Soaring Housing Costs and Taxes Deepen Generational Conflict in South Korea
In recent times, the conflict between retired seniors and the younger generation in South Korean society has been deepening due to housing issues. In particular, high housing prices in Seoul and complex real estate tax issues are making retirement planning difficult for many retirees.
A case involving a retired university professor illustrates this reality well. Although he owns a house that he worked diligently his entire life to afford, the rising annual property taxes and housing costs have become a significant financial burden now that his income has decreased since retirement. This reveals a structural concern for South Korean society that goes beyond individual problems.
Experts warn that this phenomenon could lead to intergenerational conflict. This is because while the elderly who own homes complain about the tax burden, the younger generation, who find it difficult to secure housing, continues to face a situation where they must give up on marriage and childbirth due to high housing costs.
Although the government and relevant agencies have introduced various policies to stabilize housing, reconciling the interests between generations remains a difficult task. As instability in the real estate market persists, it seems urgent to devise measures that consider both the retirement planning of seniors and the housing welfare of the youth.
Ultimately, the housing issue has become one of the most important tasks that South Korean society must solve. Moving forward, creating an environment that narrows the gap between generations and allows everyone to live stably will be more important than anything else for the future of our society.