Seoul Resident Youth Receives 200,000 Won Monthly Rent for One Year

Residence and Property Requirements Relaxed from This Year for Youth Under 150% of Median Income

The Seoul Metropolitan Government will provide monthly rent support of up to 200,000 KRW for one year to 25,000 young adults aged 19 to 39. Residency and asset requirements have been partially relaxed starting this year, so it is expected that more young people will benefit.

The city announced that applications for the "2024 Youth Monthly Rent Support" will be accepted through the Seoul Housing Portal for three weeks from the 3rd to the 23rd of next month. This program was established to alleviate the burden on young people struggling with high housing costs.

Eligible applicants are single-person households of young adults aged 19 to 39 (born between 1984 and 2005 according to the resident registration) who are registered residents of Seoul and have no home ownership, with an income at or below 150% of the median income. However, if the applicant is a dependent under health insurance, the health insurance premium of the 'supporter' will be used as the basis for judgment.

If siblings or cohabitants aged 19 to 39 or younger live in the same household according to the resident registration, only one person under the tenant's name per household can apply. In the case of shared housing (share house), individuals who have separate lease contracts with the landlord can apply simultaneously.

Applicants who own a house, own a vehicle with a market standard value of 25 million KRW or more, or live in public rental housing are excluded. Those receiving basic national livelihood security, previous recipients of city or government youth rent support, selected recipients of the 2024 Eunpyeong-type youth rent support, or those receiving the Seoul Youth Allowance are also ineligible.

Residency and asset conditions have been relaxed by about 30 million KRW compared to last year. Applicants must be actually residing in a building with a lease deposit of 80 million KRW or less and monthly rent of 600,000 KRW or less, paying "monthly rent." Last year, the deposit limit was 50 million KRW. However, even if the monthly rent exceeds the limit, applicants can apply if the sum of the converted deposit-to-rent amount and the monthly rent is 960,000 KRW or less. The general asset requirement for applicants has also been relaxed from 100 million KRW or less to 130 million KRW or less starting this year.

The Seoul Metropolitan Government plans to select beneficiaries by dividing them into "four categories" based on monthly rent, lease deposit, and income. Among the total 25,000 beneficiaries, 11,250 will be selected with deposits of 5 million KRW or less and monthly rent of 400,000 KRW or less; 7,500 with deposits of 10 million KRW or less and monthly rent of 500,000 KRW or less; 3,750 with deposits of 20 million KRW or less and monthly rent of 600,000 KRW or less; and 2,500 with deposits of 80 million KRW or less and monthly rent of 600,000 KRW or less. After reviewing income, asset criteria, and eligibility, the final recipients will be selected in early July. The first payment covering two months will then be made at the end of August.

Han Byung-yong, Director of the Seoul Housing Policy Office, said, "According to a survey of youth rent support beneficiaries, 97% of respondents said the program reduced their housing cost burden and helped stabilize their housing situation, confirming its effectiveness as a stepping stone for youth housing. With the relaxed residency and asset requirements this year, we expect that young people who have not received support before will now be able to benefit. We ask for your interest and participation."