Study in South Korea: Housing & Living Costs (2024)

FAQs

What is the average cost of living in South Korea for students? ›

A: South Korea's living costs vary depending on the city and lifestyle. Students can expect to spend around 14,05,611 KRW (approx. INR 84K) monthly on food, transportation, and other expenses. This amount can be higher or lower depending on the city, accommodation options, and lifestyle choices.

South Korea is undoubtedly a suitable country for international students, and you will find more affordable options to lessen the cost of studying there. Furthermore, you can also apply for an International Student Identity Card to enjoy discounts!

Cost Of Living In South Korea Vs. The USA. The average cost of living in South Korea is much lower than the average cost of living in the United States. The biggest savings are found in the price of monthly rent for apartment units in both the suburbs and downtown locations.

The average sale price of a home in the greater Seoul area shot up from 341 million won ($274,000) in May 2017, when Moon was inaugurated, to 626 million won ($503,000) as of March 2022, according to the Korea Real Estate Board.

As of November 2023, the mean purchase price of housing in Seoul, South Korea amounted to around 819 million South Korean won. The average price of apartments amounted to around 1.05 billion South Korean won while the price of row houses was about 341 million South Korean won.

2024 living wage set at ₩11,436 per hour, ₩2.39 million per month - Seoul Metropolitan Government.

According to a survey conducted in South Korea in 2021, around 34.5 percent of millionaires surveyed stated that households with a minimum annual income of 500 million South Korean won or more can be perceived as rich.

Do they speak English in South Korea? ›

While Seoul is the modern capital city of South Korea, many locals aren't fluent in English. It's generally not a very widely spoken language in South Korea. However, you'll have better luck finding a local who can speak English in main tourist neighborhoods, such as Myeongdong, Dongdaemun and Hongdae.

South Korean students are often described as obedient and bored, and intense exam competition is a common issue . Despite high spending on education, South Korean students have lackluster English fluency, which may be due to a teacher-centered approach that lowers motivation and confidence .

Studying in South Korea without speaking Korean is difficult. Although many universities offer programs in English, these are also very popular with Koreans, so Korean may also be necessary in the course. In general, for studying in South Korea, English or Korean language skills must be proven.

According to a survey conducted in South Korea in 2022, about 35.6 percent of the surveyed students answered that they felt stress in their school life during the past two weeks.

The cost of living in South Korea can vary depending on the location of your university and the lifestyle choices you make. However, rent and tuition expenses are relatively low in Korea, making it an affordable choice compared to other popular study abroad destinations.

The average salary for Graduate Student is ₩1,483,333 per month in the South Korea. The average additional cash compensation for a Graduate Student in the South Korea is ₩83,333, with a range from ₩41,667 - ₩500,000.

A family of four estimated monthly costs are 3,740.8$ (5,086,483.2₩) without rent. A single person estimated monthly costs are 1,035.6$ (1,408,094.1₩) without rent. Cost of living in South Korea is, on average, 13.7% lower than in United States. Rent in South Korea is, on average, 61.2% lower than in United States.

Is it Expensive to Live in South Korea? As is typical in most countries, the largest living expense in South Korea will be your housing. While prices are not astronomical, especially when compared to other popular expat destinations, expats should be prepared to pay 30 to 40% of their monthly salary for a nice place.