South Korea · Asia · Population: 3,000,000
Incheon is a challenging market for first-time buyers, with a slight cooling in the housing market. The city has affordable rents compared to global standards. At $350,000 average home price in South Korea, buyers should consider the 10.2x price-to-income ratio when planning a purchase.
| Average Home Price | $350,000 |
| Price per sqm | $6,800 |
| Price-to-Income Ratio | 10.2x |
| Mortgage Rate | 3.8% |
| 1-Year Price Change | -0.5% |
| 1-Bedroom Apartment | $600/mo |
| 3-Bedroom Apartment | $1,100/mo |
| Rent-to-Income Ratio | 18% |
| Median Household Income | $34,000/year |
| Years to Buy (at median income) | 10.2 years |
| Local Currency | KRW |
With a price-to-income ratio of 10.2x, Incheon requires significant savings to purchase property. At a mortgage rate of 3.8%, monthly payments could consume a large share of income. Home prices have decreased 0.5% in the past year.
Cities worldwide with home prices closest to Incheon
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