91.5% of Youth Safe Housing Residents "Overall Satisfied"

Among the 10 people who moved into youth rental housing, 9 are satisfied with their current living conditions.

Survey results from SH Corporation. (Provided by SH Corporation)

According to the Seoul Housing and Communities Corporation (SH Corporation) on the 20th, a survey conducted on 3,816 households residing in Youth Safety Housing showed that 34.1% responded "very satisfied" and 57.4% responded "satisfied." Dissatisfaction accounted for 6.5%, and very dissatisfied was 1.9%.

The survey results showed that 4.4% of residents lived in (semi-)basements or rooftop rooms before moving into Youth Safety Housing. This indicates an upward effect on housing conditions due to the supply of Youth Safety Housing.

Before moving in, 87.2% of residents lived in Seoul, indicating a significant improvement in the housing environment for Seoul's youth. In particular, those who moved into public rental housing showed higher satisfaction with their housing cost burden.

The ratio of housing costs to monthly income (RIR) improved by 9 percentage points for public rental housing, from 35.6% before moving in to 26.6% after moving in. 87% of public rental tenants reported satisfaction with their housing costs. However, nearly half of the respondents in private rental housing reported a burden from housing costs. Youth Safety Housing is divided into 23.5% public rental and 76.5% private rental.

After the lease period expires, residents currently living in Youth Safety Housing expressed willingness to pay up to 64.9% of the surrounding market price if the housing is converted to sale.

Meanwhile, Youth Safety Housing was promoted following the enactment and implementation of the "Ordinance on Supporting the Supply of Seoul Youth Safety Housing" in 2016. The project develops privately owned land near subway stations and main roads to ensure housing safety for the youth. Since the move-in began in 2020, as of the end of August this year, 55 sites and 18,004 households have been completed and occupied. Currently, 100 sites and 30,679 households are undergoing project procedures and construction.

Shim Woo-seop, Acting President of SH Corporation, said, "We will continue to promptly identify housing policy demands through regular surveys and develop demand-centered housing policies to contribute to housing stability for youth and newlyweds."