Due to the sharp rise in housing prices in recent years, the burden of housing costs on young people is increasing. Accordingly, the government is taking steps to ease the burden of housing costs on young people through the Youth Rent Support Project.
The youth monthly rent support project will continue in 2024. In this article, we will summarize the application period, support conditions, and application methods for the 2024 Youth Rent Support Project.
Youth monthly rent support
What is the Youth Monthly Rent Support Project?
We implemented a monthly rent support project to ease the burden of housing costs on young people who are experiencing financial difficulties due to the rapid rise in real estate and the prolonged COVID-19 pandemic. It was originally a project that was implemented temporarily in 2023, but it is said that it will not end and will continue to be supported in 2024.
The application for 2023 closed in August, but it has been decided to extend the application for 2024 as well. The specific membership criteria, application period, etc. will be confirmed later, but first, let’s take a look at applications based on 2023.
Support details
We provide monthly rent support of up to 200,000 won once in a lifetime for one year, for up to 12 months. The subsidy is paid monthly in cash to your account.
Application period
Youth monthly rent support is available at any time until December 31, 2024.
Application conditions
Those eligible for support are homeless youth aged 19 to 34 who live separately from their parents. The house you have reported moving into must have a deposit of 50 million won or less and a monthly rent of 600,000 won or less.
Additionally, the income of the young independent household must be less than 60% of the standard median income, and the income of the original household must be less than 100% of the standard median income.
Age: 19 to 34 years old
Residence: Homeless youth living separately from their parents
Residential housing: deposit of 50 million won or less & monthly rent of 600,000 won or less
Income: Young independent household income is 60% or less of the standard median income and the original household income is 100% or less of the standard median income.
Assets: Young independent household assets are KRW 107 million or less and original household assets are KRW 380 million or less.
What are independent youth households and original households?
Independent youth households refer to households of young people living separately from their parents (separation of households). This includes the young person, his/her spouse, and direct descendants (children) living with him/her.
Original household refers to a young person’s independent household that includes the young person’s parents. Therefore, the original household income is calculated by adding the income of the young person’s parents to the income of the young person’s independent household.
Young independent household: young person + spouse + direct descendants (children) + other [Civil Act] family members residing at the same address
Original household: Young independent household + direct blood relatives (parents) within the first degree of consanguinity
Because youth rent support is a policy to support young people who have a high monthly rent burden, young people who do not receive housing funds from their parents are eligible for support. Therefore, the income of the original household is limited to prevent young people whose parents have sufficient assets from receiving subsidies.
However, if a young person is married, over 30 years old, single father/mother, or in his 20s and is recognized as having a different livelihood from his parents due to earning more than 50% of the median income, the income of the original household is not considered.
Please check your case using the example below.▼
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How to apply
Applications for youth monthly rent support can be made online on the welfare website. Alternatively, you can apply by visiting the community center in charge of your address.
When applying as a proxy, you must visit the local community center in charge of the young person’s residential address to apply.
Required documents
The documents you need to submit vary slightly depending on your situation, but the common required documents you need to submit are as follows.
Youth monthly rent support application form
income and property report
Lease Agreement
Proof of monthly rent transfer for the past 3 months (account transfer details)
copy of bankbook
Family relationship certificate (details)
Please download and fill out the application documents below.
Youth monthly rent special support application form.pdf
0.26MB
The Youth Rent Support Project will be of practical help to young people in that it is a cash grant project. However, the support conditions were so strict that the actual execution rate of this project last year compared to the budget was only 14%.
However, the policy, which was intended to be operated temporarily, has been extended until 2024, so if you meet the conditions, please apply and receive the benefits.