The South Korean government has announced that it will expand its 'Youth Rent Support Program' starting this month, aimed at easing the housing burden for young individuals facing difficulties due to rising rents and job scarcity. The Ministry of Land, Infrastructure and Transport revealed that young people can receive a maximum of 200,000 won (approximately $150) per month for up to 24 months. This program, which originated as a temporary initiative in 2022, will now become a permanent measure, with 60,000 new beneficiaries expected to be selected this year.

Eligibility for this support includes young individuals aged 19 to 34 who live separately from their parents and have income and asset limits defined by the government. Specifically, for a single-person household, the income must be at or below 60% of the median income for the area, while assets must not exceed 122 million won. Additionally, for broader family units including parents, the income threshold is set at 100% of the median and assets at 470 million won. Notably, the criteria introduced during the second phase requiring investment in a housing savings account have been removed for the upcoming enrollment period.

Young applicants will be able to submit their requests online or through their local administrative welfare centers from the 30th of this month until the end of May. The selections will be announced in September, and financial support for rent will be retroactively provided starting from May. Additional details about the eligibility and application procedure can be found on government websites designed for this purpose, providing a self-assessment tool for potential applicants to check their eligibility against the established income and asset criteria.