Yeongcheon’s 'Cheonwon Housing' Hits Jackpot in First Round... 22:1 Competition Ratio Recorded

441 Applications for 20 Units from Young People and Newlyweds
Program Expected to Ease Housing Cost Burden

The city of Yeongcheon’s ambitious 'Cheonwon Housing' support program, launched to ensure housing stability for young people and newlyweds, has achieved remarkable success, attracting explosive interest from its very first round of applications.

The city announced that during the three-day application period held from January 6 to January 8, a total of 441 applications were received for 20 available units, resulting in an average competition ratio of 22 to 1.

Thousand Won House Exterior View

By category, the youth type received 344 applications for 12 units, recording a competition ratio of 28.6 to 1, while the newlywed type received 97 applications for 8 units, resulting in a ratio of 12.1 to 1.

'Cheonwon Housing' is a residential welfare policy of Yeongcheon City designed to ease the housing burden for young people and newlyweds with an exceptionally low monthly rent of 30,000 won (1,000 won per day), and to foster an environment supportive of marriage, childbirth, and childrearing.

The final list of residents will be announced at the end of April after qualification verification and explanation procedures by the Gyeongsangbuk-do Development Corporation, and the selected applicants will sign contracts with the corporation.

Building on the high level of interest and success of this round, the city plans to expand the Cheonwon Housing program to the Kumho-eup purchased rental housing complex (with a total of 42 units) scheduled for completion in December this year, thereby providing housing support benefits to more young people and newlyweds.

A city official stated, "Cheonwon Housing is a policy that genuinely alleviates the housing burden for young people and newlyweds in Yeongcheon, a region experiencing population decline," adding, "We will continue to actively support improvements in housing conditions so that young people and newlyweds can settle in the region with stability."