Yongin City to Provide Up to 2.4 Million KRW Monthly Rent Support for Homeless Youth

'Youth Monthly Rent Temporary Special Support Project' to be Implemented on the 26th
Targeting Deposits up to 50 Million Won and Monthly Rent up to 700,000 Won

Yongin City in Gyeonggi Province announced on the 20th that it will start the 'Youth Monthly Rent Temporary Special Support Project' from the 26th to alleviate the housing cost burden for young people without homes.

This project is a national initiative to help young people achieve economic independence, providing up to 2.4 million KRW divided over 12 months. Eligible applicants are young household heads aged 19 to 34 (born between 1989 and 2005) without homes who rent housing with a deposit of 50 million KRW and monthly rent of 700,000 KRW or less. Even if the monthly rent exceeds 700,000 KRW, applicants are eligible if the sum of the monthly rent and the monthly equivalent of the deposit (calculated at an annual rate of 5.5%) is 900,000 KRW or less.

The applicant’s assessed income must be 60% or less of the median income (1.34 million KRW for a single-person household), and assets must be 122 million KRW or less. Including parents, the assessed income must be below the median income (4.72 million KRW for a three-person household), and total assets must be 470 million KRW or less.

However, if the youth is ▲married ▲30 years or older ▲a single parent, or ▲a person in their twenties maintaining an independent livelihood with 50% or more of the median income, the income of the original household including parents is not assessed. Applications will be accepted from the 26th until February 25 of next year. Applications can be submitted through the 'Bokjiro' website, Yongin City Hall, or the administrative welfare center of the applicant’s address.

Previously, Yongin City supported the monthly rent of 1,120 young people through this project since 2022. A city official said, "We hope this project will help reduce the housing cost burden for young people," and added, "We will continue to strive to create a stable housing environment for the youth."