The Seoul Metropolitan Government announced on the 8th that it will provide a total of 7.2 million won to households without homes that have a child, giving them 300,000 won per month for two years. This is intended to prevent people from leaving Seoul and the surrounding metropolitan area due to high housing prices by providing the difference in the monthly average apartment housing costs in Seoul and the metropolitan area (300,000 won).
Young people sometimes move to Gyeonggi Province or Incheon in search of affordable newlywed dwellings after getting married and having children. According to the city, 61.3% of the population that moved out of Seoul to Gyeonggi Province and Incheon (195,923 people) in 2023 was due to family and housing issues, out of a total of 325,317 people who moved out. The supply of rental dwellings is limited, and it takes a long time for them to be available, which is why the city is providing housing cost support.
Households without homes with an income level at or below 180% of the median income who had a child after January 1st of this year are eligible for support. They must live in rental dwellings in Seoul with a jeonse price of 300 million won or lower, and monthly rent of 1.3 million won or lower. Residents of public rental dwellings from the Seoul Housing and Land Corporation (SH) and the Korea Land and Housing Corporation (LH) are excluded. Support will be stopped if they move to another region.
Housing costs will be paid in four installments over six months. Those eligible can apply from May to July by providing a lease agreement with a registered date. Final selection results will be announced around October. For multiple births, the support period can be extended from the existing two years to a maximum of four years. Kim Seon-soon, director of the Seoul Metropolitan Government’s Women and Family Affairs Office, noted, “We will help reduce concerns about housing costs so that families can focus on raising their children.”