Is shared housing a viable economic and social housing option for young adults?: Willingness to pay for shared housing in Seoul

Abstract

Shared housing, which provides an individual, private room for each tenant and common spaces for all housemates, is an emerging housing option for young adults in many countries. This study explored housing perceptions and preferences and assessed young adults' willingness to pay for shared housing based on Maslow's hierarchy of human needs and Means-End Chain theory. Stated preferences regarding shared housing often refer to its unique attributes, such as security, affordable rent, better quality of living spaces, as well as social relationships with housemates. Based on a survey of 1000 young, single households in Seoul, the study found that respondents expressed greater willingness to pay for shared housing to gain economic, social, and security benefits; however, the trade-off between affordable rent and privacy was an important consideration. Understanding the needs of young, single adults in the context of shared housing is essential to solving the housing challenges currently facing this demographic group.