The Seoul Metropolitan Government (SMG) has already selected 5,000 young residents in the first half as beneficiaries of its rent assistance program, and will select 22,000 additional beneficiaries in the second half. The SMG will provide financial support of KRW 200,000 for ten months with the additional a KRW 17.9 billion supplementary budget secured on July 2.
The rent assistance program will benefit 36,000 young residents, which is seven times greater than the 5,000 selected in the first half of 2021. To meet the rising needs, the SMG will exponentially increase the fund and aim to promote stable living for young Seoul residents.
The announcement will be posted on Jul. 27 and the application will be open on the SMG’s Housing website (https://housing.seoul.go.kr/) from Tue, Aug. 10 to Thu, Aug. 19.
Survey showed that beneficiaries of the rent assistance program who received financial support for ten months showed high satisfaction, responding that they benefited highly in housing (98.7%), finance (95.6%) and living (98.7%).
For housing, nearly half of the respondents (48.6%) responded that the program alleviated their housing cost burdens. For finance, more than half of the respondents (68.4%) pointed out that the big change is their financial capacity. For living, a good portion of the respondents (32.2%) said they saw psychological stability in living, followed by 26.9% saying that their quality of food and living generally improved.
With the prolonged pandemic, housing cost is becoming a burden not only for young adults but also the middle-aged who continues to buttress their children. So the SMG decided to continuously expand its support in diversified ways to secure stable housing and ease housing cost burden for young residents.