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More than 12 years to buy home in Seoul even if all paychecks were saved: Data Updated: 2020-08-03 17:02:51 KST

New figures show that it would take a South Korean household with an average income in the city to save up all every little penny they make for more than 12 years to afford an average-priced apartment in the capital Seoul.
That's according to the National Assembly Research Service which released the 2019 Price to Income Ratio for the city measuring the affordability of homes to come to 12.one-three.
As of last December, the average price of an apartment was just under 700-thousand U.S. dollars.
To cool the overheated housing market, the South Korean government is set to soon reveal plans to build more housing units in Seoul and the surrounding area.
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