What is the Cost of Living in Korea? - Seoul & Other Cities (2024)

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.

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 the 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.

As we will get into more detail about the living expenses in Korea, it’s best to also know about the currency used in Korea.

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.

The average cost of living in Seoul for one person is 1,600,000 won ($1411), with around 743,000 won ($657) of it falling under the Rent & Utility category. Seoul is included in the top 30% of the most expensive cities in the world, ranked 2788th out of 9294 on Livingcost.org’s global list, and 1st out of 87 in South Korea.

Cost of Busan housing

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.

Monthly Living Costs in Major Cities

The table below shows the monthly living costs in Seoul, Busan, and Incheon, covering expenses like housing, utilities, food, transportation, medical costs, and entertainment.

It gives a clear idea of how much you might spend in each city, helping you plan your budget and lifestyle in South Korea. This simple breakdown makes it easier to compare costs and make informed decisions.

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 200,000 won ($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 affordable 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 a 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.

Money-Saving Tips for Living in South Korea

Living in South Korea can be affordable with the right strategies. Here are some practical money-saving tips:

Housing

Look for housing options outside central areas like Seoul’s Gangnam district. Consider shared housing or goshiwon (고시원 | small, inexpensive rooms).

Utilities

Conserve energy by using gas and electricity wisely. Use public bathhouses (찜질방 | jjimjilbang) for affordable hot baths.

Transportation

Utilize public transportation with a T-money card for discounts. Walk or bike for short distances.

Food

Shop at local markets for fresh produce at lower prices. Take advantage of inexpensive street food and local eateries instead of dining at international restaurants.

Entertainment

Enjoy free or low-cost activities like hiking, visiting public parks, and attending community events.

By following these tips, you can significantly reduce your living expenses while enjoying all that South Korea has to offer.

Tips from Korean Locals

In this section, we’ll cover money-saving tips when staying or living in South Korea from locals.

Join Community Groups

Engage with local community groups and social media pages to find the best deals and insider tips on living affordably.

Learn Basic Korean

Knowing basic Korean helps in negotiating prices and finding better deals in markets and local stores.

Seasonal Purchases

Buy clothes and seasonal items off-season for significant discounts.

Bulk Buying

Purchase household essentials in bulk from wholesale stores like Costco or local warehouse markets.

Utility Apps

Use apps to monitor and manage utility usage to ensure you don’t exceed your budget.

Frequently Asked Questions

In this section, we’ll answer common questions about the cost of living in South Korea.

Is it expensive to live in South Korea?

Living in South Korea can cost a moderate amount of money, but it really depends on how you live and where you choose to live. Seoul, the capital, is more expensive than other areas, especially for housing and entertainment.

However, things like everyday items and public transportation are quite affordable. Living in smaller cities or rural areas usually costs less. If you often eat out, own a car, or spend money on leisure activities, your expenses can go up quite a bit.

What salary is needed to live comfortably in South Korea?

To live comfortably in South Korea, especially in big cities like Seoul, you should aim for a monthly salary between 2.5 to 3 million Korean won (about 2,000 to 2,400 USD). This amount should cover your rent, utilities, groceries, transportation, and some extra spending.

If you want to live in the more central or fancy parts of Seoul, or if you need to support a family, you’ll need a higher salary. In smaller cities or rural areas, you can live on much less.

What can 50,000 won buy in Korea?

In South Korea, 50,000 won can cover different costs depending on what you need. This amount might pay for several meals at average restaurants or one or two meals at fancier places. You could also use it to pay for a month of mobile phone service, a few movie tickets, or around 10-120 cups of coffee from coffee shops like Starbucks.

If you’re buying groceries, 50,000 won could last you a week’s worth of food for one person.

Is 1 million won enough to live in Korea?

Living on 1 million won (about 800 USD) per month in Korea can be tough, especially in big cities like Seoul, where rent and other living costs are high. This budget might work better in smaller cities or rural areas, especially if you don’t have to pay for housing separately or if you spend very little money.

Usually, you would need more money or very careful budgeting to comfortably cover all your expenses.

Is it a good idea to move to South Korea?

Moving to South Korea could be a great choice if you’re interested in experiencing a new culture, finding educational opportunities, or advancing your career, especially in fields like technology and entertainment. South Korea has a good quality of life, great public transportation, and a rich cultural history.

However, if you’re thinking about moving there, you should think about the cost of living, the challenge of learning a new language, and the competitive job market. It’s important to consider both personal and professional factors before making a decision.

What is the average rent in Seoul?

The average rent in Seoul depends a lot on where the apartment is and how big it is. A one-bedroom apartment in the downtown area usually costs between 800,000 to 1,500,000 won per month (about 650 to 1,200 USD).

Apartments outside the downtown area are usually less expensive, costing between 500,000 to 1,000,000 won per month (about 400 to 800 USD).

How much is an apartment in Seoul to buy?

Buying an apartment in Seoul is very expensive, and the cost varies based on the area, size, and condition of the property.

As of 2024, the average price per square meter of urban apartments is about 25 million won (about 19,000 USD), while outside the city center, it is about 14 million won (about 10,000 USD). In popular areas such as Gangnam, prices can be much higher.

Is Seoul or Singapore cheaper?

Generally, living in Seoul is cheaper than in Singapore, mainly because housing and most other things you buy cost less. While the prices for groceries and personal care items might be similar in both cities, rent is much lower in Seoul. However, getting around is usually cheaper in Singapore than in Seoul.

Is Seoul or Japan cheaper?

Seoul is usually cheaper to live in than big cities in Japan, like Tokyo or Osaka, especially when it comes to renting and buying a home. The costs for everyday things like food and getting around might be about the same, but overall, living in Seoul costs less than in those Japanese cities.

Are Koreans nice to foreigners?

Many foreigners think Koreans are friendly and welcoming. In big cities like Seoul and Busan, where there are more international residents and tourists, locals are usually more used to talking with foreigners. But this can change in smaller towns or rural areas, where there aren’t as many international visitors or residents.

Do they speak English in South Korea?

English is commonly taught in South Korean schools, so many Koreans can speak English at a basic to moderate level. In big cities, signs and announcements on public transportation are often in English.

However, talking in English day-to-day can still be hard, especially in smaller cities or rural areas where fewer people speak English.

Wrap Up

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!