Koreans have a different understanding of housing than China. Koreans like renting houses. They think it doesn't matter whether they have a house or not, because renting a house is enough, and there is no need to spend so much money on buying a house. Their sense of security is not based on the house, but on the money. They don't panic when they have money, and they don't panic when they have a house.
In addition, renting a house is relatively convenient. If you change your job and a city, the chances that the house you bought will come in handy are relatively small, and renting a house can effectively facilitate our relocation.
On the other hand, many people in China have bought houses, but the houses are idle. People still work outside and choose to rent. You have to pay the mortgage at both ends, and the rent, expenses and pressure are relatively high.
The lack of money among young Koreans is a very important reason. Whoever has money doesn't want to own a house and a warm home, but lack of money has become one of the biggest obstacles for young Koreans to buy a house.
South Korea's economic growth rate is very slow, lasting for more than ten or twenty years, so since the last generation, South Korea has accumulated less and less property. So today's young people can neither work hard for their fathers nor create more wealth by themselves. Most young people can only live like this and have no plans to buy a house again.
South Korean young people have no money to buy a house and don't want to bear too much debt, so they must borrow money, and loans must bear huge debts. Once we take on huge debts, our life is very limited. You can't change jobs casually, and your living standard will be greatly reduced. Once you lose your job, your mortgage will overwhelm you. Young Koreans are unwilling to face this situation, so they are unwilling to buy a house.