Ulsan City "Easing Housing Cost Burden for Young Households"

Monthly Rent and Deposit Interest 150,000 KRW for 4 Years

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City is promoting a project to reduce the housing cost burden for young households.

This project, continuing from last year, supports housing costs by investing 1.572 billion KRW to help stabilize housing for young households and encourage local settlement. It targets a total of 1,328 households, including 828 households selected last year and 500 newly selected households this year.

The support amount is paid in cash for up to 4 years, with a maximum monthly rent of 100,000 KRW and 50,000 KRW for interest on rental deposit.

The eligible recipients are unmarried single-person household heads aged between 19 and 39 who do not own a home. They must reside in rental housing located in Ulsan City with a rental deposit of 100 million KRW or less and monthly rent of 500,000 KRW or less, and have an income at or below 150% of the median income.

However, if minor siblings are members of the household, applications are possible even if it is not a single-person household, but those already receiving housing support benefits from the government or local governments cannot receive duplicate support.

Applicants whose landlords are family members, or who live in illegal buildings, dormitories, guest houses, or commercial-residential buildings are excluded from applying.

Youth wishing to receive housing cost support can apply online through the Ulsan Housing Support Portal website from the 10th until 6 p.m. on March 10.

Income will be assessed based on the health insurance premium notice amount of the applicant’s household, and re-verified with the health insurance premium for the fourth quarter of the previous year. 500 households with the lowest income and rent will be selected and supported for 4 years.

Whether the support is extended will be determined each January by Ulsan City after re-verifying the eligibility of applicants.

Ulsan City is also providing housing cost support of 200,000 KRW per month for 12 months until 2024 under the ‘Youth Monthly Rent Temporary Special Support Project’ for low-income single-person households aged 34 or younger with income at or below 60% of the median income who do not own a home.

The Youth Monthly Rent Temporary Special Support Project can be applied for through the Bokjiro website or the administrative welfare center of the applicant’s address until August 21 of this year.