This Nov. 1, 2023, file photo shows job seekers checking job posts at a job fair. (Image courtesy of Yonhap)
SEOUL, Mar. 15 (Korea Bizwire) – Criticism is mounting over the severe financial strain that housing costs are placing on young people in Seoul.
Recent figures have shown that the average monthly rent for small apartments in Seoul, specifically those under 33 square meters in size and with a security deposit below 50 million won, now represents a significant portion of the average monthly income for young people.
According to a report titled “Analysis and Implications of the Seoul Monthly Rent Market Trend from 2021 to 2023″ released by the civic group Snail Union on March 13, the average monthly rent expenditure for small housing units in Seoul in 2023 was 632,000 won. This reflects a 15.8% increase in rent over the past two years.
This amount also accounts for 35% of the monthly income for the younger demographic. A survey conducted by the National Youth Policy Institute in 2022, which involved 4,114 individuals aged 19 to 34, found that the average monthly income among the respondents was 1.85 million won.
It’s important to note that the average monthly rent expense does not include additional costs such as maintenance fees, water bills, or energy costs. As such, the actual financial burden of rent on young tenants is likely even greater than what the initial figures suggest.
M. H. Lee (mhlee@koreabizwire.com)
