Seoul City to Supply 74,000 Youth Housing Units by 2030
Seoul City announced plans to supply 74,000 youth housing units by 2030 to alleviate housing burdens for young residents.
On October 10, Seoul City unveiled its 'Youth Housing Stability Measures' aimed at supplying 74,000 housing units for the youth by 2030. This plan adds 25,000 units to the previously planned 49,000, focusing on reducing housing costs experienced by the younger population. To achieve this goal, the city will implement six new projects, including the initiative named 'Baro Nae Jip'.
Among the innovations are the introduction of a new type of studio unit, ‘Seoul-type New Sprout Room’, which will offer interest-free deposits of up to 30 million won for new university students, alongside the expansion of youth co-housing near universities. By 2030, it is expected that roughly 16,000 youth housing units will be made available in university-adjacent areas, catering to students entering society.
The city also plans to create specialized housing for young adults just starting their careers, including the 'Stepping Stone Youth Housing', ‘Youth Specialized Districts’, ‘Youth Growth Housing’, and ‘Youth Preparing for Independence Housing’, which will collectively ensure about 3,700 tailored housing units by 2030. Additionally, the 'Baro Nae Jip' project, modeled on public housing, will allow young residents to transfer ownership upon paying the deposit, with the remaining payment being made in over 20 years. With the rising costs of monthly rent, the city seeks to support a wider range of youth demographics including single parents and newlywed couples without children, highlighting the pressing need for affordable housing solutions in the capital.