Is It Possible to Buy a Seoul Apartment in 5 Years with a Monthly Salary of 3 Million Won?
I'm in my early 30s, and my monthly take-home pay is a bit over 3 million won. Even with savings, stocks, and subscription savings accounts, buying a Seoul apartment feels like a distant dream, and it's really hitting me hard. These days, even a 500 million won apartment has a jeonse deposit of over 300 million won. Are there any people here who succeeded under similar conditions? Or would it be better to just move to a smaller city?
6 answers
Seoul apartments are absolutely insane, right? Is it possible within 5 years? I earn 300 a month too, and I'm wondering if I can even get a jeonse. What's your subscription score like? Even if you're first priority, there should be at least a little chance.
I also started with a monthly income of 2.8 million won in my mid-30s and bought a place in Pyeongtaek, Gyeonggi-do after 6 years. I gave up on Seoul, but now I'm satisfied. I think the answer is to keep applying for lotteries while setting realistic goals.
I understand the feeling of regret. I went through a similar struggle and barely managed to buy with my parents' help, but if you're trying to do it independently, 5 years will be really tough. Wouldn't it be better to look into subscription savings accounts or small apartments rather than stocks?
Hang in there. I started with 250,000 won a month five years ago, and now I bought a 400 million won villa on the outskirts of Seoul. It's not an apartment, but I'm satisfied that I've started building assets. Moving to a local area is also an option, but if your job is in Seoul, you'll need to consider the commute time.
Under similar conditions, it took me 7 years to buy a 400 million won apartment in the Gyeonggi area. Realistically, Seoul is tough within 5 years, but if you focus solely on winning the lottery for a new apartment, there's a chance. Moving to a provincial area isn't a bad option either, but consider your workplace location and living infrastructure.
Honestly, I think buying an apartment in Seoul within 5 years on a monthly income of 3 million won is nearly impossible. Even with a jeonse deposit and a loan, a 5 billion won property is the limit, and stock returns depend on luck. I'd recommend looking into the provinces or the outskirts of the metropolitan area instead.