'Expansion of Real Estate Brokerage Fees and Moving Cost Support for Youth'
Support for a total of 6,000 people... Priority selection for housing-vulnerable youth
Extension of eligibility period by over 2 years and reduction of processing time
The Seoul Metropolitan Government has decided to support young people by covering real estate brokerage fees and moving expenses up to a maximum of 400,000 KRW per person. The total number of beneficiaries will be 6,000.
On the 1st, Seoul announced that it will expand and promote the "Youth Real Estate Brokerage Fee and Moving Expense Support Project" starting this year. This project was first launched by Seoul in 2022 as the first policy of its kind among local governments, providing an average of 300,000 KRW to 9,441 young people over the past two years. In particular, last year, after reflecting the opinions of young people themselves and experts, the income and housing criteria were relaxed, resulting in 9,966 applicants?almost double the support scale of 5,000 people.
This year, the project method has been further improved by incorporating the voices of young people. The support eligibility period and the number of recruitment rounds have been increased, and the time required for selection has been shortened. First, considering the average moving cycle of young people (2 years), the support eligibility period has been expanded to 2 years or more. This means that young people who moved to Seoul or relocated within Seoul after January 1, 2022, are eligible for support.
The number of recruitment rounds has increased from once a year to twice a year (first and second half). This is advantageous for young people whose moving timing did not coincide with the recruitment period and had to wait for the next year's recruitment period. This year, the recruitment will be held twice, in April and August. Additionally, the selection period has been shortened from the previous 5 months to 3-4 months, reducing up to 2 months. The processes such as eligibility verification and appeals have been compressed as much as possible to enable quick receipt of support funds.
The support targets are young people aged 19 to 39 who moved into Seoul or relocated within Seoul after January 1, 2022, living in housing priced at 200 million KRW or less, and who are household heads or tenants without home ownership with household income at or below 150% of the median income. If the number of applicants meeting the support requirements exceeds the number of selected beneficiaries, priority will be given to socially vulnerable and housing-vulnerable youth, followed by those with lower incomes, to strengthen the safety net for young people's livelihoods. Applicants can apply starting from 10 a.m. on the 2nd through the Youth Mongttang Information Portal website.
Kim Cheol-hee, head of the Seoul Future Youth Planning Group, said, "The Youth Real Estate Brokerage Fee and Moving Expense Support Project, which has received great interest from young people and provided practical help, has been significantly improved this year by actively reflecting the opinions of young people. We will continue to implement various policies that tightly support young people's housing, alleviating the burden of frequent moves due to studies, job seeking, and housing instability compared to other generations."
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