Daejeon City to Provide Up to 200,000 KRW Monthly 'Youth Rent Support' for One Year

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City will support local youth with monthly rent of up to 200,000 KRW for one year.

The city announced on the 18th that it will accept applications for the "Youth Monthly Rent Special Support" starting from the 22nd of this month.

The support is implemented nationwide by the Ministry of Land, Infrastructure and Transport. It is a matching fund system with 50% national funding and 50% city funding.

The target is youth aged 19 to 34 who live independently from their parents and are without home ownership. Youth wishing to apply can do so from the 22nd via the Bokjiro website or application, or by visiting the administrative welfare center in their residential jurisdiction for one year.

The eligible birth years for support this year are 1987 to 2003 (non-homeowners). The residence must have a deposit of 50 million KRW or less and monthly rent of 600,000 KRW or less to apply.

If the deposit exceeds 50 million KRW, monthly rent support cannot be received. However, if the monthly rent exceeds 600,000 KRW, support is possible when "the sum of the monthly rent and the monthly converted amount of the deposit is 700,000 KRW or less."

Support can be received only when the income and assets of both the youth household and the original household including parents meet certain criteria.

The youth household income requirement is 60% or less of the median income (1 person 기준 1,170,000 KRW), the original household is 100% or less of the median income (3 persons 기준 4,190,000 KRW), and the asset value must be 107 million KRW or less for the youth household and 380 million KRW or less for the original household.

The income requirement sums up earned income, business income, rental/interest income and other property income, and public transfer income of household members, deducting 30% from earned and business income for calculation.

However, youth aged 30 or older, married, single parents, or those with income of 50% or more of the median income (1 person 기준 970,000 KRW) who are considered to live separately from their parents are included as eligible by verifying only the income and assets of the youth household regardless of their parents.

The city plans to verify income and assets starting in October and begin paying monthly rent from November. The support amount will be paid monthly up to 200,000 KRW within the actual rent paid, for a maximum of 12 months.

Meanwhile, youth who own a house, live in jeonse (key money deposit lease), or are recipients of youth monthly rent support from local governments, residents of Happy Housing, and others already receiving housing cost support from the government are excluded from this support.