The Ministry of Land, Infrastructure and Transport said on the 18th it will convert the Youth Monthly Rent Support Program, which provides up to 200,000 won per month for up to 24 months to ease young people's housing cost burdens, into continuing projects.
The Youth Monthly Rent Support Program began in 2022 as a temporary project and supported 222,000 young people through two rounds of applications.
However, to ease the housing cost burden on young people facing difficult economic conditions such as rising monthly rents and a tough job market, it was chosen last year as a national policy task, and new beneficiaries will be recruited each year. The Ministry of Land, Infrastructure and Transport (MOLIT) plans to select 60,000 new beneficiaries nationwide this year.
This Youth Monthly Rent Support Program targets young people aged 19 to 34 who are non-homeowners living separately from their parents. The requirement to be enrolled in a housing subscription account, which was newly introduced in the second round, has been removed starting with this year's recruitment of new beneficiaries. The income and asset requirements are as follows: for young households, at or below 60% of the median income and assets at or below 122 million won; for the original household, at or below 100% of the median income and assets at or below 470 million won.
Young people who wish to apply for the Youth Monthly Rent Support Program can do so from the 30th of this month to May 29 via the Bokjiro website or by visiting the Community Service Center for their residence, and the list of selected beneficiaries will be announced in September, with monthly rent support provided retroactively from May.
Detailed information, including required documents, can be found on the Bokjiro website and the MyHome portal. Applicants can self-assess whether they meet the eligibility criteria, such as income and asset requirements.
Lee Ki-bong, director-general for housing welfare policy at the Ministry of Land, Infrastructure and Transport (MOLIT), said, "We hope the Youth Monthly Rent Support Program will help ease young people's housing burden to some extent, and we will continue working to create an environment where young people can live stably."