Four out of 5 aged 35 are non-homeowners: Data

[Photo by Han Joo-hyung]

Seven out of 10 South Koreans born in 1988 earn income but only 22 percent of them are homeowners, data showed Thursday.

According to Statistics Korea, there are 769,000 individuals born in 1983 and 633,000 in 1988. Among those aged 40, 69.1 percent are economically active and among those aged 35, 71.9 percent are engaged in economic activities.

The findings were released in a demographic cohort database that focuses on those born in 1983 and 1988.

The data is a revised version of the existing 1983-1993 data, with the addition of the 1994-1995 birth cohort. A birth cohort is a group of people who experienced the same event of birth at the same time.

Although the employment rate is around 70 percent, the homeownership rate stands at 35.2 percent for those born in 1983 and 22 percent for those born in 1988, data showed.

Among those born in 1983, 71 percent are married, while among those born in 1988, 49.2 percent are married.

Of those who are married, 86.3 percent had children among those born in 1983 and 72.8 percent among those born in 1988.

Among married individuals born in 1983, 35.6 percent had one child, and 50.7 percent had two or more children.

For those born in 1988, the proportion of having one child is 42.1 percent, and that of having two or more children is 30.7 percent.

For those born in 1983, the proportion of living with children was the highest at 54.6 percent. Similarly, for those born in 1988, households living with children accounted for the highest proportion at 33.1 percent, according to Statistics Korea data.