Mortgage Loans for 30s, 40s Workers Soar 12-17% to Record Highs

Mortgage borrowing among wage earners climbed sharply in 2024, official figures show. The rise marks the largest annual increase since comparative records began in 2017.

Who borrowed more

Mortgages for workers in their 30s increased the most. Loans in that age group jumped 17.8% year-on-year.

Borrowing among people in their 40s also rose significantly. Mortgage balances for those borrowers grew 12.7%.

Overall loan trends and risks

The total mortgage book held by wage earners expanded 11.1% in 2024. That is the biggest gain since records started in 2017.

The average outstanding mortgage balance reached 52.75 million won. That figure is up 2.4% from a year earlier.

Delinquency and vulnerability

Delinquency rates have edged higher for three years in a row. The overall delinquency rate rose to 0.53%.

Low-income earners remain most at risk. Borrowers earning under 30 million won annually showed a delinquency rate of 1.47%.

Economic and social implications

The surge in mortgage lending highlights mounting housing cost pressures. Young professionals face growing household debt management challenges.

Analysts warn that rising borrowing and higher delinquencies could strain household finances. Employers and policymakers may need targeted responses.

Related business and security developments

• Voice phishing losses rose to 433.8 billion won last year. That amount was the highest in five years.

• Average loss per voice-phishing case climbed to roughly 19.9 million won. That is more than double the 2020 level.

• An AI agent hackathon called “Ralphton” will run in Seoul and San Francisco. Organizers say AI will write code while humans provide design input.

• Daishin Securities named Jin Seung-wook as its new CEO. He built his career at the firm over about 30 years.

• The Export Business Survey Index stood at 106.6 for the second quarter. Many product categories flagged rising material and logistics costs.

• Hyundai Department Store launched ‘The Hyundai Hi,’ an AI-powered premium online mall. The platform features about 3,000 curated brands.

Filmogaz.com reviewed the data and notes the key takeaway. Mortgage loans for 30s and 40s show steep gains, while debt service risks are rising.