Photo : YONHAP News

The amount of mortgage debt held by wage workers grew at a record pace in 2024, pushing up the average loan balance for a second consecutive year.

Data released by the Ministry of Data and Statistics on Tuesday showed the average amount of loans given to paid workers stood at 52-point-75 million won, or about 35-thousand U.S. dollars, as of the end of December 2024, up two-point-four percent from a year earlier, marking a second straight annual increase.

While credit loans fell two-point-four percent during the period, mortgage loans jumped eleven-point-one percent, leading the overall increase. 

The growth rate of mortgage lending was the highest since the nation started compiling related data in 2017.

The ministry said the increase appeared to be partly driven by the launch of special mortgage programs for households with newborns in January 2024.

By age group, people in their 40s held the largest average debt at 81-point-86 million won, up five-point-one percent from a year earlier, while those aged 29 and younger saw their average loans fall by one-point-eight percent.