A Total of 580,000 Youth Housing Units to Be Supplied by 2027... Expansion of Housing Benefits

The government will supply a total of 580,000 youth housing units by 2027 to provide a stable housing environment for young people up to the stage of owning their own homes. Additionally, to reduce the burden of monthly rent and lease payments for youth, the government plans to expand the eligibility for housing benefits from 47% of the median income this year to 50% by 2027.

On this day, the government held the '9th Youth Policy Coordination Committee' at the SME DMC Tower DMC Hall in the afternoon and announced the plan to improve youth housing welfare policies containing these details.

Regarding housing policy, the government plans to supply a balanced mix of public rental and public sale housing up to the stage of home ownership, considering criticisms that the current supply is mainly rental housing and does not reflect the diverse preferences of youth.

To this end, the government plans to supply a total of 580,000 youth housing units by 2027, significantly expanding from the previously planned 273,000 units (by 2025). Specifically, 340,000 units will be public sale and 240,000 units public rental.

In particular, for public sale housing, the government will assist youth in owning homes by introducing △special supply for unmarried youth △diversifying purchase methods to reduce initial burdens △operating ultra-long-term (40 years) exclusive mortgages allowing loans up to 80% of the public sale price. For example, when purchasing public sale housing, options are expanded by categorizing into ?Sharing type (70% of market price, with 70% of profit upon resale collected) ?Selectable type (option to choose sale after 6 years of rental) ?General type (purchase at 80% of market price).

The government also plans to expand the eligibility for housing benefits from 47% of the median income this year to 50% by 2027 to alleviate the burden of monthly rent and lease payments for youth.

Furthermore, efforts to protect young tenants entering society for the first time from damages during lease contract processes will be continuously strengthened. As measures to protect young tenants, the government plans to implement ?crackdown on false advertisements and strengthen supervision and management of licensed real estate agents ?disclosure of information on landlords who habitually fail to return new deposits.