Having a Baby Means Longer and Cheaper Living... Jeonse House Becomes 'Mirinae House'

[K-Construction, A New Leap] SH Corporation
Residence at 80% of Market Price for at Least 10 Years
Supply of 627 Long-term Jeonse Houses 2 for Newlyweds
Average 50 to 1 Competition Rate for Mirinae Home
Plan to Supply Over 1,000 Houses Next Year
Relaxation of Asset Criteria and Establishment of Dual-Income Income Regulations

Seoul Housing and Communities Corporation (SH Corporation) has introduced Long-term Jeonse Housing 2 (Mirinae Jip) this year to address the low birthrate issue. Mirinae Jip is a new type of rental housing that maintains the framework of the existing ‘Long-term Jeonse Housing,’ allowing residents to live at prices below 80% of the market rate for at least 10 years, while extending the residence period upon childbirth and providing opportunities to purchase a home. SH Corporation is recruiting 400 households this month in popular areas for newlyweds such as Seocho and Seongdong districts.

Stable Living Foundation with Opportunities to Own a Home

A total of 627 households of Long-term Jeonse Housing 2 were supplied this year. Seoul City and SH Corporation announced the supply plan for ‘Long-term Jeonse Housing 2’ in July and supplied 300 households at Olympic Park Foreon and 327 households at Lotte Castle East Pole in September.

During the application process for the two rounds of Long-term Jeonse Housing 2 supply, the average competition rate exceeded 50 to 1, receiving strong support from newlyweds. For the first supply at Olympic Park Foreon, 17,929 applicants applied for 300 households, resulting in an average competition rate of 60 to 1. In the second recruitment in September for 327 households, 16,365 applicants applied, recording an average competition rate of 50 to 1.

Seoul Mayor Oh Se-hoon met with prospective residents in October and said, "Seeing the happiness of those actually moving in just three months after announcing the supply of Long-term Jeonse Housing makes me think we should increase the quantity as much as possible and diversify the types to encourage marriage and childbirth." He added, "We will make every effort, including housing support, to solve the low birthrate problem."

Long-term Jeonse Housing 2, introduced for the first time this year, allows newlyweds without children to live for at least 10 years, with rental deposits supplied at prices below 80% of the market rate. Eligible residents are newlyweds who have registered their marriage within 7 years from the date of marriage registration or prospective newlyweds planning to register marriage within 6 months from the announcement date. Applicants must not have owned a house within 5 years from the announcement date. Since its introduction by Seoul City in 2007, Long-term Jeonse Housing has supplied a total of 34,932 households, allowing residents to live on a Jeonse basis for up to 20 years.

The city has also relaxed the asset criteria for Long-term Jeonse Housing 2 compared to the previous standards. The income criterion for Long-term Jeonse Housing 2 is set at 120% or less of the average monthly income of urban workers per household (6.49 million KRW for two persons), which is higher than the previous 100% limit for Long-term Jeonse Housing. Income regulations for dual-income households have been newly established: for exclusive areas of 60㎡ or less, the limit is 180% (9.74 million KRW for two persons), and for areas over 60㎡, it is 200% (10.83 million KRW for two persons).

The asset standard applies to the amount after subtracting liabilities from the sum of real estate, automobiles, and financial assets, capped at 655 million KRW. The automobile value criterion (37.08 million KRW or less) must also be met. To broaden opportunities for newlyweds, the no-homeownership point system has been abolished, and points are awarded based on continuous residence period in Seoul and the number of housing subscription savings payments. Full points are given for continuous residence of 10 years or more and 120 or more payments of housing subscription savings.

The greatest advantage of Long-term Jeonse Housing 2 is that it grants benefits such as the right of first refusal to newlyweds. The residence period is extended from 10 to 20 years after childbirth, and the right of first refusal is granted when two or more children are born. If two or more children are born after moving in, residents can purchase the home at 90% of the market price; if three or more children are born, at 80%. If one child is born after moving in, the asset criteria are waived at the time of contract renewal.

More than 1,000 Households to be Supplied Next Year

Seoul City and SH Corporation will supply additional Long-term Jeonse Housing 2 this month, recruiting 400 households in popular areas for newlyweds such as Seocho and Seongdong districts. This includes Maple Xi in Jamwon-dong, Seocho-gu, Cheonggye SK View in Yongdap-dong, Seongdong-gu, and Hillstate Cheongnyangni Metroble in Yongdu-dong, Dongdaemun-gu.

SH Corporation is expanding the supply of Long-term Jeonse Housing annually. In addition to rental housing supplied through donations in redevelopment and reconstruction projects, they also supply purchased housing near subway stations (purchase type) and public housing built on public land in Wirye and Magok (construction type) as Long-term Jeonse Housing 2. As of July, the planned supply volume for Long-term Jeonse Housing 2 was 1,272 households in 2025 and 2,155 households in 2026, with potential for further expansion.

For construction-type housing, applicants are selected starting two years before move-in when the apartment construction progress exceeds 40%. In the second half of next year, construction-type Long-term Jeonse Housing 2 will be supplied at Wirye A1-14 Block (90 households) and Magok Taxi Garage (61 households). In the first half of 2026, Songpa Creative Innovation (120 households) will be supplied, and in the second half of 2026, Jangji Garage (154 households), Gwanak Culture Plaza (27 households), Seongdui Village (175 households), and Guryong Village (300 households) are planned.

Seoul City is also considering plans to utilize newly built purchased rental housing to supply more than 4,000 households of Long-term Jeonse Housing 2 annually from 2026 onward.