Cost of Living in Korea
Last updated on Jul 08, 2023
Summary: The cost of living in Korea is generally considered to be quite reasonable. A nice one bedroom apartment in Korea can cost anywhere from $500 to $1,500 per month, while a nice two bedroom apartment can cost from $800 to $2,500 per month. The cost of dinner at a moderately priced restaurant in Korea is usually around $10 to $20 per person.
Is the cost of living in Korea high?
We asked people how much they someone comfortably live on in Korea, they wrote:
"The cost of living in Korea varies depending on the city and lifestyle. Generally, the cost of living in Korea is considered to be relatively affordable compared to other developed countries. Basic necessities such as food, transportation, and housing are generally quite affordable, while luxury items such as designer clothing and electronics can be more expensive. Additionally, the cost of living in Korea is affected by the exchange rate of the Korean won to other currencies," remarked one expat in Korea.
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Will I save money living in Korea?
"Living in Korea can be more affordable than living in the United States in many ways. The cost of living in Korea is generally lower than in the United States, with rent, groceries, and transportation being significantly cheaper. Additionally, the cost of healthcare is much lower in Korea than in the United States, making it easier to access quality medical care. Furthermore, taxes are lower in Korea than in the United States, which can help to reduce overall expenses. All of these factors can help to make living in Korea more affordable than living in the United States," said one expat in Korea.
What is the average cost of housing in Korea?
If you are thinking about moving to Korea, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The housing cost is outrageous. My home is almost US 10,000 per month. Definitely outrageous," remarked one expat in Seoul.
Expats interested in International Health Insurance should take a minute to get a quote from our trusted expat health insurance partner, CIGNA.
Expats interested in International Health Insurance should take a minute to get a quote from our trusted expat health insurance partner, CIGNA.
What are typical rental prices for expats in Korea?
"The rental price for a nice 1 bedroom apartment in Korea can vary depending on the location and amenities, but generally ranges from around $1,000 to $2,000 per month. For a nice 2 bedroom apartment, the rental price can range from around $1,500 to $3,000 per month," commented one expat who moved to Korea.
What appliances are typically included in a rental?
We asked foreigners in Korea what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"In Korea, rental properties typically include a refrigerator, washing machine, air conditioner, and gas stove. Some properties may also include a microwave, water purifier, and/or a dishwasher. Additionally, some properties may include furniture such as a bed, sofa, and/or dining table," remarked one expat living in Korea.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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