Sancheong County Accelerates Support for Youth Housing Stability to Address Population Decline

Apply for Monthly Rent and Loan Interest Support Programs at Eup or Myeon Offices by the 30th

Sancheong County in Gyeongnam is ramping up support measures in the second half of the year to address youth housing stability and population decline issues.

According to Sancheong County on the 14th, it is implementing several youth housing support policy projects in the second half of the year, including the 'Youth Monthly Rent Support Project', 'Youth Housing Loan Interest Support Project', and 'Newlywed Home Purchase Loan Interest Support Project'.

A view of the Sancheong County Office.

The Youth Monthly Rent Support Project targets heads of households aged 19 to 49 who are registered residents of Sancheong County, have a median income between 60% and 150%, live separately from their parents, and do not own a home.

Support is provided in the form of a monthly rent subsidy of up to 150,000 KRW until the end of this year, with eligibility criteria relaxed and the program expanded compared to the first half of the year.

The Youth Housing Loan Interest Support Project targets young people aged 19 to 45 who have been residents of the region for at least three months and have a household income at or below 180% of the median income (based on 2023 standards).

It provides support for up to 1.5% of the interest on housing loans for new construction, purchase, or rental of homes under 85 square meters. Up to 1.5 million KRW is provided for households with newborns, up to 1 million KRW for newlyweds, and up to 500,000 KRW for newly relocated households.

The Newlywed Home Purchase Loan Interest Support Project targets newlywed couples with a combined annual income of 80 million KRW or less. For homes under 85 square meters (or under 100 square meters in towns and villages) purchased between January and June of this year, up to 3% of the outstanding loan interest is supported, with a maximum of 750,000 KRW.

Applications for the second half youth housing support policy projects can be submitted at local town or township offices until the 30th of this month.

Choi Dongmin, Director of Strategic Projects, said, "We are continuing to implement various housing policies for young people in the second half of the year, following the first half," and added, "As some programs have expanded support compared to earlier this year, we hope for much interest and participation."