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

Hyun-Jeong Lee and Yoon-Seo Hwang
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Hyun-Jeong Lee: Department of Housing & Interior Design, Chungbuk National University, Cheongju 28644, Korea
Yoon-Seo Hwang: Research Institute of Human Ecology, Chungbuk National University, 1 Choongdae-ro, Seowon-gu, Cheongju 28644, Korea

Sustainability, 2021, vol. 13, issue 19, 1-20

Abstract: 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.

Keywords: young adults; renters; housing costs; parental supports; discriminant analysis; regression analysis; independent living; housing affordability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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