Monthly Rent of 10,000 Won for "Bucheon Youth Dream Housing"... 100-Household Pilot Project Next Year

Bucheon City in Gyeonggi Province is launching the "Bucheon Youth Dream Housing" project to alleviate housing insecurity among young people and help them settle stably in the region. Under this project, young residents will be able to live in designated housing for a monthly rent of just 10,000 won.

For this initiative, if a young person resides in a Korea Land and Housing Corporation (LH) youth purchase rental home and pays a monthly rent of 10,000 won, the city will subsidize the remainder of the rent—up to 250,000 won per month—directly to LH. This support is available for up to two years, with the core goal of enabling young people to use the housing cost savings for savings or building a foundation for independence.

The city is currently reviewing a phased rollout of the project, with preparations this year such as signing a business agreement with LH. Starting next year, a pilot program will be implemented for 100 households, with plans to gradually expand to 200 households from the second year onward.

Eligibility is limited to unmarried, non-homeowning young people aged 19 to 39 who are living in LH youth purchase rental homes within Bucheon. Selection will be based on a comprehensive assessment of economic circumstances, length of residence, and employment status within the region. There are also discussions on giving additional points to applicants who have fallen through the gaps in other support systems, such as those excluded from housing benefit programs.

'Youth Dream Housing' Project Overview (AI-generated image). Provided by Bucheon City

The youth population in Bucheon declined by about 15% over five years, from 232,075 in 2021 to 196,098 last year. The city attributes this decline primarily to the heavy burden of housing costs among young people.

According to the 2024 Housing Survey by the Ministry of Land, Infrastructure and Transport, more than 80% of young households live in rental housing—either on a deposit or monthly basis—and spend over 20% of their income on rent.

In particular, it was found that 88% of young residents in Bucheon’s LH youth purchase rental homes are excluded from existing housing support programs such as housing benefits, placing them in a welfare blind spot. Furthermore, when these young people start earning an income, for example through employment, they often lose eligibility for support, which further hinders their housing stability.

Cho Yongik, Mayor of Bucheon City, stated, "We will closely cooperate with relevant organizations to ensure that the Youth Dream Housing project becomes a practical support measure, not just a rental subsidy, so that young people can truly establish stable roots in the local community."

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