The city of Suwon in Gyeonggi Province has provided 500,000 KRW for rent covering the months of March to July to 100 young adults selected for this year's youth monthly rent support program.
The Suwon Youth Monthly Rent Support Program assists single-person households of unmarried young adults (ages 19 to 34) residing in Suwon who are experiencing financial difficulties by subsidizing their monthly rent.
The program supports up to 100,000 KRW per month for a maximum of five months, and if the rent is less than 100,000 KRW, only the amount paid is reimbursed.
Eligible applicants are young adults without homeownership who live in private buildings with a deposit of 100 million KRW or less and monthly rent of 600,000 KRW or less, and whose household income is at or below 120% of the median income (2,674,134 KRW as of 2024).
Suwon City recruited participants for the program in March, verified eligibility, and selected 100 individuals. On June 1, 300,000 KRW and on September 20,000 KRW were deposited into each participant’s personal account.
A Suwon City official stated, "Since 2021, we have been running the youth monthly rent support program for four years to help ease the housing cost burden for single-person young adult households facing economic difficulties. We will continue to implement this program and strive to secure additional funding to further reduce the housing cost burden for young people."
Meanwhile, Suwon City is accepting applications for the Ministry of Land, Infrastructure and Transport’s second special temporary youth monthly rent support program until February next year.
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