Young Koreans keen on decorating rented homes amid skyrocketing apartment prices

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Decorating the interior of rented apartments is becoming increasingly popular among many young South Koreans who find it challenging to become homeowners because of their small paychecks and increasing apartment prices.

According to the Construction and Economy Research Institute of Korea on Sunday, the local interior and remodeling industry are projected to reach 44 trillion won ($32.6 billion) in 2030, up from an estimated 30 trillion won in 2020.

Young Koreans are distant from home ownership and live in monthly or annual rentals.

Statistics Korea data showed that the country’s single-person households aged between 20 and 39 amounted to 2.38 million in 2020. Of them, renters on jeonse, or lump-sum housing rental deposit, stood at 620,551, more than double the homeowners at 329,408. Monthly renters reached 1.27 million.

Instead of buying their own house, young individuals are shifting their focus to decorating the place they live in.

Ohouse, a home décor and interior app, recorded 25 million downloads in 2022, with the most users aged between 25 and 34. Korea’s major furniture manufacturer Hyundai Livart Corp. also said that its page views recently increased by 250,000, and around 40 percent of its users were young customers.

“The trend shows that young people who cannot afford a house but want to feel a sense of comfort and security are purchasing affordable furniture or home appliances to decorate their places,” said Kwak Geum-joo, professor of psychology at Seoul National University.