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Rapidly changing family formation in South Korea—marked by delayed marriage and rising nonmarriage—has raised concerns that an increasing share of young adults who leave the parental home outside marriage may experience social isolation rather than achieve an independent life. This study examines (1) whether socioeconomic status is associated with the likelihood of living apart from parents and (2) whether living apart from parents is associated with psychosocial well-being among unmarried Korean young adults. We draw on data from the Korean Children and Youth Panel Survey 2010, which began with seventh graders in 2010 and followed respondents annually through 2025. Employment, higher earnings, being male, and residing outside the Seoul Capital Area during adolescence are each positively and significantly associated with the likelihood of living apart from parents. Living apart from parents is positively—not negatively—associated with support network size, life satisfaction, and subjective well-being both before and after adjusting for socioeconomic covariates, although these associations do not reach conventional levels of statistical significance. Results are consistent across sensitivity analyses that account for employment status, years since leaving the parental home, and leavers’ housing circumstances, including title/lease holder, housing type, housing tenure, and housing-related loans. Overall, we find no evidence that living apart from parents is negatively associated with psychosocial well-being among unmarried young adults. These findings suggest that youth policies should prioritize expanding stable employment opportunities and reducing economic barriers to residential independence, without assuming that living apart from parents necessarily increases social isolation.