My friend recently moved to South Korea for work and she was amazed to find out just how affordable the cost of living is in this vibrant country. South Korea has a lot to offer, from its breathtaking mountain views to its bustling cities full of life and culture. As my friend is very close to me who has just moved to south Korea, I wanted to learn more about the cost of living in South Korea and share my experience with others. In this blog post, I’ll be discussing the cost of living in South Korea and giving you some essential tips for saving money while living here.
Cost Of Living In South Korea
South Korea is an affordable country to live in. The cost of living varies from city to city, and also depends on an individual’s lifestyle. As per Numbeo, the average cost of living in South Korea for a single person is around $1,200-$1,500 per month, which includes rent, food, transportation, utilities, and other expenses. However, this amount can vary depending on personal lifestyle and location. In Seoul, the largest and most expensive city, goods and services are reasonably priced compared to other countries, with a monthly rental for an average one-bedroom apartment ranging from 250-1,000 USD depending on the area.
Food prices vary considerably according to restaurant type and size. Grocery stores provide quality produce at reasonable prices. Public transportation is inexpensive, with the average subway fare costing less than 1 USD. Utilities are relatively low as well, with most people paying around 60-70 USD per month for basic services like water, electricity, gas and internet access. Average costs table according to numbeo.
Expense | Monthly Cost (USD) | Monthly Cost (KRW) |
---|---|---|
Rent | $250 – $1,000 | ₩3,06,893 – ₩1,100,000 |
Utilities | $50 – $200 | ₩55,000 – ₩220,000 |
Groceries | $150 – $400 | ₩165,000 – ₩440,000 |
Transportation | $50 – $200 | ₩55,000 – ₩220,000 |
Entertainment | $200 – $500 | ₩220,000 – ₩550,000 |
Cell Phone | $30 – $60 | ₩33,000 – ₩66,000 |
Internet | $20 – $50 | ₩22,000 – ₩55,000 |
Item | Price (in won) | Price (in USD) |
---|---|---|
Meal at inexpensive restaurant | 8,000 | $7.13 |
Meal at McDonalds (or equivalent combo meal) | 7,500 | $6.71 |
Domestic Beer (0.5 liter draught) | 4,000 | $3.56 |
Cappuccino (regular) | 4,300 | $3.84 |
Coke/Pepsi (0.33 liter bottle) | 1,700 | $1.52 |
Water (0.33 liter bottle) | 1,300 | $1.16 |
Bread (500g loaf) | 2,200 | $1.96 |
Rice (1kg) | 3,200 | $2.86 |
Eggs (12) | 4,500 | $4.03 |
Milk (1 liter) | 2,900 | $2.60 |
Chicken Breasts (1kg) | 8,000 | $7.13 |
Apples (1kg) | 4,000 | $3.56 |
Banana (1kg) | 3,000 | $2.67 |
Potato (1kg) | 2,200 | $1.96 |
Tomato (1kg) | 4,000 | $3.56 |
Water (1.5 liter bottle) | 1,700 | $1.52 |
Bottle of Wine (Mid-Range) | 15,000 | $13.42 |
Domestic Beer (0.5 liter bottle) | 2,000 | $1.78 |
Imported Beer (0.33 liter bottle) | 3,000 | $2.67 |
Pack of Cigarettes (Marlboro) | 4,500 | $4.03 |
Transportation Prices:
Item | Price (in won) | Price (in USD) |
---|---|---|
Taxi start (normal tariff) | 3,000 | $2.67 |
taxi 1km (normal tariff) | 1,300 | $1.16 |
taxi 1 hour waiting (normal tariff) | 10,000 | $8.90 |
Gasoline (1 liter) | 1,719 | $1.54 |
Utilities Prices (Monthly):
Item | Price (in won) | Price (in USD) |
---|---|---|
Basic utilities for 85m2 apartment | 127,000 | $113.43 |
Internet (60 Mbps or more, unlimited data) | 43,000 | $38.37 |
Sports and Leisure Prices:
Item | Price (in won) | Price (in USD) |
---|---|---|
Gym Membership (Monthly) | 80,000 | $71.35 |
Cinema, international release, 1 seat | 12,000 | $10.68 |
Factors affecting cost of living in South Korea
A. Location: The cost of living can vary greatly depending on the location in South Korea. Major cities like Seoul and Busan have higher costs of living compared to smaller cities and rural areas.
B. Housing costs: Housing expenses, including rent and utilities, are typically the largest expenses in South Korea. The cost of housing can vary depending on the size of the apartment, location, and quality.
C. Food and groceries: The cost of food and groceries in South Korea can also vary depending on the type of food, where it is purchased, and the location. Fresh produce and meat can be expensive, while processed and packaged food items are more affordable.
D. Transportation: The cost of transportation in South Korea includes public transportation costs, such as subway and bus fares, and private transportation costs, such as gasoline and car maintenance. The cost of transportation can vary depending on the location and frequency of use.
E. Healthcare: Healthcare expenses in South Korea can be high, especially for non-nationals who do not have access to the National Health Insurance program. Out-of-pocket expenses for medical procedures and medications can be expensive.
F. Taxes: The cost of living in South Korea can also be affected by taxes, including income tax, value-added tax (VAT), and property tax. The amount of taxes can vary depending on the individual’s income and type of property.
Accommodation Costs in South Korea
One of the most important factors to consider when looking at the cost of living in South Korea is accommodation costs. The cost of renting or buying a property in South Korea can vary significantly depending on where you are located and what type of property you are looking for. Generally speaking, the cost of renting a property in South Korea is quite low compared to other countries. The average monthly rent for a one-bedroom apartment in the capital city of Seoul is about $400 to $1000 USD.
The cost of buying a property in South Korea can also be quite affordable. In major cities, the cost for a one-bedroom apartment is usually around $100,000 USD. This can be a great option for those looking for a long-term investment, as the real estate market in South Korea is quite stable.
Travelers: For budget travelers, hostels and guesthouses can range from $15-30 per night, while a mid-range hotel can cost anywhere from $50-150 per night. For luxury accommodation, prices can start at around $150 per night and go up to $500 and beyond.
Transportation Costs in South Korea
The cost of transportation in South Korea is quite low compared to other countries. The public transportation system in South Korea is reliable and efficient, making it easy to get around the country. Additionally, the cost of public transportation is quite affordable. The average cost of a one-way ticket on the subway or bus is around $1 USD, making it a great option for those looking to save money while getting around.
For those looking for more flexibility and convenience, private car rental is also an option. The cost of renting a car in South Korea is quite low, with the average rental cost being around $5 USD. This can be a great option for those who need to travel more frequently or who want to explore the country more extensively.
Food Costs in South Korea
The cost of food in South Korea is quite low compared to other countries. The country’s vibrant food culture means that there are plenty of options for those looking to save money while eating well. The average cost of a meal in a restaurant in South Korea is around $10 USD. This can be a great option for those who are looking for a quick and easy meal.
For those looking to save even more money on food, grocery shopping is also an option. The cost of groceries in South Korea is quite low compared to other countries, with the average cost of a basic basket of groceries being around $40 USD. This can be a great way to save money while still eating nutritious and delicious food.
Entertainment Costs in South Korea
The cost of entertainment in South Korea is quite low compared to other countries. The country is full of vibrant festivals, amazing food, and plenty of opportunities to explore the outdoors. Additionally, the cost of going out to the movies or to a concert is quite affordable. The average cost of a movie ticket in South Korea is around $8 USD, while the average cost of a concert ticket is around $20 USD.
For those looking to save even more money on entertainment, there are plenty of free or low-cost options as well. There are plenty of outdoor activities to enjoy, such as hiking or camping, that don’t cost anything. Additionally, there are plenty of cultural events and festivals that take place throughout the year, many of which are free or low-cost.
Education Costs in South Korea
The cost of education in South Korea is quite low compared to other countries. The country has a strong welfare system, which means that people in South Korea are able to access quality education at an affordable cost. The average cost of tuition for public universities in South Korea is around $4,500 USD per year, The average cost of tuition for private universities in South Korea is approximately $11,000- $20,000 USD per year.
For those looking to save even more money on education, there are plenty of low-cost options as well. Many universities in South Korea offer free or low-cost language classes, which can be a great way to learn a new language without breaking the bank. Additionally, there are plenty of online courses and tutorials available for those looking to learn more about a particular subject.
Taxes and Cost of Living in South Korea
In South Korea, the taxation system is divided into two main parts: national taxes and local taxes. National taxes include income taxes, corporate taxes, and value-added taxes. Local taxes include property taxes, vehicle taxes, and inhabitant taxes.
Income Taxes: In South Korea, income taxes are collected by the National Tax Service. Individuals are subject to progressive tax rates, ranging from 6% to 42%, depending on the amount of their taxable income. Tax deductions are available for certain expenses, such as medical expenses, charitable donations, and housing loan interest.
Corporate Taxes: Corporate taxes are levied on the income of corporations. The tax rate is 22.2%, which is the same for both domestic and foreign companies. There are deductions available for certain expenses, such as research and development costs.
Value-Added Taxes: Value-added taxes (VAT) are levied on the sale of goods and services. The standard rate is 10%, although certain goods and services are exempt from VAT.
Property Taxes :Property taxes are levied on the ownership of real estate. The tax rate is 0.3%, and it is based on the assessed value of the property.
Vehicle Taxes: Vehicle taxes are levied on the ownership of vehicles, including cars, motorcycles, and boats. The tax rate is 1.3%, and it is based on the assessed value of the vehicle.
Inhabitant Taxes :Inhabitant taxes are levied on individuals who are registered as residents in South Korea. The tax rate is based on the individual’s income level. Low-income individuals may be exempt from inhabitant taxes.
Essential Tips for Saving Money in South Korea
Living in South Korea can be quite affordable if you know how to save money. Here are a few essential tips for saving money while living in South Korea:
- Take advantage of the public transportation system. The cost of public transportation in South Korea is quite low, making it a great option for those looking to save money while getting around.
- Consider renting or buying a property in the countryside. The cost of renting or buying property in rural areas of South Korea is usually much lower than in the cities, making it a great option for those looking to save money on accommodation.
- Buy groceries instead of eating out. The cost of groceries in South Korea is quite low compared to other countries, making it a great option for those looking to save money while eating well.
- Look for free or low-cost entertainment options. There are plenty of free or low-cost events and activities in South Korea, such as outdoor activities and cultural festivals, which can be a great way to save money while still having fun.
Cost of living comparison: South Korea vs other countries
South Korea vs Developed Countries: South Korea’s cost of living is generally lower than that of developed countries such as the United States, Canada, and Western European countries. However, some expenses, such as housing and healthcare, can be more expensive compared to these countries.
South Korea vs Southeast Asian Countries: Compared to Southeast Asian countries such as Thailand, Vietnam, and Indonesia, the cost of living in South Korea is generally higher. However, South Korea offers a higher standard of living, including better healthcare and a more developed infrastructure.
South Korea vs Other East Asian Countries: South Korea’s cost of living is higher than other East Asian countries such as China and Philippines but lower compared to Japan. The cost of living can also vary greatly depending on the location within these countries.
FAQ
Cost of living in south korea for single person?
The cost of living in South Korea varies depending on the city and lifestyle of the individual. Generally speaking, a single person can expect to spend around $900 to $1,400 a month on basic living expenses such as rent, food, transportation, and other necessities. In addition, depending on the lifestyle and interests of the individual, additional costs such as entertainment, shopping, and eating out can significantly increase the monthly budget.
Cost of living in south korea for international students?
All in all, it is estimated that an international student can get by on a budget of around $800-$1,200 per month.
Is it cheaper to live in Korea or USA?
It depends on where you live in each country. Generally, the cost of living in Korea is lower than in the United States. However, some cities in the United States have a lower cost of living than some cities in Korea.
How much does a 1 bedroom apartment cost in Seoul?
The average cost of a 1-bedroom apartment in Seoul is around US$250 to US$1000 per month.
Overview South Korea & Cost of Living
South Korea is a vibrant country with a lot to offer. From its bustling cities to its stunning mountain views, there is something for everyone. The cost of living in South Korea is quite affordable, making it an attractive destination for those looking for an adventure abroad. The cost of living in South Korea is also quite competitive, as the country’s solid economy has allowed for a strong currency that makes buying goods and renting or purchasing property relatively inexpensive.
In addition to the attractive cost of living, South Korea is a great place to live in terms of its culture and entertainment. The country is full of vibrant festivals, amazing food, and plenty of opportunities to explore the outdoors. Plus, the public transportation system is quite cheap and efficient, making it easy to get around.
The cost of living in South Korea is quite low compared to other countries in the region. According to Numbeo, the average cost of living in South Korea is about 17% lower than the average cost of living in the United States. This means that the cost of living in South Korea is quite affordable for most people.
In terms of the specifics of the cost of living, the prices of goods and services in South Korea tend to be lower than in other countries. This is due to the fact that the country has a strong economy and a competitive currency, which helps keep prices low. Additionally, the cost of living in South Korea is affected by the country’s strong welfare system. This means that people in South Korea are able to access quality health care, education, and other social services at an affordable cost.
Conclusion
The cost of living in South Korea is quite low compared to other countries. The country has a strong economy and a competitive currency, which helps keep prices low. Additionally, the country’s strong welfare system helps to keep the cost of living in South Korea low. With some careful budgeting and savvy shopping, it is possible to live in South Korea quite comfortably and affordably. I hope this blog post has given you some insight into the cost of living in South Korea and how to save money while living here.