Homeownership restrictions hinder family growth; Seoul intends to remove these barriers.
Hang out at a bustling country club in Anyang, Gyeonggi, during a free open house on May 7. [NEWS1]
Keeping Tabs on Family Planning Trends
- Women who abstain from motherhood may face jail time, as claimed by a male teacher
- 1 in 3 young Koreans desire children, but the numbers sway according to political leanings
- Unsold new homes are piling up, nearing a 12-year high
Cultural Shift in Seoul's Property MarketA young family strolls past ads for real estate loans outside a downtown bank in Seoul on Dec. 1, 2024. [NEWS1]
An aerial view of apartment buildings in western Seoul's Yeouido neighborhood, taken from the Yeouido Square Tower on Aug. 16, 2022. [YONHAP]
But not for everyone...Small homes and villas line a Seoul neighborhood on Dec. 17, 2024. [YONHAP]
Translated from the JoongAng Ilbo using AI technology and revised by our editors.
Government's Strategy on HomeownershipSeoul's recent initiatives focus on assisting non-homeowners, particularly families looking to settle or expand. These measures are intended to combat the city's soaring housing prices, which pose a challenge for many aspiring families.
Supporting Non-Homeowner Families
- Financial Aid for Household Expenses:
- Since January 1, 2025, the Seoul Metropolitan Government has introduced a program that offers up to 7.2 million won (roughly $5,170) annually for two years to cover housing expenses for non-homeowner families with children[1][2].
- To qualify, families must have a household income below 180% of the median income and a jeonse deposit or monthly rent that doesn't exceed 300 million won or 1.3 million won, respectively[2].
- Program Extensions:
- Families receiving this aid may extend it for up to four years if they welcome additional children during the support period[2].
- Encouraging Family Planning:
- The goal is to alleviate financial pressures on new parents and encourage them to stay in Seoul instead of moving to nearby cities due to costly housing[1][2].
Addressed Wider Housing Issues
While not exclusively targeting Seoul's non-homeowners, the central government is also working on broader housing problems, such as handling vacant homes across the nation. Government plans include revitalizing vacant homes through redevelopment and innovative business models[5]. These policies, however, are geared more towards national vacant home issues rather than pertaining solely to non-homeowners in Seoul.
Overall, Seoul's policies are intended to make family planning more affordable for non-homeowners by providing financial aid and minimizing housing-related financial strain.
- In an attempt to help families afford homeownership in Seoul, the government has introduced measures such as offering financial aid for household expenses.
- Non-homeowner families with children in Seoul can receive up to 7.2 million won annually for two years to cover housing expenses, as part of a program launched in January 2025.
- To qualify for this aid, families must have a household income below 180% of the median income and a jeonse deposit or monthly rent that doesn't exceed 300 million won or 1.3 million won, respectively.
- Families receiving this aid may extend it for up to four years if they welcome additional children during the support period.
- The government's initiatives aim to encourage new parents to stay in Seoul instead of moving to other cities due to expensive housing, thereby addressing family-dynamics and lifestyle concerns.
[References: 1, 2, 5]
