Follow-up to residential stability plan
'Benefits for account holders to be strengthened'
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The annual income ceiling for the Youth Housing Dream housing subscription account will be raised from 50 million won ($37,400) to 70 million won, the government said, in a move aimed at expanding access to the account for young people.
The Ministry of Land, Infrastructure and Transport said Monday it plans to revise the relevant ministerial notice this month as a follow-up to its recently announced residential stability plan, easing the income requirement for the Youth Housing Dream housing subscription account.
The Youth Housing Dream housing subscription account was introduced in 2024 to help young people buy their first home, offering a higher interest rate than a standard comprehensive housing subscription savings account. It is open to people aged 19 to 34 who own no home and meet the income requirement.
The account offers a preferential interest rate of up to 4.5 percent per year, which is 1.4 percentage points higher than a standard comprehensive housing subscription savings account. It also provides an income deduction on 40 percent of annual contributions up to 3 million won.
The ministry said it plans to lower the enrollment threshold in response to a recent decline in the number of housing subscription account holders, and will also review ways to strengthen additional benefits for account holders.
The number of housing subscription account holders fell from about 27.18 million in 2021 to about 26.76 million in 2022, about 25.97 million in 2023, about 25.5 million in 2024 and about 25.28 million in 2025. As of August this year, the figure had dropped further to about 24.93 million.
Beyond the Youth Housing Dream account, the government will also ease income requirements for other support programs designed to reduce housing costs for young people. It plans to relax the income criteria for Didimdol and Buitimok loans from the Housing and Urban Fund this month. Starting next year, income requirements will also be eased for the youth monthly rent support program and the jeonse deposit return guarantee fee support program.
Kim Young-guk, director general of the ministry's Housing and Land Bureau, said he hopes the policy changes will allow housing subscription account holders to enjoy stronger benefits. "We will continue to review ways to further strengthen benefits such as those tied to housing subscription accounts," he said.
Meanwhile, the ministry said it will extend by one year the deadline for converting existing housing subscription savings accounts — including subscription installment savings and subscription deposits — into comprehensive housing subscription savings accounts, which had been set to expire at the end of this month.
hss@heraldcorp.com
