Ulsan City is implementing the 'Youth Monthly Rent Special Support Phase 2 Project' to alleviate the housing cost burden for low-income youth.
The Youth Monthly Rent Special Support Project provides monthly rent support of up to 200,000 KRW for one year to young people facing economic difficulties in an era of high interest rates and high inflation.
To ensure housing stability for youth, the second phase of the project will run from 2024 to 2026.
Eligible applicants are homeless youth aged 19 to 34 who live separately from their parents, reside in housing with a lease deposit of 50 million KRW or less and monthly rent of 700,000 KRW or less, and must have a subscription to a housing subscription savings account.
The income criteria require the youth independent household to have a median income of 60% or less, while the original household (youth household + parents) must have a median income of 100% or less. The asset criteria are 122 million KRW or less for the youth independent household and 470 million KRW or less for the original household.
The application period is from the 26th of this month to February 25th of next year. Applications can be submitted by visiting the local administrative welfare center or through the Bokjiro website.
An official from Ulsan City stated, "We hope the Youth Monthly Rent Special Support will help young people who feel burdened by housing costs," adding, "We will support youth to settle stably in Ulsan and prepare for their future."
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