854 Apply for 100 Units of Pohang's "1,000 Won Housing"... 8.5 to 1 Competition Ratio

Explosive Popularity Among Young People, Attracting Applicants from Other Regions
Competition Ratio of 10.3 to 1 for 80 Youth Units,
1.7 to 1 for 20 Newlywed Units
Exceptionally Low Rent and Population Inflow Effects...
Expansion to 500 Units Over Five Years

Pohang City has successfully concluded the recruitment of preliminary tenants for its "1,000 Won Housing" initiative, which was launched to ensure housing stability for young people and newlyweds. The program saw a high level of competition.

During the two-day on-site registration held from September 16 to 17, a total of 854 applications were submitted for 100 available units, resulting in a competition ratio of 8.5 to 1. The event attracted not only young residents of Pohang but also people from other regions hoping to move to the city, demonstrating nationwide interest in Pohang’s bold housing welfare policy.

On-site registration conducted over two days from September 16 to 17. Provided by Pohang City

For the 80 units designated for young people, 820 applications were received, resulting in a competition ratio of 10.3 to 1. For the 20 units for newlyweds, 34 applications were submitted, resulting in a ratio of 1.7 to 1. The "1,000 Won Housing" program is Pohang City’s flagship housing welfare policy, designed to reduce the housing burden with an exceptionally low rent of 1,000 won per day (30,000 won per month) and encourage population inflow.

Prospective tenants will be finalized after a document review and a lottery scheduled for October 20. The city plans to expand the program to a total of 500 units over the next five years. Having confirmed both high housing demand among young people and interest from those wishing to relocate from other regions, Pohang aims to establish this initiative as a leading model for the area.

In addition, Pohang City plans to provide a total of 3,500 public rental housing units tailored to various life stages by 2030, including the 500 units of the "1,000 Won Housing" program. The city intends to broaden the target groups step by step, including young people, newlyweds, families with multiple children, workers, and the elderly, in order to strengthen housing welfare.

Mayor Lee Kangdeok stated, "Despite the short registration period, the high level of interest from young people and newlyweds allowed us to take a successful first step for Pohang’s flagship housing policy. We will also supply the 2026 units ahead of schedule to provide more opportunities and create a virtuous cycle where stable housing leads to jobs, marriage, and childbirth."

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