hankyoreh

Housing prices in Seoul are among the highest in the world, studies show. A comparison of price-to-income ratio (PIR) of homes in cities worldwide shows that Seoul real estate surpasses that of cities like New York, San Francisco and London. Seoul’s PIR for the second quarter of 2020 stood at 12.04, meaning it’d take over 12 years of someone earning an average salary to be able to afford an average-priced home without spending any income at all. The PIR for New York was 5.4, while San Francisco recorded 8.4, and London clocked in at 8.2, meaning it’s harder for Seoulite to buy a home than it is for a New Yorker or Londoner.