Seoul City Supports Monthly Rent for 60,000 Youths... 97% Say It Helps Housing Stability

Starting in 2020... Up to 200,000 Won per Month for 10 Months
Survey of 7,428 People... Confirmed Effects on Housing, Economy, and Living Burdens
Monthly Rent Overdue Rate More Than 3 Times Also Dropped Below 1%

[Asia Economy Reporter Kim Hyemin] It has been revealed that the Seoul Metropolitan Government has supported more than 60,000 young people with 'Youth Monthly Rent' assistance over three years since 2020. A survey conducted on these recipients confirmed the effectiveness of the support program, with responses indicating reduced burdens not only in housing but also in economic and living expenses. The rate of rent arrears exceeding three months also dropped to below 1%.

On the 31st, the Seoul Metropolitan Government announced that from 2020 to this year, it has provided monthly rent support of up to 200,000 KRW for 10 months to a total of 62,000 young people residing in Seoul. Starting with 5,000 people in 2020, 27,000 were supported last year, and this year, 30,000 were selected and the first round of support payments has been made so far.

According to a survey conducted on 7,428 young people who received Youth Monthly Rent support in the second half of last year, 97% of respondents answered that the support helped them establish a stable housing environment. The effect of alleviating housing cost burdens received a score of 4.67 out of 5. In the economic domain, 94.34%, and in the living domain, 98.46% responded that there were positive effects.

Specifically, in the housing sector, more than half of the respondents (52%) said that 'alleviation of housing cost burden' was the most helpful. In the economic sector, 65% cited 'gaining overall financial leeway in daily life' as the biggest change. In the living sector, 'psychological stability' was the highest at 29%.

The experience of rent arrears significantly decreased after receiving support. Before the monthly rent support, the rate of 'no arrears experience' was 85.3%, but it increased to 95.1% after support. The rate of arrears exceeding three months dropped from 4.44% to 0.77%, falling below 1%. The average income of respondents was 1,644,800 KRW, the rental deposit was 10,468,500 KRW, monthly rent was 428,800 KRW, and financial institution debt was 2,975,000 KRW.

Meanwhile, since August, the city has been accepting applications for the 'Temporary Youth Monthly Rent Special Support' funded by national government subsidies. It is available to young people aged 19 to 34 without housing who live separately from their parents. Applicants must have a youth household median income of 60% or less and a combined median income of parents and youth of 100% or less.

Yoo Changsoo, Director of the Seoul Housing Policy Office, said, "This project, which started to ease the housing cost burden that makes the already tough lives of young people even harder, is practically bringing vitality and brightness to young people's lives. We will continue to reduce young people's housing cost burdens through thorough operation, including continuous monitoring and expert consultation."

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