Gyeongnam Youth, Let's Live Without Worrying About Monthly Rent for a Year!

100 Billion Won Budget Allocated, 200,000 Won Monthly Support Provided

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do will provide up to 200,000 KRW per month for a maximum of 12 months to support housing costs for youth in the province.

Gyeongnam Province is investing a budget of 10 billion KRW, including national funds, to ease the housing cost burden on local youth who are struggling due to the prolonged COVID-19 pandemic and economic recession.

The target beneficiaries of this special temporary youth monthly rent support program are youth aged 19 to 34 residing in Gyeongnam Province, who live separately from their parents and reside in rental housing with monthly rent of 600,000 KRW or less and a deposit of 50 million KRW or less, and who do not own a home.

Youth applicants must have a household income at or below 60% of the median income, and if including parents, the household income of the youth’s family with direct relatives within one degree of kinship must be at or below 100% of the median income.

In terms of amount, this corresponds to a monthly income of 1.16 million KRW or less for a single-person household, and 4.19 million KRW or less for a three-person household.

Applications can be submitted starting from the 22nd via the Bokjiro website or by visiting the administrative welfare center in the applicant’s residential area.

Eligible recipients will be confirmed after income and property verification by city, county, or district offices, and support payments will begin in November.

Heo Dongsik, Director of the Urban Housing Bureau, said, “This monthly rent support project reflects the needs of youth in the province,” adding, “We expect it will help young people focus on their studies and employment and prepare for a stable future.”