Seoul City to Provide Up to 200,000 KRW Monthly for a Maximum of 10 Months Under 'Youth Monthly Rent' Program

June 28 - July 7 'Seoul Jugopotal' Application
Ages 19-39, Income Below 150% of Median
Deposit Under 50 Million KRW and Monthly Rent Under 600,000 KRW

[Asia Economy Reporter Hwang Seoyul] The Seoul Metropolitan Government announced on the 20th that it will provide the ‘Youth Monthly Rent’ support, offering 200,000 KRW per month for up to 10 months, to 20,000 young people to ease their housing cost burdens.

The city will accept applications for ten days from the 28th of this month until 6 p.m. on the 7th of next month through the ‘Seoul Housing Portal.’ Detailed eligibility criteria and required documents can be found in the notices section of the Seoul Housing Portal.

The program targets single-person households aged 19 to 39 (birth years 1982?2003 according to the resident registration certificate) who are registered residents of Seoul and actually reside there, with a household income at or below 150% of the median income. Final recipients will be selected and announced at the end of August after screening, and actual support will begin in early October. However, considering the review period, this year’s support will be paid as a lump sum for three months.

This year, the eligible age was relaxed from being based on the ‘application date’ to the ‘calendar year.’ Siblings or cohabitants aged 19 to 39 according to the resident registration certificate are also included in the eligibility. In cases where two people are registered as a household and live together in a share house or similar, and have individual lease contracts with the landlord, each person can apply separately.

Youth Monthly Rent support is provided to non-homeowners living in buildings with a lease deposit of 50 million KRW or less and monthly rent of 600,000 KRW or less. Applicants must be registered as residents at the leased property address based on the lease contract, and applications are not accepted if the lease contract is under another person’s name. However, applicants whose monthly rent exceeds 600,000 KRW but whose combined lease deposit converted to monthly rent (using a 2.5% conversion rate) plus monthly rent is 700,000 KRW or less are eligible to apply.

The city selects Youth Monthly Rent recipients by dividing monthly rent, lease deposit, and income into four categories, and if the number of applicants exceeds the quota, recipients are chosen by a computerized random draw within each category.

Applicants are excluded if their total general assets exceed 100 million KRW, if they own a house, have a pre-sale right or cooperative membership housing right, own a vehicle valued at 25 million KRW or more, or live in public rental housing. Those receiving basic livelihood security benefits or Seoul Youth Allowance are also ineligible. However, recipients of educational benefits can apply.

Additionally, the city plans to implement a ‘Youth Monthly Rent Temporary Special Support’ program, funded by national government subsidies, to assist young people facing increased housing cost burdens due to COVID-19 and other factors. Applications will be accepted on an ongoing basis for one year starting in August, providing up to 200,000 KRW per month for a maximum of 12 months.

The ‘Youth Monthly Rent Temporary Special Support’ differs in eligibility and application requirements from the Seoul Youth Monthly Rent support program, so applicants should check the Ministry of Health and Welfare’s welfare portal ‘Bokjiro’ in August for details.

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