Seoul City Expands Support for Young Movers to Include 'Brokerage Fees'

Support up to 400,000 KRW for actual moving expenses including vehicle rental, packaging, and brokerage fees
Extension of application period for housing-vulnerable youth to apply

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 10th that it will expand the ‘Youth Moving Expense Support Project,’ which was first implemented by a metropolitan local government this year, to include real estate brokerage fees. Initially, only actual moving expenses such as transportation and packing costs were eligible for application, but this measure actively reflects the voices from the field that youth households face a significant burden not only from moving expenses but also from real estate brokerage fees.

Accordingly, Seoul youth aged 19 to 39 (born between 1982 and 2003 according to resident registration) who moved into Seoul or relocated within Seoul this year can receive up to 400,000 KRW in support, including moving transportation costs and brokerage fees. Youth who have already applied without including brokerage fees can apply additionally if their total application amount does not exceed 400,000 KRW.

The eligibility for brokerage fees and moving expense support is for non-homeowning youth households with a household income at or below 120% of the median income. Applications are possible for housing with a rental deposit of 50 million KRW or less and monthly rent of 400,000 KRW or less. However, even if the monthly rent exceeds 400,000 KRW, applications are allowed if the sum of the monthly rent and the monthly conversion amount of the deposit (calculated at a 3.75% conversion rate according to the Housing Lease Protection Act) is 550,000 KRW or less. Support is available even if living with family, provided the youth is the head of the household on the resident registration and the lessee on the lease contract.

This Seoul youth moving expense and brokerage fee support project prioritizes socially vulnerable youth living in so-called ‘Jiokgo’ (basement, rooftop rooms, and goshiwon), which are known as housing vulnerable areas. Kim Cheol-hee, head of the Seoul Future Youth Planning Group, said, “The expansion of support for real estate brokerage fees and the extension of the application period are measures that quickly reflect the opinions of the field and youth. Seoul will continue to listen to the voices of youth and walk together with housing-vulnerable youth.”