Daejeon, South Korea – Daejeon City announced today that it will begin disbursing rent support to 1,500 young adults selected for the second half of 2024. The recipients will receive up to 2.4 million won annually to alleviate the financial burden of housing.

The city received a total of 3,753 applications for the program and selected 1,500 individuals who met the age, housing, and income requirements. This initiative is part of Daejeon City's ongoing efforts to provide affordable housing options for young people and help them establish stable lives in the city.   

Since its inception in 2022, the Daejeon Youth Rent Support Program has benefited 5,779 young adults with a total of 10.7 billion won in assistance. Notably, this program is separate from the national Youth Rent Support Program and is currently the largest of its kind in South Korea, excluding Seoul.

One of the key advantages of Daejeon's program is its more relaxed eligibility criteria. While the national program restricts support to those with household incomes below 60% of the median, Daejeon's program extends to young adults with household incomes up to 150% of the median. Additionally, Daejeon's program has a higher age cap, allowing young adults up to 39 years old to apply, compared to 34 years old for the national program.   

Kim Nak-cheol, Director of Daejeon City's Education Policy Strategy Division, commented on the program's success, stating, "The increasing number of applicants each year reflects the growing need for affordable housing among young people in our city. We will continue to expand our support for young adults through various initiatives, including interest subsidies on rental deposits and loans for first-time homebuyers, to ensure they can thrive in Daejeon."

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