If you’ve stumbled upon this article, you might be curious about the cost of living in South Koreafor different possible reasons. Perhaps you wish to migrate with your family, move here for work, or just want to experience life in Korea.
There’s often an impression that it’s expensive to live in South Korea, but don’t let that put you off! The cost of living in Korea is actually far more reasonable than articles make out, and it is possible to live very well on a moderate amount of money.
Contents
1 Cost of Housing in Korea
1.1 Cost of Seoul housing
1.2 Cost of Busan housing
1.3 Cost of Incheon housing
1.4 Housing outside of Seoul
2 Cost of Utilities in Korea
3 Medical Costs in Korea
4 Cost of Transportation in Korea
4.1 Cost of Public Transportation in Korea
4.2 Cost of Taxis in Korea
5 Cost of Food in Korea
6 Cost of Clothing in Korea
7 Cost of Entertainment in Korea
Cost of Housing in Korea
The general prices of things are pretty similar across Korea, with housing being one of the big differentiators. The housing costs and security deposits are the big reasons why Seoul often appears on top ten lists of the world’s most expensive cities.
Most of the housing in Korea is made up of apartments. Houses are common in the countryside, but not in any of hte major cities. You may see a detached house with a garden in Korean dramas, but usually only large company CEOs and famous actors can afford them.
Cost of Seoul housing
Most people live in small apartments, and a one-room apartment can set you back anywhere from 300,000 won ($265.60) per month to well over a million won a month, depending on the location of the apartment (Gangnam being one of the most expensive, the far north of the city being a lot cheaper), the facilities, and whether it is a new building or an old building.
Being the second city in terms of size and population, Busan’s average cost of living is $1087. The average amount spent on rent & utility in Busan is around 476,000 won ($422) for a single person. Different living options are also available in Busan such as traditional houses, apartments, officetel, or jutaek.
Cost of Incheon housing
This city might ring a bell since it’s where South Korea’s largest international airport is located. You can also put the ease of traveling into consideration if you decide to live in Incheon. This is the third-largest city in South Korea and the average cost of living in Incheon is 1,222,000 won ($1082), around 454,000 won ($402) of which is for rent & utility for one person only.
Housing outside of Seoul
Outside of Seoul, things get a lot cheaper, with even some of Seoul’s satellite cities like Uijeongbu being almost half the price of Seoul. Cities in other provinces are cheaper still, especially in the older neighborhoods.
Cost of Utilities in Korea
Gas fees will probably work out at around 10,000 won ($8.85) most months, apart from the winter, when the gas-powered underfloor heating systems of most Korean buildings are in use. During these winter periods, gas bills are often in excess of 100,000 won ($88.50) per month and can be even higher if you leave the heating on all day.
The same goes for the air-conditioning units in the summer, which can lead to exorbitant electricity bills if left on throughout the day. Otherwise, electricity bills will probably be somewhere between 10,000 ($8.85) and 30,000 ($26.50) won per month.
Just like the usual expenses with the rest of the world, here are the average cost of other typical utilities in Korea:
Internet and TV packages – 30,000 – 50,000 won per month ($26.50 – $44.20)
Smartphone packages – 30,000 – 40,000 won ($26.50 – $35.40)
Apartment maintenance fee – 100,000 won ($88.55)
Medical Costs in Korea
All residents of Korea are required to have basic medical insurance, which comes directly out of employees’ paychecks (assuming that they have an employer who plays by the rules). If you are married and unemployed, then you can be put on your spouse’s insurance.
The basic medical insurance doesn’t cover everything, though. First, you will have to pay a small amount of the cost of seeing the doctor, getting x-rays, etc. Also, you will have to pay a small amount at the pharmacy for your medicine.
Each of these fees is usually between 5,000 ($4.50) and 20,000 won ($17.70). Anything extra, such as MRI scans or major operations will see your medical bills start to rise pretty fast. If you have a serious illness then it can be financially burdensome. Full-on medical insurance (Allianz, etc.) can be bought, and usually costs around 100,000 ($88.55) to 200,000won ($177.00) per month depending on the age and general health of the applicant.
Cost of Transportation in Korea
Once you have sorted out your housing, the cost of living in Korea can be very affordableindeed, due to the cheapness of transportation and food.
Cost of Public Transportation in Korea
The standard journey on a bus or subway will cost between 1,250 ($1.11) and 2,000 ($1.77) won depending on the distance, and transfers between different types of transportation are free. If you are traveling around the country, then buses from Seoul to Busan are often around 20,000 ($17.70) to 30,000 won ($26.60) one-way depending on the type of coach you take.
A KTX train will cost just over 50,000 won ($44.30) for the same journey. As the journey from Seoul to Busan is just about the longest possible journey within mainland Korea, other bus and train trips should be cheaper.
Cost of Taxis in Korea
Taxis are also affordable for short distances, especially if you are sharing the cab with friends. A taxi journey halfway across Seoul (say from Itaewon to Jamsil) usually costs around 15,000 won ($15.30). Taxi prices are more expensive after midnight.
Cost of Food in Korea
Depending on how much you’re willing to spend, or your food preference, there are different food options in Korea. After all, South Korea is known worldwide for its amazing cuisine, from street food to the ones in Korean restaurants.
Here’s a range of prices to give you an outlook on the prices of food in Korea.
Gimbap/Soup – 1,000-3,000 won ($0.89-$2.65)
Small meal at a cheap restaurant – 5,000 – 7,000 won ($4.50-$6.00)
Regular Korean restaurants – 10,000 and 15,000 won per person ($8.85-$13.30)
Foreign food – 20,000 won or more ($17.70)
Due to the low cost of Korean food, it is often cheaper to eat at a restaurant than to cook for yourself, especially as most supermarket foods come in family-sized portions, which can lead to a lot of spoilage if you are living alone. Fresh fruit is particularly expensive.
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Cost of Clothing in Korea
It is hard to state the price of clothes as fashion is very subjective, but prices are generally similar to other cities. It is possible to buy things like T-shirts for 5,000 won ($4.50) and jeans for 20,000 won ($17.70) in some places. Luxury items get expensive very quickly, and there is a “luxury tax” which makes more expensive jewelry very pricey.
There are also a number of places in Seoul that you can visit for shopping. Some tourists come over primarily to shop, and that’s something you can’t miss when you’re in Korea. Just make sure to stick with your budget!
Cost of Entertainment in Korea
Cinema tickets are usually in the 10,000 ($8.85) to 12,000 won ($10.60) range, with snacks costing another 10,000 won ($8.85) on top of that. Singing rooms (노래방/noraebang) vary depending on how luxurious they are, but coin singing booths are 1,000 won ($0.89) for three songs.
If you want to watch a baseball or soccer game, then often the cheapest tickets will be around 10,000 won ($8.85) per match. Unlike in other countries, snacks purchased inside the stadium are often only slightly more expensive than if they were purchased outside the stadium. Gym membership is often between 30,000 ($26.50) and 100,000 won ($88.55) per month depending on the quality of the facilities.
If you want to know how to read and express numbers in Korean to help you with apartment contracts, costs, fees, or prices, we have a full guide about Korean numbers here.
Hopefully, this article gave you a good idea of the general cost of living in Korea. Of course, the exact cost of living depends on your lifestyle. As a general rule, living like a Korean (eating Korean food, etc.) is a lot cheaper than trying to replicate the lifestyle of your home country, and can also help you understand Korean culture better. If you follow that advice, you will quickly find that Seoul is a very affordable city to live in!
Here's a breakdown of some key expenses: Total Monthly Living Costs in Seoul South Korea, Is $1,044 – $4,860 (1.148 million – 5.346 million KRW) Per Month. For all expenses, and if you budget smartly, you can expect to spend $1600 to $2500 per month for all expenses.
On a national level, a family of four can expect to spend an average of 2,300,000 KRW per month (2,000 USD) in living expenses (excluding rent). A single expat can expect to pay 652,000 KRW (560 USD) per month (excluding rent).
If you are traveling on a budget you can probably get around with 80 000 krw a day but you might not be staying in the nicest hotels or have the best food. For those on a mid range budget, 120 000 krw should be enough and for those on a luxury budget, a minimum of 200 000 krw should be ok.
There's no denying that South Korea is an expensive country. Indeed, the capital Seoul frequently ranks as one of the world's most expensive cities to live in. In 2022, Seoul ranked 14th out of 227 cities in the Mercer Cost of Living Survey.
South Korea's capital city, Seoul, was named the world's ninth most expensive city for expatriates in terms of living expenses, an international survey showed. According to a global consulting firm ECA International in March this year, the cost of living in Seoul was the ninth-highest, up one notch from a year earlier.
Hence, if you are looking for a cheaper option, consider buying property in smaller cities or the suburbs. In general, you should expect to pay around 1.5–2.5 million KRW (130,000–215,000 USD) for a small apartment or a studio in Korea. Prices for bigger accommodation start at about 4 million KRW (340,000 USD).
In September 2022, the average purchase price for apartments over 135 square meters in South Korea amounted to around six million South Korean won per square meter. The overall average apartment purchase price in South Korea stood at about 3.3 million South Korean won per square meter.
In February 2021, the average monthly rent for one-bedroom flats in Seoul, South Korea, amounted to around 510 thousand South Korean won, up from about 480 thousand South Korean won in the previous month.
Expect to spend $870 – $4,050 (KRW 950,000 – 5.30 million KRW) Per Month. for a single person or a family living in South Korea. $2000 per Month is sufficient to live on.
The average cost of living in South Korea ($1117) is 50% less expensive than in the United States ($2213). South Korea ranked 53rd vs 5th for the United States in the list of the most expensive countries in the world.
As of January 2023, the mean purchase price of housing in Seoul, South Korea amounted to around 912 million South Korean won. The average price of apartments amounted to around 1.27 billion South Korean won, while the price of detached and row houses were about 962.7 and 347 million South Korean won, respectively.
To move to South Korea, you must hold a long-term visa. And, to legally reside for a period longer than three months, you must register your stay and apply for an Alien Registration Card (ARC) at the nearest Immigration Office in South Korea.
Seocho is considered a part of the Gangnam region, along with the Gangnam and Songpa districts of Seoul. Seocho District ranks as one of the richest neighborhoods in South Korea and among the most expensive areas in Seoul with an average sales price of 47.75 million South Korean won per 3.3 square meters.
It's a megacity that never sleeps and one of the financial and cultural hubs of East Asia. However, despite all this movement, it's a safe place to call home with generally very low rates of crime and violent crime.
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.
Foreigners are permitted to purchase real estate in South Korea. Foreign residents wishing to buy are subject to the Foreigner's Land Acquisition Act and the Registration of Real Estate Act.
Buying a brand new car in Korea will cost at least 20 to 30 million won, while buying a simple used vehicle could be as inexpensive as 1,500,000 won. Overall, the prices are comparable to those in Western countries or a bit less expensive.
As per my experience, the price for one whole meal (that is rice with viand on a regular eatery) ranges from KRW 6,000 - KRW 12,000 (roughly USD 6-12). Fast food price also falls almost the same range. For street food, average price is from KRW 3,000 - KRW 5,000 (roughly USD 3-5).
The nightly price of accommodations in South Korea starts at $26. If you would like to stay in a apartment rental, the average price is $177 per night. A house rental South Korea will cost $181 per night on average.
Jeju City is located on Jeju Island off the coast of South Korea. It has a lower cost of living than many other locations on our list. For expats looking for Sandy Beaches, Jeju Island is a fantastic place to settle. Digital nomads will also appreciate the fast internet speeds.
Is 2 million won a lot of money in South Korea? Yes, more than enough, but it depends on your lifestyle budget. 2,000,000 won is enough to cover this for example: Transportation: 150,000. Phone: 120,000.
Do United States Citizens Need a Visa to Visit South Korea? No, US nationals do not need a visa to visit South Korea. However, they must either have an approved K-ETA or queue at the border to complete an arrival card to enter the country. The K-ETA visa waiver for American citizens is quick and easy to get online.
It's easier than obtaining a mortgage, and it's also much more affordable since land is so expensive and there are so many possible complications connected with foreigners purchasing a home in Korea. To rent is quite easy in comparison – all you need is a passport.
Korean apartments sometimes come fully furnished, but this is not usually the case. Pre-owned appliances and furniture can be purchased in most neighborhoods and sold back to the same store at the end of the lease term.
You will be allowed to apply for residence in South Korea if you obtain a long-term visa. You must have language competency, five years of documented residence, knowledge of Korean history, and pass an interview and written exam to be eligible for residency.
With its generous salaries and reasonable cost of living, a great benefit of expatriation in South Korea is the overall easy, comfortable way of life. Expats will find welcoming hosts among Korean nationals and fellow foreigners alike.
For a 350 milliliter can of co*ke, the price will rise by 5.3 percent from 1,900 won ($1.48) to 2,000 won, while the price of a 1.5 liter plastic bottle of co*ke will rise by 2.6 percent from 3,800 won to 3,900 won.
The average price of a 7-day trip to South Korea is $1,452 for a solo traveler, $2,504 for a couple, and $1,084 for a family of 4. South Korea hotels range from $45 to $202 per night with an average of $67, while most vacation rentals will cost $110 to $440 per night for the entire home.
Among heads of households in their 70s in South Korea, about 70 percent owned homes in 2021, followed by those in their 60s at around 68 percent. According to the source, the home ownership rate overall that year was 56.2 percent.
Delicious And Simple Korean Recipes. Even though the cost of purchasing food in Korea is low, it is even cheaper to prepare these meals at home, this is because Korean supermarkets and convenience stores do not sell overpriced goods. Here are some budget-friendly recipes for Korean food: What is this?
Minimum Wage Updated in South Korea from 01 January 2023 - January 01, 2023. The minimum wage has been revised in South Korea from 01 January 2023. The minimum wage has been increased from ₩9,160.00 to ₩9,620.00 per hour.
Yongsan-gu. By far the most popular area for expats to live, Yongsan-gu is located just North of the Han River in central Seoul. Expats flock to Yongsan-gu because of the amenities catering to the foreign population and the foreign community that resides in the area.
Most foreigners in Korea live in the greater Seoul area, which accounts for around 50% of the whole population of Korea and includes Seoul, Incheon, and Gyeonggi Province.
As a general rule, living like a Korean (eating Korean food, etc.) is a lot cheaper than trying to replicate the lifestyle of your home country, and can also help you understand Korean culture better. If you follow that advice, you will quickly find that Seoul is a very affordable city to live in!
In February 2021, the average monthly rent for one-bedroom flats in Seoul, South Korea, amounted to around 510 thousand South Korean won, up from about 480 thousand South Korean won in the previous month.
Anyone wishing to move to South Korea and stay for a period longer than three months (90 days) needs a visa to move to South Korea. Depending on the purpose of your travel and how long you wish to stay in South Korea, you can choose which type of visa suits you best.
In general, moving to South Korea is easy as long as you are prepared before your arrival. Although the country has a long history of not preferring foreign migration, those sentiments have changed as Korea has started to welcome more and more international companies through its borders.
As of January 2023, the mean purchase price of housing in Seoul, South Korea amounted to around 912 million South Korean won. The average price of apartments amounted to around 1.27 billion South Korean won, while the price of detached and row houses were about 962.7 and 347 million South Korean won, respectively.
CREDIT CARDS ISSUED OVERSEAS can be used in Korea with most merchants, although Korean credit cards are often required for online purchases. You must continue to make payments on your overseas credit card to your own country's card issuer. Visa and Mastercard are the most widely accepted networks in South Korea.
In September 2022, the average purchase price for apartments over 135 square meters in South Korea amounted to around six million South Korean won per square meter. The overall average apartment purchase price in South Korea stood at about 3.3 million South Korean won per square meter.
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