Houses Are Very Expensive, The Main Reason Young Koreans Are Reluctant to Have Children

Houses Are Very Expensive, The Main Reason Young Koreans Are Reluctant to Have Children.

"Dream - The birth rate in South Korea (Korsel) continues to decline every year, even though the economy of this ginseng country is very advanced."

"Various methods have been implemented by the South Korean government to make it easier for the younger generation to marry and have children, but they have not yet succeeded."

Many factors make the younger generation in South Korea reluctant to marry and have children. One of the biggest factors, according to a report released by the Korea Research Institute for Human Settlements (KRIHS), is housing costs.

The conclusion was drawn from the analysis of various economic and labor factors related to the birth rate patterns in South Korea.

"Recorded, the birth rate tends to remain relatively unchanged when housing prices are stable. With the use of a dynamic panel data model, researchers found a correlation between the total fertility rate – the number of children a woman is estimated to bear by the end of her reproductive years in line with the applicable age-specific fertility rates – in a given year and the factors believed to influence family planning."

"This includes various figures from the previous year. Among others, the price of houses, rental prices, private education costs, economic growth, and the unemployment rate."

"The cost of housing, including the cost of buying or renting a home, is the biggest factor influencing married couples in having their first, second, or third child, although the impact is slightly different. More specifically, researchers found that a 1 percent increase in home prices in a given year leads to a decrease in the total fertility rate of 0.00203, and a 1 percent increase in rental prices leads to a decrease of 0.00247."

The report mentions that 30.4 percent of couples' decisions to have their first child are influenced by housing costs, followed by the birth rate in the previous year, at 27.9 percent. For the second child, housing costs affect 28.7 percent of family decisions, followed by the previous year's birth rate at 28.4 percent. The figures for the third child are 27.5 percent and 26.1 percent, respectively.

The influence of private education on family decisions significantly increases after the birth of the first child, the second child, and also the third child. This affects the couple's decision to have the first child by only 5.5 percent, but then it doubles to 9.1 percent for the second child, and even increases to 14.3 percent for the third child.

"The influence of the level of women's participation in economic activities is also very significant. Referring to how many women are working or want to work, the decision of families to have children is always high. Starting from 16.5 percent when deciding to have the first child, then 15.9 percent and 15.5 percent when deciding to have the second and third children. These figures indicate that women's permanent employment is an important factor influencing married couples' decisions to have children."

The researchers at KRIHS stated that one of the keys to addressing the record low fertility rates in South Korea is to tackle housing costs.

“(The government) must take policies so that newlyweds experiencing financial difficulties can obtain a house without taking on excessive loans,” wrote the researcher. Source: Korea Herald

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