80% of LH Public Rental Housing Residents "Satisfied with Their Residence"

75% of Youth Evaluate Public Rental Housing as a 'Housing Ladder' Role

A public rental housing under purchase agreement in Jangan-gu, Suwon-si, Gyeonggi-do. Photo by Yonhap News

[Asia Economy Intern Reporter Kim Se-eun] Eight out of ten residents of public rental housing expressed satisfaction with their living conditions.

On the 22nd, the Korea Land and Housing Corporation (LH) announced the results of a living condition survey conducted on 10,156 households residing in public rental housing, including Yeongguk and National Rental Housing.

Among residents of construction rental housing, eight out of ten responded that they were satisfied, while seven out of ten residents of purchased or jeonse rental housing expressed satisfaction. Six out of ten residents reported an overall increase in happiness after moving into public rental housing.

Additionally, 86% of residents said they felt a sense of stability, being able to live long-term without worrying about moving after moving into public rental housing, and among elderly residents aged 65 and over, 70.5% reported feeling "protected by the state or society."

Regarding the performance and condition of construction rental housing, such as structure and area, 78.2% of residents evaluated their satisfaction positively.

Responses indicating a reduction in deposit or monthly rent burden after moving in also reached 82.6%, revealing a significant effect in reducing housing costs.

In particular, 74.9% of young adults aged 19 to 34 showed a positive response to the existence of public rental housing. More than half of the residents viewed public rental housing as a "stepping stone to securing a better home."

Among the surveyed households, 14.7% planned to move due to reasons such as "improved economic conditions like increased income" (41.2%). Among these, 36.3% of National Rental Housing residents and 35.9% of Happy Housing residents planned to move to purchase their own homes.

Jin Mi-yoon, head of the LH Policy Support TF, said about this study, "The rent level of LH public rental housing is less than half of the surrounding market prices, and the rent-to-income ratio (RIR) is also confirmed to be lower compared to private jeonse and monthly rentals," adding, "This signifies that public rental housing has proven its role as a housing ladder."

This survey was conducted from October 28 to December 15 to understand residents' perceptions and provide better housing services.