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South Korea plans to supply 1.19 million publicly backed homes by 2030 as part of a five-year shift toward housing assistance tailored to residents’ age, family status and local market conditions, according to a housing stability plan from the Ministry of Land, Infrastructure and Transport.
About 920,000 of the homes would be in the Seoul metropolitan area, where housing affordability and supply pressures are especially acute. The government also aims to expand the country’s stock of long-term public rental housing to 2.5 million units by 2030, accounting for more than 10% of all homes.
More Rental and Ownership Options
The plan calls for 243,000 public homes for sale, including 211,000 in the capital region and units in South Korea’s third-generation new towns. The government plans to introduce more affordable ownership models, including programs in which buyers build equity gradually or share future profits.
Officials also plan to establish a category of private rental housing with leases lasting at least 20 years. A 20-year mortgage backed by the Korea Housing and Urban Guarantee Corp. is expected to launch in the second half of the year.
A new public rental program aimed at middle-income households would offer 190,000 homes by 2030, including 171,000 newly built units and 18,000 homes purchased by public agencies. The government says the program is intended to lower housing costs, improve quality, support marriage and child-rearing, and encourage residents of different income levels to live in the same communities.
Housing by Life Stage
Young adults would receive about 240,000 publicly backed homes by 2030. Planned options include dormitory-style housing, shared residences and newly purchased studio-style units for college students and job seekers. The government also intends to expand access to public rentals and monthly rent assistance.
Newly married couples and families raising children would receive about 330,000 homes. Child care-focused housing would be expanded, and growing families would receive help moving into larger units.
Older households would receive 50,000 homes, including senior welfare housing. Other options would include long-term senior rentals and retirement communities. The government also plans to fund accessibility improvements in existing homes, such as removing raised thresholds and installing safety grab bars, while linking housing assistance more closely with integrated care services.
Access and Support for Vulnerable Residents
New public rental housing would be concentrated near transit stations and in urban centers, with more medium-size units and space-efficient layouts for smaller homes. Aging public housing would undergo reconstruction, remodeling or facility upgrades.
The government plans to simplify applications, lower barriers to entry and create a unified waiting-list system that allows applicants to search across multiple properties. Eligibility would consider both income and assets.
Housing benefits would cover more people and provide greater assistance. Officials also plan to help residents of cramped single-room lodging houses and goshiwon — extremely small, low-cost rooms common in Korean cities — move into better public housing. Redevelopment of poor single-room districts in Seoul’s Yeongdeungpo and Dongja neighborhoods and in Daejeon would be accelerated.
Government agencies would use artificial intelligence and shared data to identify vulnerable households. Dedicated housing welfare counselors would also be assigned throughout permanent public rental complexes.
Implementation and Funding
The housing supply measures are being pursued through both the public and private sectors, building on government packages announced from the Sept. 7 measures through the more recent Aug. 13 measures. The broader welfare policies would run for five years, with the main housing supply goals set for 2030.
The government is considering securing more than 30 trillion won for investment and related programs next year, but the budget has not been finalized. Officials said more detailed annual spending and funding plans would be provided later.
An expanded risk-assessment service is also expected to be added in the second half of the year to the government’s Safe Jeonse app. Jeonse is a housing arrangement common in South Korea in which tenants provide landlords with a large refundable deposit instead of, or in exchange for lower, monthly rent. The app is intended to help prevent fraud involving those deposits.
Local housing welfare services would be consolidated through regional housing welfare centers, with the government supporting their establishment in every local jurisdiction.
Two Public Rental Programs
The government says its integrated public rental housing and new universal public rental housing programs would remain separate. Integrated public rentals would continue to focus on vulnerable households, while the new program would extend public rental options further into the middle-income population.
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