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10 sats \ 3 replies \ @south_korea_ln OP 8 Jun \ parent \ on: Korea’s debt-fuelled property boom stirs echoes of Japan’s lost decades econ
Not sure i understand your question. I don't think Tokyo housing is considered affordable, is it? Not sure how both cities compare on the housing price rankings...
I consulted ChatGPT...
🏠 Median Housing Price-to-Income Ratio
Seoul:
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Median Annual Income: Approximately ₩44.76 million (about $33,000 USD) .
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Median Apartment Price: For a two-bedroom apartment in Seoul, the median price is around $1.17 million USD .(https://www.globalpropertyguide.com/asia/south-korea/2-bed-price?utm_source=chatgpt.com)
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Price-to-Income Ratio: Approximately 35.5 times the median annual income.
Tokyo:
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Median Annual Income: Approximately ¥5.72 million (about $39,000 USD) .(blog.gaijinpot.com)
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Median Condominium Price: For a two-bedroom condominium in Tokyo, the median price is around $406,000 USD .(https://www.globalpropertyguide.com/asia/south-korea/2-bed-price?utm_source=chatgpt.com)
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Price-to-Income Ratio: Approximately 10.4 times the median annual income.
📊 Comparison Overview
| City | Median Annual Income | Median Housing Price | Price-to-Income Ratio | |
|---|---|---|---|---|
| Seoul | ₩44.76 million (~$33,000 USD) | $1.17 million USD | ~35.5x | |
| Tokyo | ¥5.72 million (~$39,000 USD) | $406,000 USD | ~10.4x | (bambooroutes.com, https://www.realestate-tokyo.com/news/market-trends-japan-2023/?utm_source=chatgpt.com) |
🔍 Key Insights
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Affordability: Tokyo's median housing price is significantly lower than Seoul's, and its price-to-income ratio is also notably more favorable, indicating relatively better affordability for the average resident.
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Income Disparities: Despite Tokyo's lower median housing prices, the median annual income in Tokyo is higher than in Seoul, which contributes to the more favorable affordability ratio.
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Housing Market Dynamics: Seoul's higher housing prices relative to income may be influenced by factors such as limited housing supply, high demand in central districts, and speculative investments.
If you're interested in exploring further aspects such as rental affordability, historical trends, or specific neighborhood comparisons, feel free to ask!
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Certainly! Let's delve into the median monthly rent for one-bedroom apartments in Seoul and Tokyo as of 2024, providing a clearer picture of rental affordability in these two major cities.
🏠 Median Monthly Rent
Seoul
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Median Monthly Rent: Approximately ₩1,206,611 (about $900 USD) for a one-bedroom apartment in the city center. (bambooroutes.com)
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Outside the City Center: Rents can be more affordable, with one-bedroom apartments averaging around ₩678,000 (about $500 USD). (https://www.numbeo.com/cost-of-living/in/Seoul/?utm_source=chatgpt.com)
Tokyo
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Median Monthly Rent:
- 1R Apartments: Approximately ¥65,400 (about $450 USD).
- 1K/1DK Apartments: Around ¥74,000 (about $510 USD). (https://www.ejable.com/japan-corner/housing-in-japan/average-rent-in-tokyo//?utm_source=chatgpt.com)
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Note: Rents in Tokyo vary significantly by ward. For instance, in luxury areas like Minato and Chiyoda, rents can be substantially higher, while more affordable areas like Adachi and Nerima offer lower rental prices. (blog.tokyoroomfinder.com)
📊 Comparison Overview
| City | Median Monthly Rent (1R) | Median Monthly Rent (1K/1DK) | |
|---|---|---|---|
| Seoul | ₩1,206,611 (~$900 USD) | N/A | |
| Tokyo | ¥65,400 (~$450 USD) | ¥74,000 (~$510 USD) | (https://www.youtube.com/watch?v=jnPDeoCK4WU&utm_source=chatgpt.com, https://www.ejable.com/japan-corner/housing-in-japan/average-rent-in-tokyo//?utm_source=chatgpt.com) |
🔍 Key Insights
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Affordability: Tokyo offers more affordable rental options compared to Seoul, especially for smaller apartments like 1R units.(https://www.ejable.com/japan-corner/housing-in-japan/average-rent-in-tokyo//?utm_source=chatgpt.com)
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Location Impact: In both cities, rental prices are influenced by the location within the city. Central areas tend to have higher rents, while peripheral districts offer more budget-friendly options.
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Apartment Size: The size and type of apartment significantly affect rental prices. Larger apartments or those with more amenities command higher rents in both cities.
If you're interested in more detailed information about specific neighborhoods or apartment types, feel free to ask!
Certainly! Let's compare the population densities of Seoul and Tokyo, two of the world's most populous and densely populated cities.
🏙️ Population Density Comparison
Seoul
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Population Density: Approximately 15,533 people per square kilometer as of 2023. (https://bambooroutes.com/blogs/news/south-korea-real-estate-market?utm_source=chatgpt.com)
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City Area: The city covers an area of about 605.21 km². (https://www.numbeo.com/cost-of-living/in/Seoul/?utm_source=chatgpt.com)
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Urban Density: Within the urban core, certain districts exhibit even higher densities. For instance, districts like Dongdaemun and Guro have densities exceeding 22,000 people per km², reflecting the intense concentration of population in specific areas. (https://www.numbeo.com/cost-of-living/in/Seoul/?utm_source=chatgpt.com)
Tokyo
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Population Density: Approximately 15,742 people per square kilometer in the 23 special wards as of January 1, 2024. (https://www.ejable.com/japan-corner/housing-in-japan/average-rent-in-tokyo//?utm_source=chatgpt.com)
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City Area: The 23 special wards of Tokyo cover an area of 627.51 km². (https://www.ejable.com/japan-corner/housing-in-japan/average-rent-in-tokyo//?utm_source=chatgpt.com)
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Greater Tokyo Area: The broader metropolitan area, including neighboring cities like Yokohama and Saitama, spans about 13,452 km² and houses approximately 37.8 million people, resulting in a lower average density of around 2,642 people per km². (https://blog.tokyoroomfinder.com/tokyo-apartments/2024-tokyo-area-rent-guide-a-complete-resource-for-foreigners/?utm_source=chatgpt.com)
📊 Density Comparison Table
| City | Population Density (per km²) | Area (km²) | |
|---|---|---|---|
| Seoul | ~15,533 | ~605.21 | |
| Tokyo | ~15,742 | ~627.51 | (https://bambooroutes.com/blogs/news/south-korea-real-estate-market?utm_source=chatgpt.com, https://www.numbeo.com/cost-of-living/in/Seoul/?utm_source=chatgpt.com, https://www.ejable.com/japan-corner/housing-in-japan/average-rent-in-tokyo//?utm_source=chatgpt.com) |
🔍 Key Insights
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Similar Densities: Both Seoul and Tokyo have comparable population densities in their central urban areas, with Tokyo's 23 special wards slightly surpassing Seoul's overall density.(https://www.youtube.com/watch?v=jnPDeoCK4WU&utm_source=chatgpt.com)
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Urban Concentration: Certain districts in both cities exhibit significantly higher densities, indicating areas of intense urban concentration.
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Greater Tokyo Area: When considering the broader metropolitan area, Tokyo's density decreases due to its expansive suburban regions, whereas Seoul's metropolitan area is more compact.
If you're interested in exploring specific districts or historical trends in population density, feel free to ask!
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TL;DR: I was wrong, Housing in Tokyo is not 'affordable' but slightly 'cheaper' than Seoul depending on neighborhood/ward and population density
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