Incheon City to Provide Up to 2.4 Million KRW Annual Youth Monthly Rent Support... Eligibility Expanded to Age 39

Incheon City announced on the 22nd that it will provide monthly rent support of up to 200,000 KRW for 12 months, totaling up to 2.4 million KRW, to young people facing economic difficulties.

Previously, the first phase of the program, which began recruiting in 2022, was scheduled to end at the end of this year. However, due to the prolonged economic downturn, the second phase of the program will be implemented to alleviate the housing cost burden on young people.

Similar to the first phase, the city has extended the age eligibility by 5 years beyond the Ministry of Land, Infrastructure and Transport’s temporary special support for youth monthly rent (ages 19?34), expanding the support target to ages 19?39 so that more young people can benefit.

Incheon City Hall

The support targets are young people aged 19 to 39 who live separately from their parents and do not own a home, residing in housing with a lease deposit of 50 million KRW or less and monthly rent of 700,000 KRW or less. Additionally, from this year, subscription to a housing subscription savings account has been added as a mandatory condition.

Income criteria require meeting 60% or less of the median income for independent youth households and 100% or less of the median income for the original household. Asset criteria require assets of 122 million KRW or less for independent youth households and 470 million KRW or less for the original household.

Applicants can apply online from the 26th until February 25 of next year through 'Bokjiro (ages 19?34)' or 'Incheon Youth Portal (ages 35?39)', or by visiting the relevant administrative welfare center (Dong-gu and Bupyeong-gu applicants should visit the district office).

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