[Asia Economy Reporter Kangwook Cho] The government will provide monthly rent support of 2.4 million KRW per year to low-income young adults without housing starting in August.
The Ministry of Land, Infrastructure and Transport announced on the 21st that it will implement the "Youth Monthly Rent Support Project Plan" from August. The total budget amounts to 299.7 billion KRW, including 136.6 billion KRW from the central government and 163.1 billion KRW from local governments. Approximately 152,000 young people are expected to receive 200,000 KRW per month for 12 months.
The support targets young adults aged 19 to 34 without housing who live separately from their parents. The registered residence must have a deposit of 50 million KRW or less and monthly rent of 600,000 KRW or less. Even if the monthly rent exceeds 600,000 KRW, support is possible if the sum of the monthly rent and the monthly rent equivalent of the deposit (conversion rate 2.5%) is 700,000 KRW or less.
Not only the young adult's household but also the income and assets of the original household, including parents, are considered. The young adult's household must have an income below 60% of the median income (1.16 million KRW per month for a single-person household) and assets worth 107 million KRW or less. The original household must have an income below 100% of the median income (4.19 million KRW per month for a three-person household) and assets worth 380 million KRW or less. However, for young adults aged 30 or older or those living separately from their parents due to marriage or other reasons, only the income and assets of the young adult's own household are checked.
Applications can be submitted anytime from August until August next year for one year. Applicants can check their eligibility in advance starting from the 2nd of next month through the My Home Portal, Bokjiro, and each city and province’s website simulation calculation services.
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