To prevent young people from leaving Seoul due to housing costs, the city plans to supply 74,000 youth-oriented housing units by 2030 and reduce the housing burden for 250,000 residents.
On August 12, Seoul Mayor Oh Se-hoon visited the Youth Safe Housing in Gaebong-dong, Guro-gu, where he met with young residents to discuss the new housing policy.
The 'Gaebong Sageum' facility, located near Gaebong Station, consists of 605 units, including 96 public rentals, 177 SH pre-purchases, and 332 private rentals. Residents highlighted the benefits of its location near transit, lower rental prices compared to the surrounding market, and restrictions on rent increases.
Many expressed that their housing costs, which previously consumed over 30% of their monthly income, have decreased, allowing them to allocate savings toward personal development, job transitions, and future plans like marriage.
However, concerns were raised about the difficulty in securing deposits for lease renewals due to recent tightening of household loan regulations.
Mayor Oh explained that for special allocations of Youth Safe Housing, residents can renew their leases even if their income increases, emphasizing the need for financial support to ensure housing stability for young people.
To expand the supply of Youth Safe Housing, the city is considering increasing the radius of eligible transit areas from 250 meters to a 10-minute walking distance of 500 meters. This aims to broaden the foundation for supplying youth housing.
As of the end of July this year, 101 locations with 33,621 units of Youth Safe Housing have been completed. Public rental prices are approximately 30-50% of the surrounding market rates, while public-supported private rentals are set at 75-85% of market rates. The first public rental recruitment this year saw an average competition ratio of 105 to 1.
From 2026 to 2030, the city plans to complete an additional 17,500 units of Youth Safe Housing, aiming for a total of about 46,000 units by 2030. To alleviate the construction cost burden on private developers, the city has temporarily increased the interest subsidy limit from 2% to 4% for three years starting in April, and will also reduce the public contribution rate by 5 percentage points for three years.
The overall supply of youth housing will also be expanded. According to the youth housing stability measures announced in March, the city plans to provide a total of 74,000 units by 2030, including 25,000 new units added to the existing public sale and rental housing, as well as other types of housing.
The new supply will include 10,000 affordable studio apartments near universities, 2,000 Ditimdol houses, and 600 Baronae houses, along with 1,700 youth-specialized housing units, 6,000 shared housing units for students and young people, and 5,000 co-living houses in transit and business districts.
Housing cost support will also be implemented. The city aims to reduce the housing burden for 250,000 young people by 2030, providing support for monthly rent, rental deposit loan interest, and management fees. This year, the monthly rent support has been expanded to 200,000 won for 28,000 young people, and a new program will provide 80,000 won in management fees for those not selected for rent support.
The income threshold for interest support on rental deposits will be relaxed from 40 million won to 50 million won, with a maximum interest support of 3% on loan amounts, benefiting 5,000 individuals annually.
Mayor Oh stated, “Hearing from the youth today reaffirmed that a home is not just a place to stay, but a starting point for studying, working, saving, and preparing for the future. Young people should not have to leave Seoul because of housing.”
He added, “We will create a more robust housing ladder for young people, allowing them to live stably while reducing the burden of rent and deposits, and we will focus our efforts on policies that young people can truly feel, including housing supply and financial and rent support.”
* This article has been translated by AI.
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