Daejeon City Expands Youth Housing, Supplying 20,000 Units by 2030

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 11th that it will establish and promote the 'Daejeon-type Youth Housing Supply Expansion Plan' to resolve the housing issues of local youth.

The core of the youth housing supply expansion plan is to supply 20,000 youth housing units in the region by 2030.

The city aims to prepare 6,866 units in the public sector and 12,900 units in the private sector by 2030.

Youth housing will be supplied by investing 486.2 billion KRW, with the city and the Urban Corporation providing 3,431 units, while the Korea Land and Housing Corporation and private construction companies will handle the rest.

Additionally, to expand housing opportunities for youth, it will be mandatory for private apartment constructions to supply 3% of the total housing units as small-sized units (60㎡ or less).

The proportion of housing units prioritized for youth and newlyweds will also be expanded from the current 20% to 30%.

Furthermore, to compensate for the drawbacks of construction-type rental housing, which takes 5 to 7 years to build and requires relatively large budgets, the city explained that the supply of purchase rental housing, which can be supplied annually, will be expanded from the current 40 units per year to 150 units per year.

Mayor Lee Jang-woo of Daejeon said, “The core of the youth housing policy lies in supplying housing preferred by youth and newlyweds,” adding, “The city will do its best to quickly supply high-quality housing so that youth can work without worrying about housing, have children, and build families without difficulties.”