Cost of Living in South Korea (2024)

There's no denying that South Korea is an expensive country. Indeed,the capitalSeoulfrequently ranks as one of the world's most expensive cities to live in.In 2023, Seoul ranked 16thout of 227 cities in the Mercer Cost of Living Survey.

That said, South Korea boasts competitive salaries and world-class quality of life. Employment contracts also frequently cover costs such as accommodation and schooling, which saves expats a lot of money. Thanks to this, the cost of living for many expats in South Korea can bereasonable.

There are many ways to keep expenses down. The cost of public transport is low, and eating Korean food is cheaper than buying Western food, for instance. Shopping at markets and smaller shops is more cost-effective than shopping in tourist hotspots or major department stores.

It is also worth bearingin mind that prices between cities and smaller towns will differ. The cost of living in Seoul is higher than in other cities in South Korea.

Cost of accommodation in South Korea

Accommodation in large cities such asSeoul or Busan will be pricier. Generally, accommodation in South Korea is organised and paid for by an expat's employer. If a foreigner chooses to organise their accommodation, they will be expected to pay 'key money', which is a large deposit from which the landlord earns interest. This will make the upfront costs of housing in South Korea steeper. Basic utilities, including gas, electricity and uncapped WiFi, tendto be affordable.

Cost of transport in South Korea

South Korea boasts an advanced and extensive public transport system, making getting around the country a breeze. Major cities such as Seoul and Busan have integrated public transit systems, allowing passengers to save by purchasing reloadable smart cards such as the T-money card that can be used on the subway, buses and even in some taxis. Expats can purchase this card to significantly reduce their travelling expenses.

It is highly unlikely that expats will need a car in South Korea, as they will have to contend with regular traffic jams, particularly in larger cities. Expats who opt to buy a car in the country should also be prepared to deal with maintenance, petrol and parking fees.

Cost of healthcare in South Korea

Healthcare in South Korea is much more affordable than in Western countries such asthe US.The National Health Insurance programme is compulsory for all expats. Many companies will pay half the monthly fee, leaving the other half for expats to pay themselves.

South Korea has become a medical tourist destination due to the affordability of healthcare. This is especially true for cosmetic procedures and LASIK eye surgery, which many expats take advantage of.

Cost of electrical and household goods in South Korea

Electrical goods such as televisions, DVD players, digital cameras, cell phones (particularly Samsung), computers and high-tech gadgets are all relatively affordable in South Korea.

On the other hand, foreign manufactured goods, which include everything from toiletries (deodorant, toothpaste containing fluoride) and English-languagebooks to Nikon cameras and Apple products, aremore costly than locally made items.

Cost of food in South Korea

Foodstuffs that are mostly taken for granted in Western countries, such as fresh produce and cheese,will generally cost more in South Korea than an expat would have paid back home. Most Korean stores also sell products in bulk, making groceries for a single person quite heavy on the wallet.

Overall, dining out isinexpensive when stickingto Korean food. This often makes eating outa better option than buying groceries, especially for single expats. Naturally, dining out at Western restaurants comes with a higher price tag.

Cost of entertainment and eating out in South Korea

Eating out in South Korea can range from moderately priced to expensive, depending on the type of restaurant and the location. The quality of food is largely high, with a focus on fresh ingredients and traditional dishes. Compared to many Western countries, dining out in South Korea can be cheaper or similarly priced, but it depends on the specific city and the individual's personal spending habits.

Entertainment in South Korea can be similarly priced or even cheaper than in expats' home countries, but it depends on the specific activity and location. Some popular forms of entertainment, such as visiting cultural sites, watching traditional performances, and going to local festivals, can be relatively cheap or free.

Other activities, such as going to clubs, seeing a movie or visiting amusem*nt parks, can come at a premium. Expats can expect a wide range of entertainment options in South Korea, including both traditional cultural experiences and modern leisure activities.

Cost of education in South Korea

The cost of education in South Korea can be expensive, particularly in international or private schools. Public schools are generally less expensive but may not offer education in expats' native language. Many expats choose international schools as they offer education in a familiar language and provide a globally recognised curriculum.

Public schools in South Korea mainly offer instruction in Korean, which may not be ideal for expats, but they are more cost-effective and can provide a unique cultural experience for children. Private schools are also an option, offering a mix of Korean and international education, but they may be pricier than public schools.

Cost of living in South Korea chart

Prices may vary depending on product and service provider. The list below shows average prices in Seoul for June 2023.