New Eligibility Criteria for Integrated Public Rental Housing... Income Standard for 3-Person Households Set at 5.98 Million Won

Move-in Possible for Those Below 150% of Median Income
10-20%P Standard Relaxation for 1-2 Person Households

President Moon Jae-in is inspecting the interior of a single-story rental housing unit at the Dongtan Public Rental Housing Complex, commemorating 1 million LH rental homes, in Hwaseong-si, Gyeonggi Province, on the morning of December 11 last year, along with then Minister of Land, Infrastructure and Transport Kim Hyun-mi and Minister of Land, Infrastructure and Transport Byun Chang-heum. (Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] Eligibility criteria and supply standards for integrated public rental housing have been newly established. Household members without housing who have a monthly average income at or below 150% of the median income and whose total and net assets meet the criteria are eligible to move in. For a three-person household, the monthly average income is approximately 5.98 million KRW. Income criteria are relaxed by 10 to 30 percentage points for one- to two-person households and dual-income couples.

The Ministry of Land, Infrastructure and Transport announced that it will publicly notify the amendment proposals for the "Enforcement Decree and Enforcement Rules of the Public Housing Special Act" and the "Public Housing Occupant Asset Management Guidelines" for 40 days starting from the 20th. This amendment is a follow-up measure to the government's "Support Plan for Housing Stability for Low-income and Middle-class" announced last November.

First, the amendment newly establishes eligibility for integrated public rental housing. Household members without housing whose monthly average income is at or below 150% of the median income, total assets are within the third income quintile (based on quintiles), and net assets are below the average value (28.8 million KRW as of last year) can move in.

Income criteria are relaxed by 20 percentage points for one-person households and 10 percentage points for two-person households, applying 170% and 160%, respectively. For dual-income couples, households with a monthly average income at or below 180% of the median income are eligible. This year's income requirements for integrated public rental housing are 3,107,313 KRW for one-person households, 4,940,926 KRW for two-person households, 5,975,925 KRW for three-person households, and 7,314,435 KRW for four-person households.

(Data from the Ministry of Land, Infrastructure and Transport)

Regarding asset criteria, the value of automobiles was previously calculated by multiplying 25 million KRW by the consumer price index for transportation equipment for existing public rental housing, but the new standard has been adjusted to 35 million KRW to reflect reality. This applies equally to existing public rental housing and public sale housing. However, for public sale housing, this standard applies only to special supply and general supply for units under 60㎡ exclusive area.

Supply standards for integrated public rental housing have also been set. To sufficiently guarantee housing opportunities for low-income groups, 60% of the supply volume will be preferentially allocated to households with income at or below 100% of the median income. If approved by the city or provincial governor, preferential supply can exceed 60%. The preferential supply targets include all those eligible for preferential supply under existing permanent rental housing and national rental housing. Additionally, non-residential residents and children aging out of protection, who require strengthened housing support, have been newly added as preferential supply targets.

(Data from the Ministry of Land, Infrastructure and Transport)

Preferential supply will be operated through a point system where applicants with higher scores are selected in order. To allow low-income groups to move in first, higher scores are given to those with lower incomes. Applicants who fail in preferential supply will be automatically converted to general supply without a separate application procedure, and general supply applicants will be selected by lottery.

Integrated public rental housing will be supplied with designated areas according to the number of household members. The exclusive area supply standards by household size are 40㎡ or less for one-person households, 30?60㎡ for two-person households, 40?70㎡ for three-person households, and over 50㎡ for four or more persons. If applicants wish to move into larger housing, they can do so up to the area standard of one additional household member by paying a certain level of rent surcharge.

Currently, Happy Housing requires youth to be aged 19?39 or social beginners with less than five years of total work experience, or those who have retired within the past year. However, integrated public rental housing unifies youth and university students as youth and standardizes eligibility by age. To prevent blind spots such as first-year university students whose birthdays have not yet passed, the lower age limit has been expanded, setting youth eligibility at 18?39 years old.

In principle, public rental housing applicants must be household members without housing, but youth and those "not married and wishing to move in as single household heads" can apply if only the applicant themselves is without housing.

Kim Jeonghee, Director of Housing Welfare Policy at the Ministry of Land, Infrastructure and Transport, said, "We will not only amend related laws and regulations but also faithfully implement tasks for quality lifelong housing to improve public rental housing into livable rental housing, and strive to ensure that public land supply processes are operated with substance."

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