How I Bought My First Apartment in Seoul with Military Savings

A Tale of Homeownership

My wife and I had the same major in undergrad. We even had the same major in grad school. Her academic advisor was the most renowned professor in our field — the very person who first introduced Hierarchical Linear Modeling (HLM) to South Korea.

Advice from an Academic Legend

My wife and I once attended the wedding of someone who was her college junior and my grad school classmate. Her advisor was also there. When it was time for the bride’s side to take group photos, everyone rushed out, and suddenly I found myself alone at the table with my wife’s advisor — the most senior figure in our entire academic field.

He remembered me because I had paid my respects before our own wedding, and he had kindly given us a gift at the time. To break the awkwardness, I asked him a question.

“Professor, how is life after retirement?”

The professor, with his distinguished white hair and gentle expression, smiled calmly and replied:

“Well… Assistant Professor Jo… I suppose that would be something you’d be curious about at your stage. There’s really nothing special about a retired professor’s life — you just tie up loose ends.

I’ve been feeling like it’s my remaining mission to organize my theories more carefully and put them into books. So I rented a small office, and I go there every day like it’s my job, writing. It’s nothing grand, really.”

I was genuinely moved by his dedication to keep studying even after retirement.

The professor paused for a moment, then continued.

“So, Assistant Professor Jo… there’s something I really want to tell you.”

“You said you were appointed this year, right? Your university is in Cheonan?”
“Yes.” I answered, short and firm.

“Here’s what I really want to say to you. Even if your school is in Cheonan — buy your home in Seoul. You absolutely must live in Seoul.”

It was the summer of 2019.

He explained it like this:

“I have two friends — one became a professor at the University of Georgia, the other at NYU. They both started around the same time, bought homes, and settled in. Thirty years later, the one at NYU is far wealthier. So, Assistant Professor Jo — you know what to do about your home, right?”

I couldn’t exactly blurt out “I already bought one!” to this distinguished elder, so I just said, “Yes, sir!” and left it at that.

Military Savings: Building the Foundation

I served as an Air Force officer for three years. At the time, my monthly salary was about 1.5 million won as a second lieutenant and around 1.7 to 1.8 million won as a first lieutenant. I enrolled in the Military Mutual Aid Association and saved 750,000 won per month — the maximum allowed.

I once sat down to calculate the interest, and my mother said, “Why are you sitting there calculating that? At your level, you shouldn’t be calculating interest — you should be figuring out how to avoid taking taxis.” She told me, “The interest on your savings is worth about one taxi ride.”

So after three years of service: 750,000 × 12 × 3 = 27 million won.
Severance pay: 6 million won.
Overtime pay, holiday bonuses, long-service bonuses, and performance bonuses all saved up: 15 million won.
Total upon discharge: approximately 50 million won.

The Long Road to Marriage (and a Home)

At the time of my discharge, I was in the middle of my PhD program, and my wife and I had been dating for about five years.

I was chasing her around begging her to marry me, while she kept delaying, saying her family was uncomfortable with the idea of her marrying a PhD candidate whose career path was still uncertain.

When I discussed this with my mother, she said:

“Then let’s buy a house. Even if you have nothing else, if you can say you own a home in Seoul, they’ll see you in a better light.”

That was the summer of 2015.

With our minds made up, my wife and I started visiting apartments. We mostly looked at places near her parents’ home.

50 million won in cash… It’s hard to imagine now, but back then, there were quite a few apartments in Seoul you could buy with a gap of just 50 million won.

Around that time, I found out that a high school senior of mine — who was also my former private tutor and a doctor — had set up his newlywed home in Cheongnyangni.

So I bought an apartment in the same building, same line as his, for 50 million won in cash. The purchase price was 350 million won, with the existing tenant’s deposit (jeonse) at 300 million won.

But my girlfriend’s parents’ reaction didn’t change. Hahaha. And honestly, fair enough — my wife was only 26 at the time. Even now, looking back, that really was quite young… lol. But I was blinded by the desire to get married, so I kept pushing for it.

The Payoff

In the summer of 2018, I graduated with my PhD, and the following year I became a professor. Only then were we finally able to have our wedding. I held onto that apartment until February 2025 — nearly 10 years. The price more than doubled over that period. (Though honestly, it didn’t go up as much as I’d expected…)

And it made me realize something: holding onto a property forever isn’t always the best strategy. I think if I had traded up at the right time, my wealth would have grown much more.

(To be continued…)

— Jobak

About the Author: Jobak is an assistant professor at a private university in South Korea with a PhD in Education (statistics/measurement). Former ROKAF officer. He writes about Korean education, personal finance, and life as an academic at Korean Education Decoded.