"Rental Fees at About 30% of Market Price" Supply of Purchase Rental Housing for Youth, Newlyweds, and Newborns

The Ministry of Land, Infrastructure and Transport announced on the 26th that it will recruit 4,424 purchase lease housing units nationwide, including 1,722 units for youth and 2,702 units for newlywed newborn families across 16 cities and provinces. The move-in period could be as early as June this year.

Youth purchase lease housing offers rent at about 40-50% of the market price, allowing residents to stay for up to 10 years. Unmarried youth aged 19 to 39 without home ownership, such as university students and job seekers, are eligible to apply for youth purchase lease housing.

The existing newlywed purchase lease housing has been renamed "Newlywed Newborn Purchase Lease Housing." Priority is given to newborn families who have children born within two years from the date of the tenant recruitment announcement (including fetuses confirmed by pregnancy certificates and adoptees born within two years).

Eligibility for Young Adults, Newlyweds, and Newborns to Move into Purchased Rental Housing. [Source=Ministry of Land, Infrastructure and Transport]

Type I Newlywed Newborn housing is priced at about 30-40% of the market rent, with 1,490 units available. Newlywed couples without home ownership whose monthly average income is 70% (90% for dual-income) or less of the urban worker household income can apply for Type I.

Type II Newlywed Newborn housing is priced at about 70-80% of the market rent, with a total of 1,212 units available. Newlywed couples without home ownership whose monthly average income is 100% (120% for dual-income) or less of the urban worker household income can apply for Type II.

Income criteria for youth, newlywed, and newborn purchase rental housing. [Data=Ministry of Land, Infrastructure and Transport]

As with last year’s recruitment, newlywed couples married within seven years, prospective newlyweds, and households raising children under six years old can also apply for the Newlywed Newborn purchase lease housing. However, prospective newlyweds must complete their marriage registration by the day before moving into the leased purchase housing where they signed the lease contract.

The announced purchase lease housing units are distributed by institution as follows: Korea Land and Housing Corporation (LH) with 3,347 units, Seoul Housing and Communities Corporation (SH) with 345 units, Incheon Housing and City Development Corporation (iH) with 730 units, and Chungcheongnam-do Development Corporation with 2 units. By region, there are 732 units in Seoul, 633 units in Gyeonggi, and 1,108 units in Incheon, among others.

Average Monthly Income (100%) per Household Member by Number of Urban Worker Household Members in the Previous Year. [Source: Ministry of Land, Infrastructure and Transport]

LH will start recruitment announcements on the 28th and accept applications in early April. SH announced recruitment on the 22nd and will accept applications in early April. iH completed recruitment announcements on the 29th of last month and will accept applications until the 29th of this month.

Meanwhile, the Ministry of Land plans to supply a total of 18,000 units of youth and newlywed newborn purchase lease housing this year: 4,424 units in the first quarter, 4,521 units in the second quarter, 3,904 units in the third quarter, and 5,422 units in the fourth quarter.