Housing Costs in South Korea
Based on where you live in the country, the cost of living in South Korea differs significantly.
What You'll Actually Pay:
- 1 Bedroom Apartment in the City: ₩925,409.42 (₹59,289.97 approx.)
- 1 Bedroom Apartment outside the City: ₩629,655.67 (₹40,341.35 approx.)
- 3 Bedroom Apartment in the City: ₩2,359,583.03 (₹1,51,175.91 approx.)
- 3 Bedroom Apartment outside the City: ₩1,417,680.44 (₹90,829.24 approx.)
The Extras Nobody Warns You About:
- A large refundable security deposit, called “wolse”, is usually required upfront.
- There may be a building maintenance fee.
- Additional expenses may be incurred for setting up your internet.
- You may have to pay a parking fee, depending on your lodging.
Utility Bills
Depending on whether you stay alone or with housemates, the utility bill may differ.
- Gas Bill: ₩10,000 to ₩100,000 (₹640.69 - ₹6,406.89 approx.)
- Electricity: ₩10,000 to ₩30,000 (₹640.69 - ₹1,922.07 approx.)
- Internet and TV: ₩30,000 to ₩50,000 (₹1,922.07 - ₹3,203.45 approx.)
Transportation Expenses
Owning a private car is not really necessary in South Korea, as there is a vast public transportation system in many cities.
Car Ownership Reality:
- New Mid-size Car: ₩38,234,898.86 (₹24,49,668.29 approx.)
- Aquisition Tax: 7% of the cost of the car.
- Vehicle Tax: ₩80 to ₩220 (₹5.13 - ₹14.10 approx.) as per your car’s cc rating.
- Insurance: ₩600,000 to ₩1,200,000 (₹38,441.35 - ₹76,882.69 approx.) per year.
- Gasoline: ₩1,600 (₹102.51 approx.) per litre.
Public Transport Option:
- Bus: ₩1,250 to ₩2,000 (₹80.09 - ₹128.14 approx.)
- KTX Train: ₩50,000+ (₹3,203.45 approx.) from Seoul to Busan.
- Taxi: ₩15,000 (₹961.03 approx.) for Itaewon to Jamsil.
Food and Groceries to Survive in South Korea
Most expenses while living in South Korea may come from buying groceries or eating out.
Monthly Food Expense:
- Single Person: ₩300,000 to ₩500,000 (₹19,220.67 - ₹32,034.46 approx.)
- Couple: ₩600,000 to ₩900,000 (₹38,441.35 - ₹57,662.02 approx.)
- Family of Four: ₩1,000,000 to ₩1,500,000 (₹64,068.91 - ₹96,103.37 approx.)
Restaurant Prices:
- Fast Food Restaurant: ₩10,000 to ₩15,000 (₹640.69 - ₹961.03 approx.)
- Inexpensive Restaurant: ₩5,000 to ₩7,000 (₹320.34 - ₹448.48 approx.)
- High-End Restaurant: ₩20,000+ (₹1,281.38 approx.)
What Things Cost:
- Milk: ₩3,040/l (₹194.77 approx.)
- Egg Per Dozen: ₩5,740 (₹367.76 approx.)
- Potato Per Kilo: ₩5,600 (₹358.79 approx.)
- Apple Per Kilo: ₩10,720 (₹686.82 approx.)
Education Costs
The international education in South Korea is costlier than in India.
Annual Cost at Top Universities:
- Seoul National University: ₩4,000,000 to ₩6,000,000 (₹2,56,232.96 - ₹3,84,349.44 approx.)
- Yonsei University: ₩5,000,000 to ₩8,000,000 (₹3,20,291.20 - ₹5,12,465.92 approx.)
- Korea University: ₩5,000,000 to ₩7,000,000 (₹3,20,291.20 - ₹4,48,407.68 approx.)
- KAIST: ₩3,000,000 to ₩6,000,000 (₹1,92,174.72 - ₹3,84,349.44 approx.)
Other Educational Expenses:
- Health Insurance: ₩43,490 (₹2,785.89 approx.) per month.
- Textbook: ₩150,000 to ₩200,000 (₹9,608.74 - ₹12,811.65 approx.) per year.
- Campus Fee: Varies by university.
Healthcare Expenses
If you are a foreigner who has lived in South Korea for six months, you must sign up for the public healthcare.
Insurance Costs:
- Public: Paid through monthly tax.
- Private: ₩123,963 (₹7,940.85 approx.) per month.
Medical Costs Without Insurance:
- Doctor Visit: ₩30,000 to ₩70,000 (₹1,921.75 - ₹4,484.08 approx.)
- Emergency Visit: ₩100,000 to ₩300,000+ (₹6,405.82 - ₹19,217.47 approx.)
- Hospital Admission: ₩150,000 to ₩600,000+(₹9,608.74 - ₹38,434.94 approx.) per day.
- Blood Test: ₩20,000 to ₩80,000 (₹1,281.16 - ₹5,124.66 approx.)
- X-Ray: ₩50,000 to ₩150,000 (₹3,202.91 - ₹9,608.74 approx.).
Entertainment and Leisure
There are many activities depending on consumer choice.
Activities:
- Movie Ticket: ₩10,000 to ₩12,000 (₹640.58 - ₹768.70 approx.)
- Karaoke: ₩1,000 (₹64.06 approx.) for three songs
- Baseball Game Ticket: ₩10,000 (₹640.58 approx.) for the cheapest tickets.
- Gym Membership: ₩30,000 to ₩100,000 (₹1,921.75 - ₹6,405.82 approx.) per month.
- Tennis Court Rental: ₩23,847.83 (₹1,527.65 approx.) per hour
Clothing and Personal Care
This is one part of your expense that you can decide to spend less or more on by personal preference.
Clothing:
- Jeans: ₩71,707.69 (₹4,593.47 approx.)
- Running Shoes: ₩101,897.48 (₹6,527.37 approx.)
- Dress: ₩50,734 (₹3,249.93 approx.)
- Men’s Leather Shoes: ₩107,775.51 (₹6,903.91 approx.)
Personal Care:
- Dish Soap: ₩2,000 to ₩4,000 (₹128.12 - ₹256.23 approx.)
- Toothpaste: ₩2,000 to ₩5,000 (₹128.12 - ₹320.29 approx.)
- Toilet Paper: ₩6,000 to ₩10,000 (₹384.35 - ₹640.58 approx.) per 12 rolls.
- Shampoo: ₩5,000 to ₩12,000 (₹320.29 - ₹768.70 approx.)
- Laundry Detergent: ₩5,000 to ₩8,000(₹320.29 - ₹512.47 approx.)
Childcare Services
The government provides subsidies to lower costs, which are available if you go with a public provider.
Nursery Fee:
- Public Daycare Centre: ₩150,000 to ₩300,000 (₹9,642.96 - ₹19,285.92 approx.) per month after subsidies.
- Private Daycare Centre: ₩300,000 to ₩700,000 (₹19,285.92 - ₹45,000.49 approx.) per month
Domestic Help:
| Type of Help |
Monthly Cost (KRW) |
Approx. INR |
| Part-time cleaner/helper |
₩600,000 – ₩1.2 million |
₹37,000 – ₹74,000 |
| Full-time nanny (live-out) |
₩1.5 – ₩2.5 million |
₹92,000 – ₹1.55 lakh |
| Live-in nanny/domestic help |
₩2 – ₩3.5 million |
₹1.25 – ₹2.2 lakh |
| Infant/newborn care nanny |
₩2 – ₩4 million |
₹1.25 – ₹2.5 lakh |
Other Regular Expenses
These are some minute yet important monthly expenses.
Monthly Bits and Pieces:
- Apartment Maintenance Fee: ₩100,000(₹6,428.64 approx.) per month.
- Smartphone Packages: ₩30,000 to ₩40,000 (₹1,928.59 - ₹2,571.46 approx.) per month.
- Designated Trash Bag: ₩3,000 to ₩6,000 (₹192.86 - ₹385.72 approx.).
- Visa: Varies by type.
One-Time Costs:
- Furnishing: ₩500,000 to ₩1,500,000 (₹32,143.21 - ₹96,429.62 approx.)
- Moving Cost: ₩200,000 to ₩500,000 (₹12,857.28 - ₹32,143.21 approx.) in Seoul.
Comparison with Other Cities
There are several advantages to living in South Korea, but it also has its downsides.
Advantages:
- High internet speed in many places.
- Good public healthcare system.
- Access to public transport in many cities.
- Employees receive different perks in many sectors.
Higher Costs Compared to Other Cities:
- Housing deposits may need huge payment.
- School fees in international schools are very costly.
- Private healthcare can become a huge expense for many.
- Private education (hagwons) can significantly increase monthly costs.
Money-Saving Strategies for Living in South Korea
You can take these small measures to save money while living in South Korea.
Practical Cost-Reduction Tips:
- Have a housemate to reduce housing costs by 50%.
- E-Mart and Homeplus can be a good place to shop for groceries on a budget.
- Use public transport regularly, as it is cheaper than maintaining your own car.
- Try negotiating your rental rates before settling in.
- To save money, buy second-hand furniture and goods
- Cooking at home is often better since restaurants are far more costly.
- Try out various traditional markets to get fresh products at a reasonable price.
- Create a realistic budget and follow it.
Salary Expectations in South Korea
You may expect the following approximate compensation when living in South Korea:
Average Yearly Salaries by City:
- Seoul: ₩52,319,400 (₹33,55,764.75 approx.)
- Busan: ₩51,498,800 (₹33,03,131.49 approx.)
- Incheon: ₩50,519,600 (₹32,40,325.63 approx.)
- Daegu: ₩49,561,800 (₹31,78,892.37 approx.)
- Daejeon: ₩48,721,100 (₹31,24,969.89 approx.)
Typical Benefits:
- Paid annual leaves
- Housing allowance or accommodation
- Performance bonuses
- National healthcare eligibility.
- Transportation allowance.
Conclusion
South Korea is considered an expensive country, mainly compared to other Asian countries. The cost of living in South Korea for one person is around ₹92,307.8 per month, while a family of four spends around ₹3,36,116.4 per month, excluding rent. However, the high cost of living is offset by the country's appropriate wage rate.
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