2030 vs. Cold Weather for Employment and Housing … Seoul “Supports Up to 2 Million Won in Monthly Rent”

Seoul City offers a monthly rent of up to 2 million won to youth for up to 10 months. The new coronavirus infection (Corona 19) is due to the growing economic difficulties of young people, who are vulnerable to employment, and the monthly rent in Seoul is increasing. The city of Seoul plans to accept applications online from the beginning of March.

Employment rate in 2030 affected by the direct impact of Corona 19. Graph = Reporter Jaemin Shin [email protected]

The Seoul Metropolitan Government announced on the 24th that it will receive applications for youth rental support through the Seoul Housing Portal (housing.seoul.go.kr) from the 3rd to the 12th of next month. A total of 5,000 applicants are eligible to apply, within 200,000 won per month, for a maximum of 10 months. The lease deposit standard was lowered from less than 100 million won last year to less than 50 million won this year so that the vulnerable can receive higher benefits.

Applicants must be between 19 and 39 years old and meet residency requirements. They must be homeless with a deposit of 50 million won or less and a monthly rent of 600,000 won or less. However, even if the monthly rent is more than 600,000 won, you can still apply if the combined amount of the deposit converted to monthly rent and the actual monthly rent is less than 700,000 won. The conversion rate is 2.5%, divided by 12 months, and the deposit converts to monthly rent. For example, even if the monthly rent is 620,000 won, in the case of a tenant with a deposit of 40 million won, the sum of the converted amount (80,000 won) and the monthly rent is 700,000 won, so the application is eligible.

Seoul Youth Rental Support Project Poster. [서울시]

Also look at the income. The household income of the applicant must be 120% or less of the median income for this year. The standard median income is determined by the amount of health insurance premiums paid by the subscriber. This year, the health insurance premium of 120% of median income for a single household is 7.5224 won for workers and 36,663 won for local subscribers. If the applicant is a dependent, see the position of the dependent.

The reason the city of Seoul supports youth rental is because the economic situation of young people has worsened. Seong-bo Kim, head of the Seoul Housing and Architecture Headquarters, said: “The number of one-person households in Seoul increased from 520,000 in 2015 to 620,000 in 2019. It gets even worse.” According to the Bank of Korea, between March and November last year, the number of people employed between 20 and 30 years decreased by 368,000. Considering the increase of 5,000 people in the same period in 2019, this is a huge blow.

Graphical image of the Seoul apartment rental index 2020. [자료제공=KB국민은행]

Although youth jobs have decreased, monthly rents are increasing. According to real estate information platform Dabang, the average monthly rent for two or three rooms in Seoul (with an exclusive area of ​​less than 60㎡) jumped from 670,000 won in December 2019 to 860,000 won in December 2020.

Detailed support standards and required documents for Seoul Youth Rental Support can be found on the Seoul Housing Portal. You can also contact Dasan Call Center (02-120), Youth Rental Support Consultation Center (-202 133-1337 ~ 9) and Seoul Housing Policy Division (02-2133- 7701 ~ 5). After the application deadline, the city plans to announce the results in April in accordance with the eligibility requirements. Head of headquarters Kim Seong-bo said: “We will do everything possible to stabilize youth housing by linking various youth housing policies with rental support for youth.”

Reporter Heo Jeong-won [email protected]