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Population mobility dips to 46-year low in Sept.

All News 12:00 October 26, 2022

SEJONG, Oct. 26 (Yonhap) -- The number of South Koreans who moved to different residences in the country sank to a 46-year low in September due to population aging and flagging housing transactions, data showed Wednesday.

The number of people who changed their residences stood at 457,000 last month, down 19.3 percent from a year earlier, according to the data compiled by Statistics Korea.

The reading marked the lowest monthly tally since August 1976, when it came to 471,000, and population mobility fell for the 21st straight month.

September's decline stemmed largely from a demographic change and a decrease in housing transactions.

People in their 20s and 30s tend to frequently change their residences due to housing prices and work. But the proportion of such young adults continued to fall amid low birthrates, while that of senior citizens rose due to rapid population aging.

Housing transactions also remained in the doldrums as home prices fell due to rising interest rates.

The population mobility rate -- the percentage of those relocating per 100 people -- amounted to 10.9 percent in September, down 2.6 percentage points from the previous year.

Seoul chalked up a net outflow of 4,149 people last month, while the western port city of Incheon and Gyeonggi Province, the most populous province that surrounds the capital, posted net inflows of 2,410 and 3,049, respectively.

A growing number of Seoulites are moving to the adjacent province and Incheon to find cheaper homes.

Seoul, the country's second-largest city of Busan, and eight other cities and provinces posted net outflows, with Incheon, Gyeonggi and five others recording net inflows, according to the data.

Population mobility dips to 46-year low in Sept. - 1


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