Monthly Rent Support Extended to Young People Earning 30 Million Won; Upgraded Minimum Housing Standards to Be Announced This Year

Monthly Rent Support for Young Adults Raised from 60% to 100% of Median Income
Eligibility Starts at Age 18; Military Service Adds Up to 3 More Years
Housing Welfare System Integrated Under Local Governments
Minimum Housing Standards to Be Revised and New Recommended Standards to Be Set Within the Year

The housing welfare plan announced by the government on September 21 not only includes plans for supplying public housing but also details improvements to various housing-related services, which are considered the "software" of housing policy. The plan aims to strengthen tailored housing policies for specific groups, such as young adults, newlyweds, and the elderly, while also improving access to services like public rental housing.

First, support for monthly rent for young people will be enhanced. The income eligibility threshold will increase from this year’s 60% of the median income (1.54 million won) to 100% of the median income (2.74 million won) next year. In terms of annual salary, this represents a substantial increase from 18.48 million won to 32.88 million won. However, while this year income deductions allowed a maximum monthly income of up to 2.2 million won, the income deduction requirement will be removed from next year. The eligible age will be lowered by one year, so support will be available from the age of 18. For those in military service, the age limit can be extended by up to three years, making it available up to age 37.

Existing studio-type integrated public rental housing floor plan (left) and an example of an expanded floor plan to be applied in the future. The balcony was expanded to increase the usable area by about 5㎡. Provided by the Ministry of Land, Infrastructure and Transport

The payment period will remain the same next year at 24 months. However, for those in the lower income bracket, it can be extended up to 48 months. The Ministry of Land, Infrastructure and Transport expects that, as a result of these measures, the number of recipients will increase from 93,000 this year to 240,000 next year. Although the budget for youth rent support next year is around 23.19 billion won, which is an increase of about 10 billion won compared to this year, a ministry official explained that, considering the six-month gap between application and payment, this is a manageable level.

For newlyweds and families with children, the income requirement for public rental housing will be set at twice that of unmarried young adults. Even if a household exceeds the limit after marriage, one contract renewal will be allowed. For policy loans, if even one eligible household member meets the requirement, the loan will be permitted. For Bogeumjari Loans, the additional interest rate levied when exceeding the income threshold will be cut in half, from 0.3% to 0.15%.

Opportunities for moving into public housing will also be increased. The priority supply rate for integrated public rental housing for newlyweds will be raised, while a new preferential and special supply type for newborns will be introduced for public-supported private rentals. Special childcare-focused housing will be supplied, and for families moving to larger homes due to childbirth or child-rearing, support for changing to a larger unit will be provided.

For seniors, the model linking public rental housing and residential services—which had previously been offered only in public housing—will be expanded to include large-scale private rental complexes, such as Silver Stay or retirement communities. As elderly people are more likely to be homeowners, home improvements like installing safety handles will be supported, and the connection with local community integrated care services will be enhanced.

Kim Itak, First Vice Minister of the Ministry of Land, Infrastructure and Transport, is announcing the Housing Stability Plan on the 21st at the government Sejong building press room. Provided by Ministry of Land, Infrastructure and Transport

To improve access to housing services, the government will implement an integrated waiting list system. Recruitment announcements and qualification verification, previously handled by individual providers such as Korea Land & Housing Corporation (LH) or local public enterprises, will now be integrated into a single system. The time from application to tenant selection, which previously took about 150 days, will be reduced to around 40 days. In collaboration with the Ministry of the Interior and Safety, there are plans to establish local housing welfare centers and build a welfare system centered on local governments. Local governments will be allowed to invest in local public enterprises, and measures will be taken to expand the participation of social economy entities in the supply and management of public and private rental housing.

The government also plans to finalize within the year a reform of the minimum housing standards, which have remained unchanged since 2011. The minimum housing standards specify living space requirements according to household size and are incorporated into the government’s comprehensive housing plan, which now, by law, must be evaluated against current realities since last year. Additionally, new recommended housing standards will be established this year. These will set higher benchmarks than the minimum housing standards and represent the government’s target for providing a comfortable residential environment.

Kim Itak, First Vice Minister of the Ministry of Land, Infrastructure and Transport, stated, "A home is not just a physical space but the most basic foundation supporting people's lives. We will supply more good homes and provide comprehensive support to those in need so that, regardless of income, age, or residential area, everyone can feel the stability of housing."

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