Core Insights - The real estate market in South Korea is experiencing a stark divide, with 200 million KRW (approximately 1.05 million RMB) being insufficient for meaningful housing in Seoul, while it offers significant opportunities in Jeju Island [2][3][4] - The Seoul housing market is characterized by high costs and hidden fees, making it a financial trap for ordinary citizens, while local cities present more affordable and attractive housing options [2][3] - The societal implications of this divide reflect deeper issues, including the psychological trauma associated with housing and the shift in values among younger generations [4] Summary by Sections Seoul Real Estate Market - In Seoul, 200 million KRW can only cover the down payment for a 40-50 square meter old apartment, with monthly payments consuming 112% of income [4] - The high costs include monthly payments of 2.8 million KRW and hidden taxes of around 10%, creating a debt trap for buyers [2] - The disparity in property prices between elite school districts and regular housing has exceeded 10 times, indicating a significant class divide [2] Local City Opportunities - In contrast, 200 million KRW can fully purchase 80-100 square meter furnished apartments or standalone villas in local cities like Busan and Gwangju [3] - Local governments are offering attractive policies such as "0 down payment + 10 years tax exemption," which starkly contrasts with Seoul's strict purchase regulations [3] - This shift is leading to a re-evaluation of values among the younger generation, moving away from traditional success metrics associated with Seoul [3] Societal Implications - A staggering 89.7% of South Koreans link property ownership to personal value, leading to a generation that is increasingly rejecting traditional life paths such as marriage and urban living [4] - The contrasting narratives of plummeting prices in Seoul and rising demand in local cities highlight the broader societal struggles and the commodification of living spaces [4] - The choice between living in Seoul or local cities represents a deeper conflict between entrenched class structures and emerging values among the youth [4]