Incheon Sees High Demand for Affordable Housing with 7.36:1 Competition Rate

Incheon City has announced that the application process for its '천원주택' (Thousand Won Housing) program, aimed at newlywed couples without homes, has attracted significant interest, achieving a competition rate of 7.36 to 1. From March 6 to March 14, a total of 3,681 applications were submitted for 500 available units.

The '천원주택' program allows eligible newlywed couples, prospective newlyweds, and single-parent families to rent housing for a monthly fee of just 30,000 KRW (approximately $25), which breaks down to about 1,000 KRW per day. This rental agreement can last for a maximum of six years.

Priority is given to families with newborns, followed by newlywed couples with children, and then those without children.

Incheon City plans to announce the results of the selection process on June 5, following income and asset evaluations of the applicants. Those selected will be able to move in starting in July after completing the necessary housing viewing and contract procedures.

Additionally, Incheon City is set to launch another round of applications for the '전세임대형' (Jeonse Rental Type) Thousand Won Housing in April. This option allows applicants to choose a market home under 85 square meters, with Incheon Urban Corporation facilitating the lease agreement with the landlord.

The total number of units available in this upcoming round will also be 500, with further details to be provided on the Incheon City and Incheon Urban Corporation websites.

Mayor Yoo Jeong-bok expressed that this initiative has highlighted the needs of newlywed couples and emphasized the city's commitment to implementing effective housing policies to alleviate the burden on residents.