Seoul City Supports Real Estate Brokerage Fees and Moving Expenses for Youth

5,201 Young Adults Who Moved This Year Applied
3,286 Vulnerable Young Adults Finally Selected

[Asia Economy Reporter Seong Giho] Seoul City announced on the 29th that it has provided a total of 900 million KRW in real estate brokerage fees and moving expenses to 3,286 housing-vulnerable youth who moved this year.

Seoul City's "Youth Real Estate Brokerage Fee and Moving Expense Support Project" was launched for the first time in the second half of this year to alleviate the housing cost burden of young people who move frequently and live in poor housing conditions. During the two-month application period, a total of 5,201 people applied, showing strong support from housing-vulnerable youth.

Among the 5,201 applicants who moved to Seoul or within Seoul this year, 3,286 housing-vulnerable youth were finally selected based on income criteria of 120% or less of the median income, residence requirements including a deposit of 50 million KRW or less, and monthly rent of 400,000 KRW or less. Then, on the 28th, a total of 900 million KRW covering real estate brokerage fees, vehicle rental fees, packing fees, and other actual moving costs were paid into individual accounts.

The supported real estate brokerage fees and moving expenses averaged 270,000 KRW per person. Among the recipients, 63% (2,082 people) applied for and received only brokerage fees, 26% (868 people) received both brokerage fees and moving expenses, and 10% (336 people) received only moving expenses, indicating that Seoul youth bear a higher burden from brokerage fees than moving costs.

Looking at the survey results on the age, residence, housing, and household types of youth who applied for the "Youth Real Estate Brokerage Fee and Moving Expense Support Project," ▲ the largest age group was 25 to 30 years old at 49%, ▲ the highest residence area was Gwanak-gu at 22%, and ▲ 1-person households accounted for 90% of the total households.

Based on this year’s achievements, Seoul City plans to continue the "Youth Real Estate Brokerage Fee and Moving Expense Support Project" next year, supplementing areas that need improvement.

Kim Cheolhee, Head of Seoul City’s Future Youth Planning Group, said, “With the recent rise in the base interest rate, the housing cost burden on housing-vulnerable youth has increased further. This year’s first implementation of the ‘Youth Real Estate Brokerage Fee and Moving Expense Support Project’ by Seoul City has achieved valuable results in walking together with housing-vulnerable youth.” He added, “We will continue to listen to the voices of youth and improve support conditions meticulously so that more young people can benefit.”

This content was produced with the assistance of AI translation services.