Europe takes to streets, Korea's young stay silent

Amid growing concerns over demonstrations in Paris turning violent, soaring rents are being cited as one of the issues pushing Europe’s youth into the streets.

In Madrid, for example, the average rent is equivalent to 98.7 percent of a young worker's monthly salary. Soaring rent has emerged as a severe social problem for young people across major European cities including Berlin, Paris and London. As protests spread from city to city, it is striking to know how young people in Europe — once the engine of the global economy — are suffering.

What about Korea? Are young people here fine?

Though many Koreans are discouraged by a plummeting stock market, Korea seems to be in a better position than European countries in terms of major macroeconomic indicators. Driven by a booming semiconductor sector, exports between January and September of this year have already surpassed total exports for the whole last year. Nominal gross domestic product grew 9.2 percent in the second quarter from the previous quarter, marking the steepest rise in 47 years.

Yet, only a handful of young people work for tech giants like Samsung or SK hynix. While export records continue to be shattered, average young people find themselves financially squeezed by skyrocketing rents and stagnant incomes.

Data from the Bank of Korea shows that among households falling into the bottom 20 percent in terms of both net assets and income, young people in their 20s and 30s accounted for 15.2 percent last year — nearly double the 7.9 percent recorded five years ago. A total of 26,461 young people in their 20s and 30s applied for emergency welfare programs last year, marking a 38.4 percent surge compared to 2022.

The heaviest burden resting on their shoulders is housing. The average monthly rent for a Seoul apartment reached 1.64 million won ($1,235) in August, up 206,000 won from a year earlier. Rents for officetels (multipurpose studio apartments) averaged 961,000 won in the third quarter. How about one-room studio? According to the real estate platform Dabang, living in a one-room studio near 10 major universities in Seoul now costs an average of 709,000 won per month for rent and utilities combined — an 8 percent increase year-over-year.

This should be compared with their income. A 2024 government survey shows that young workers earned an average gross monthly salary of 2.66 million won before taxes. After paying rent alone, more than a third of their earnings vanish.

Those who cannot afford these prices are forced to move further away from their workplaces. As a result, young people are paying for housing not just with their wallets, but with their time and health. Spending hours packed into crowded buses or subways drains their energy, leaving them totally exhausted by the time they reach their home at night.

Despite this reality, the country continues wondering why these exhausted young adults aren't dating, getting married or having children. They need an affordable home. Young people can only make long-term life plans if they can anticipate growing incomes and better living conditions. They should be able to believe that hard work and saving money will improve their lives and eventually put a home within reach.

Today, that hopeful cycle feels broken from the start. Almost immediately after a paycheck hits their bank accounts, rent, utilities and credit card bills disappear in a flash, and they have to survive on what remains.

Young people in Europe have taken to the streets in protest, but young Koreans have not done the same. Instead, they quietly move to cheaper, more distant housing and endure longer subway commutes. They just conclude by themselves that dating, marriage and parenthood are simply luxuries they cannot afford.

The writer heads AI Content Team 1 at The Korea Times.