'Up to 200,000 KRW per month for 12 months' Support... Youth Monthly Rent Applications Open from the 22nd

[Asia Economy Reporter Kim Min-young] The Ministry of Land, Infrastructure and Transport announced on the 17th that applications for the ‘Youth Monthly Rent Special Support,’ which provides up to 200,000 KRW per month for 12 months, will begin on the 22nd.

Eligible applicants must be young adults aged 19 to 34 who live separately from their parents and do not own a home, residing in housing with a deposit of 50 million KRW or less and monthly rent of 600,000 KRW or less. If the deposit exceeds 50 million KRW, monthly rent support cannot be received. However, if the monthly rent exceeds 600,000 KRW, support can still be provided if the sum of the monthly rent and the monthly converted amount of the deposit does not exceed 700,000 KRW.

Youth households must meet an income requirement of 60% or less of the median income (1-person household standard: 1.17 million KRW per month), and the original household including the youth and their parents must have an income of 100% or less of the median income (3-person household standard: 4.19 million KRW per month). The asset value must be 107 million KRW or less for youth households and 380 million KRW or less for original households to be eligible to apply.

However, youths aged 30 or older, married individuals, single parents, or those with income exceeding 50% of the median income (1-person standard: 972,406 KRW per month) will have only their youth household’s income and assets verified regardless of their relationship with their parents.

Homeowners, jeonse (long-term deposit lease) tenants, recipients of youth monthly rent support from local governments, residents of Happy Housing, and other youths already receiving housing cost support from the government are excluded from the Youth Monthly Rent Special Support.

Youths wishing to apply can do so through the Bokjiro website or application, or by visiting the administrative welfare center in their area of residence. Applications will be accepted on an ongoing basis for one year starting from the 22nd, and local governments will verify income and asset requirements from October and begin monthly rent payments from November.