Certainly! Here's a rephrased and unique version of the content:
Choi Soul recently secured a studio apartment in Seoul with a remarkably low monthly rent of 10,000 won, equivalent to approximately $7.
The 24-year-old college student was elated upon receiving the news, expressing, “After receiving the text message informing me that I got it, I stared at it repeatedly for a week. I felt like I could finally begin saving for my future.”
Despite its modest size of 226 square feet, the unit comes fully furnished with essential amenities such as an air conditioner, induction cooktop, refrigerator, laundry machine, and ample cabinet space. Choi, who moved in last week, only needed to purchase a bed for herself.
Situated in Seoul’s Dongjak district, the studio is part of a newly constructed public housing complex named Yangnyeong Youth House, intended to provide affordable housing options for young South Koreans facing challenges in finding suitable accommodation.
With Seoul's housing market ranking among the world's most expensive, Choi believes that owning a home may not be feasible for individuals of her generation. The median price of an apartment in Seoul has doubled over the past decade to around $685,000, making homeownership a daunting prospect often described as “scraping together your soul.”
For Choi, who earns the national minimum wage of $7 per hour as a freelance videographer while pursuing a broadcast journalism degree, the soaring housing costs represent a significant hurdle to entering adulthood.
Historically, middle-class South Koreans rented homes through a system called jeonse, where tenants paid a deposit amounting to up to 70% of the property’s market value instead of monthly rent. However, a series of scams by over-leveraged landlords has led many tenants to opt for monthly cash rentals, particularly as societal shifts have delayed marriage and family formation, increasing demand for single-person homes.
Despite the challenges, securing a spot in public apartments like Yangnyeong Youth House is highly coveted. Kim Do-yeon, a 25-year-old college senior working part-time as a convenience store clerk, shared her excitement about securing a spot in the complex after applying to five other places.
With the monthly rent set at $93 but currently offered at $7 for the inaugural group of tenants, the district plans to continue offering the reduced rate. Each tenant must provide a security deposit of about $10,000, which Kim received help with from her parents, who already supported her with basic expenses.
Kim expressed delight upon seeing her new apartment, noting its spaciousness and the opportunity to cook meals, which was challenging in her previous cramped living space. She looks forward to settling into her new home and hopes to have established a career as an accountant by the time her tenancy concludes, planning to leave Seoul thereafter.