South Korea expands rent support for young adults
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Starting next year, South Korea will expand its rent support program to include young adults earning up to 2.74 million won per month.
Currently, the program assists those earning up to 1.54 million won monthly. The Ministry of Land, Infrastructure and Transport announced the changes as part of a broader housing stability plan. This expansion is expected to increase the number of beneficiaries from 93,000 to 240,000. Low-income young adults will receive assistance for a longer period.
Those from households in the lowest income bracket will now be eligible for up to 48 months of support, receiving a maximum of 200,000 won per month. The age range for eligibility also widened from 19 to 34 years old to 18 to 34, and military service extends the upper age limit by up to three years.
The government also increased support for young adults renting jeonse apartments, a type of rental with a large lump-sum deposit, and plans to create 5,000 new public rental units for young people in the Seoul metropolitan area.
