Korean Job Discussion Forums

Derrek · Joined: 15 Jan 2003

This is just a general thread about a lot of things. Maybe Real Reality will get a thrill out of chewing on this, but I'm sure Itaewonguy would give a ton of good information.

I'm home on vacation, and have found myself chatting a lot with some of my students. We have some students at our high school who love to chat online, or just hang out and talk with the foreign teachers, etc. One of them, for example, is a really nice girl, and talks or chats often with us. We're happy to keep in touch with her because she is genuinely a good student. Not that it's necessary, but her mom is so good to us. By that, I mean her mom has sent us cookies at school, given us all pillows as gifts, etc. My co-workers and I get lots of valuable gossip and information from these students about what's going on in other classes, what the school says to parents, etc. I've found it to be a real win-win thing to chat with my students online sometimes, and us foreigners often share what we learn from our students.

Anyway -- to the point...

I was chatting with this 3rd-year girl online about money issues. Her father makes between 7 and 10 million won a year at his business, which is selling interior stuff for apartments and businesses (oh, mom helps too). According to her, they are almost struggling, because -- get this -- they pay about 4 million won in school and private lessons costs for her and he brother alone.

She said that when Bundang was growing really crazy, he cleared as much as 100,000,000 won in a single month -- his best month ever. I guess I was rather shocked and floored that their income was this high. I know I'm from a low cost-of-living area in the USA, but if you made that kind of money here, you'd be rich.

As for her home, it's a 4 bedroom apartment-style place in the Imae area of Bundang. She said that when her father bought it, it was valued at 400,000,000 won! But now, it's value has DOUBLED to 800,000,000 won! *cough, choke*. I told her I thought her numbers weren't right, but she said it's because of where they are in relation to Pangyo (maybe Itaewonguy knows why that would be? Location, location...).

She sent some indoor pics of her place once, and to be honest, it wasn't much different than the average Korean home I've seen. I know for a fact that my Sunae-area offictel can be purchased for between 60 and 70 million won. I guess I was shocked to hear that her average apartment-style home near Imae would cost that much?

If you had 800,000,000 won, or close to $770,000 to spend here in my area of America, you could get a home with an indoor pool, etc.

Hearing numbers like this kind of made me feel like a real poor person. I can't ever imagine me buying a home for near that kind of money. It sure makes my 2 million won/month salary seem like chicken feed! I hear this and wonder how on Earth I could ever bother living in Korea and trying to have a family? 4 million a month for your kids' education? Holy crap!

This all put me in a really bad mood, after fighting tooth and nail with my employer to raise my salary a measly 100,000 won over last year (they did, but raised my hours -- go figure).

The rich get richer, and the rest of us... well..

poddubny · Joined: 03 Aug 2004 Location: i have NO avatar privileges!

Pyongshin Sangja · Joined: 20 Apr 2003 Location: I love baby!

The average value of homes on the West Side of Vancouver has risen to over $800,000.00 Cdn.

I will never live in my hometown.

Ouch.

Derrek · Joined: 15 Jan 2003

phaedrus · Joined: 13 Nov 2003 Location: I'm comin' to get ya.

bucheon bum · Joined: 16 Jan 2003

Real Reality · Joined: 10 Jan 2003 Location: Seoul

Married Couples Wait 10 Years to Buy Home
Government statistics showed it takes an average Korean couple about 10 years and 9 months to purchase their first home sweet home. A 2001 poll conducted by the National Statistical Office on 30 thousand newlywed pairs revealed it takes on average 10 years and 9 months for a Korean couple to buy their first house after tying the knot. The latest figures are two months shorter than the period noted back in 1997 which marked an average of 10 years and 11 months.

According to the findings 29.4 percent managed to secure their first home in less than ten years and 28.2 percent replied the purchase happened 5 to 10 years after their marriage vows. As for the finances, nearly half of the respondents or 49.2 percent said they used their savings to seal the deal on their first purchase. This while 15.5 percent reported to have inherited their shelter and 13.9 percent placed the financial burden on bank loans.
Chosun Ilbo (March 27,2002)
http://english.chosun.com/w21data/html/news/200203/200203270004.html

eamo · Joined: 08 Mar 2003 Location: Shepherd's Bush, 1964.

Pangyo is the tollgate that gets one onto the expressway to Seoul. It's close to Yatap/Imae.

If you live near this tollgate you can nip onto the expressway and be in Gangnam in 15 minutes on a good day.

That's why apts near it are so expensive. Convenience. And, of course, property prices in popular areas are self-inflating. The prices are not just about the handy location but just the 'name' of the location.