The opening is the latest stage in the council's plan to establish five Foyers in the area.
Steve Shanks, partnership and participation officer at the council's housing strategy section, said the network was being developed so young people were not forced to leave the area.
"It is not uncommon for a young person faced with the difficulties of finding accommodation to leave," he said. The first Foyer opened in Launceston two years ago and Padstow's will be the second.
The Padstow Foyer cost 500,000 and will be operated by Devon and Cornwall Housing Association. Funding came from the European Regional Development Fund, the Housing Corporation Safer Communities Scheme, the Local Authority Social Housing Grant and the South West of England Regional Development Agency.
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