a working guy and not some chaebol scion), you might want to take a look and pick an area that suits your budget better. Potentially a useful resource then for long-term residents (including new parents with young kids?) looking to move to a satellite area of the city.
For way more, including excruciatingly detailed figures on prices, averages, financing, real estate trends, and etc. see the full post along with several other maps and charts at the post by members of the Seoul National University GIS/LBS group at the link here:
Source: 내 연소득으로 살 수 있는 아파트, 어디에 있을까? (+중소기업 신입이 서울에 아파트를 사려면 몇년이 걸릴까?) – SPH
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| Carto heatmap map of AI needed for apartment purchasing in South Korea |
Here is a neat interactive map [below] showing the relative expenses for buying an apartment throughout Korea. Scroll around and compare the areas with the greatest expense (darker red) and least expense (lighter to white).
중소형 아파트 구매 위해 필요한 시군구별 연소득 지도 (Map of Annual Income needed in various regions to purchase a small/mid size apartment)
Technically the shading gradients show the differences in annual income you would need to purchase a standard sized apartment in that area. No surprise that the cities and Jeju are the most expensive, with the Gangnam area coming in #1.
The needed annual incomes stretch from the high end at 2억7천원 (270,000,000 won, ~$270,000) down to 6,930,000 won (~$6,930). You can also use the check-boxes to adjust for specific time periods. The default is a comprehensive view.
You may notice that I keep saying "needed annual income" rather than just simply "apartment price" because these numbers were crunched using a messy formula taking into account real-world conditions, including not just the price of the apartment itself, but the likely financial backing conditions that would have to be met along with your bank regarding housing loans.
Here was their formula if you're into this sort of thing:
AI = APT x (1-LTV) / YEAR / AIRAI: Needed Annual Income
APT: Average apartment cost in the area (assuming an 18~25 pyeong apartment)
LTV: Loan To Value ratio
YEAR: How long it will take to pay off the apartment
AIR: Available Income Ratio
In other words, these are the incomes a real-world, average Joe would need to finance buying an apartment home in these areas. So if your goal is to settle down and not utterly break the bank (or if you're a working guy and not some chaebol scion), you might want to take a look and pick an area that suits your budget better. Potentially a useful resource then for long-term residents (including new parents with young kids?) looking to move to a satellite area of the city.
For way more, including excruciatingly detailed figures on prices, averages, financing, real estate trends, and etc. see the full post along with several other maps and charts at the post by members of the Seoul National University GIS/LBS group at the link here:
Source: 내 연소득으로 살 수 있는 아파트, 어디에 있을까? (+중소기업 신입이 서울에 아파트를 사려면 몇년이 걸릴까?) – SPH
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