Dream of Owning a Home, Gyeongnam Province Provides Generous Support! ... 15,027 Youth Receive 15.6 Billion KRW for Housing Costs

Supply of 4,707 Rental Housing Units for Youth and Newlyweds

First-ever Establishment and Implementation of Basic Youth Housing Plan by Provincial Government

Gyeongnam Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongnam Province has finalized its housing support implementation plan for this year to provide housing cost assistance to vulnerable youth and others.

Since establishing the first-ever Gyeongnam customized 5-year housing support plan for youth and newlyweds in August 2020, the province is set to implement the plan again this year starting this month to ensure steady progress and achieve results.

Gyeongnam Province has developed the "2022 Youth and Newlywed Housing Support Implementation Plan," which includes public rental housing supply scheduled by the province, cities and counties, Gyeongnam Development Corporation, LH, and other related organizations, as well as housing cost support measures for vulnerable youth.

To stabilize housing for youth and newlyweds and respond to youth population outflow, the plan aims to supply 4,707 customized housing units and provide housing cost support amounting to 15.6 billion KRW to 10,527 vulnerable youth and others.

Gyeongnam Province plans to proceed with the housing support implementation plan with goals to strengthen youth housing support and assist youth future leaps by resolving housing disparities.

Gyeongsangnam-do 2022 Youth and Newlywed Housing Support Implementation Plan.

The province will focus on five key tasks: ▲expanding youth rental housing supply ▲increasing youth housing cost support ▲strengthening the legal basis for youth housing policies ▲enhancing online and offline youth communication ▲and promoting new youth housing model development.

This year, 1,004 more youth rental housing units will be supplied compared to last year, and housing cost support will increase by 10.2 billion KRW.

The Gyeongnam-style youth housing "Geobuk-i Jip" will continue, with four units under renovation in Sapa-dong, Seongsan-gu, Changwon City, and five newly constructed units in Yonggang-dong, Sacheon City, scheduled for completion in the second half of this year to accommodate local youth.

“Happy Housing,” rental homes supplied in collaboration with Gyeongnam Development Corporation and LH, along with eight districts of “Newlywed Hope Town” totaling 1,928 units in Yongwon, Changwon City, and Gajwa, Jinju City, are also expected to be completed within this year. Additionally, 10 youth purchase rental homes will be supplied on a pilot basis.

A new “Youth Monthly Rent Temporary Special Support Project” will provide up to 200,000 KRW per month in rent support for 12 months to 5,100 low-income youth with household incomes at or below 60% of the median income.

For 1,066 youth household heads with incomes exceeding 60% but not exceeding 150% of the median income who do not receive government support, up to 150,000 KRW per month will be provided for 10 months. For 500 youth tenants in homes valued at 100 million KRW or less, interest on rental deposits will be supported up to 1.2 million KRW per household within a 40 million KRW limit.

For youth subscribing to a jeonse deposit return guarantee of 200 million KRW or less, the full guarantee fee will be supported for 150 households again this year.

Furthermore, Gyeongnam Province plans to help realize the dream of homeownership by preparing mid- to long-term youth housing policy implementation measures, including establishing the province’s first-ever 10-year basic youth housing plan.

Heo Dongsik, Director of the Urban Transportation Bureau, said, “We want to reduce the housing burden on youth facing economic difficulties by steadily implementing the finalized plan. We will actively reflect the needs of youth in policies and expand housing stability policies that can be tangibly felt.”

This content was produced with the assistance of AI translation services.