LH Opens Applications for 3,111 Purchase Rental Housing Units for Youth and Newlyweds

Starting from the 7th, Application for Purchase Rental Housing
3,111 Units Supplied Nationwide
1,590 Youth Purchase Rental Housing Units
1,521 Newlywed and Newborn Purchase Rental Housing Units

Korea Land and Housing Corporation (LH) announced on the 2nd that it will begin accepting applications for 3,111 purchase rental housing units for young people without homes, newlyweds, middle-class, and low-income households starting from the 7th.

Purchase rental housing refers to houses that LH buys, either newly built or existing, and rents out at affordable prices.

Among the 3,111 units supplied through this announcement, 1,590 units are designated as youth purchase rental housing, and 1,521 units are for newlyweds and newborn purchase rental housing.

Youth purchase rental housing is supplied to young people aged 19 to 39 at about 40% to 50% of the nearby market price. Residents can live in these houses for up to 10 years, and if they get married after moving in, they can stay for up to 20 years. The available units are 875 in the Seoul and Gyeonggi metropolitan area and 715 in other regions.

The income criteria for these houses are: first priority for households receiving housing benefits, second priority for applicants whose combined monthly income with their parents is 100% or less of the average urban worker’s income, and third priority for applicants whose individual monthly income is 100% or less of the average urban worker’s income.

Newlyweds within 7 years of marriage, prospective newlyweds, and households with newborns can apply for newlywed and newborn purchase rental housing. These houses are divided into Newlywed and Newborn Types I and II based on income criteria. Type I consists of multi-family and multi-unit houses rented at 30% to 40% of the nearby market price, while Type II consists of apartments and officetels supplied as quasi-jeonse type (80% deposit and 20% monthly rent of the rental conditions) at 70% to 80% of the market price. Type I allows a maximum residence period of 20 years, and Type II allows 10 years (14 years if there are children). The units are distributed as 745 in the metropolitan area and 776 in other regions.

The income criteria for Type I are 70% or less of the average monthly income of urban workers, and if the spouse has income, 90% or less. For Type II, first priority is 100% or less of the average monthly income of urban workers, and if the spouse has income, 120% or less. Second priority is 120% or less of the average monthly income of urban workers, and if the spouse has income, 140% or less.

Detailed information can be found in the announcement on the LH Subscription Plus website. Phone consultations are also available through the LH call center.