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Recent statistics show that 55% of the unemployed in the country are young people in their 20s and 30s. The combination of a hiring freeze and rising rental prices has significantly restricted the opportunities for young people to build assets. There are 776,000 unemployed individuals aged 15 and older, of which 428,000 belong to the 2030 generation.
In particular, the employment rate for those aged 15 to 29 is 44.2%, a decrease of 1.6 percentage points compared to the previous year, marking a 27-month consecutive decline. The unemployment rate for those in their 30s is also at 3.2%, continuing a 12-month upward trend. The expansion of large companies' recruitment and a preference for experienced workers are making it even more difficult for young people to enter the job market.
The sharp rise in housing costs is exacerbating the economic difficulties faced by young people. The average monthly rent for apartments in Seoul has surpassed 1.62 million won for the first time, while the average rent for multi-family and row houses has also increased to 670,000 won. The government plans to introduce loan support policies for young people, but there are growing criticisms on the ground. Young people desire stable housing with asset value, but the reality is far from that.