How much does it cost to live in Seoul, South Korea?
I cannot properly answer this question. I teach, and most foreigners who come here to do so are offered free accommodation, so I pay no rent. However, we are not given fancy apartments, and they are not in large, quiet complexes. I would guess it would cost no more than $600 USD. Rent prices work differently here, however—if you put down a huge deposit, say, for six months or a year, the rent will be less, whereas if you are paying month to month, that same apartment will cost more. So, it’s difficult to know.With that being said, if you are working full-time and don’t party every single weekend, it’s possible to save quite a bit, even if your salary isn’t very high. For example, I make 2,000,000 won, or a little less that 2,000 USD a month after taxes—not a lot. However, I eat a large breakfast every morning for about 6 dollars, as well as a light dinner and snack for under 10 dollars. I am frugal, but I can still enjoy these daily perks. If I spend $20 a day, then that’s $600 a month, plus about $50 for utilities and another $50 for a monthly excursion. If I spend $700 a month, I still save $1300.Mind you, I’m estimating high on how much I spend, and most people spend much more. I’d still be confident in saying you could easily save a grand a month. If you eat Korean food, eating out is relatively cheap. Transportation is cheap—you’d never need to buy a car or deal with paying for gas. Korean alcohol is cheap. Thus, although I don’t earn a lot, I can save quite a bit more than in the States.I still overhear my coworkers talking about how anxious they are for payday, however. They tend to spend quite a bit more freely. I’m somewhat old-fashioned—I have a self-imposed rule about how much I must save. Evidently it’s possible to live paycheck-to-paycheck if you’re not conscientious.
What is the average cost of living in South Korea?
Like anything in life, it depends on who you are and what your budget is. I can speak from experience as an English teacher who lived in Seoul for two years, on a typical year long contract for people in my position.Today, the average monthly salary for a first year English teacher in Korea is about 2.1–2.2 million won/month. That translates to just under $2,000 a month. Schools often pay for your monthly rent costs and deposit (they call it “key”) money, so you can write off your rent from your monthly expenses, which, in America, is usually the bulk of recurring costs.So imagine if you have about $1,900 in disposable income to get you through the month in Korea. That’s roughly $475 a week, or $67 per day. Without even buying groceries, you can easily feed yourself for $20 a day in Korea, or about $600 a month, and that’s on average if you’re consistently treating yourself - most people can get by on $10 a day feeding themselves, maybe even less, for a decent amount of calories.You’ll have to pay for a phone, which is about $50 a month, internet, another $50–100 per month (with speeds up to 2g/s), plus heat and water, which might run up to $60–70 per month depending on the season. So you can look at another $200–250 maximum each month in fixed costs. That brings your disposable income down to $1,050 each month. So basically about $260 per week to treat yourself or play around with.Here’s the real kicker - South Korea has the third largest pension system in the world behind Japan and, what I think is either Sweden or Norway. And as is typically the case in contracts, teachers will get a year end bonus of one month’s pay. That means if you spend the maximum amount of your monthly income - if you drain your funds each month and live paycheck to paycheck, as many expats do as teachers, you’re still saving money. Let’s count it up:After twelve months, on top of whatever funds you’ve saved, you will receive your final paycheck (2.1m) plus one month’s bonus (2.1m) plus your total pension in a cash payout (typically around 2.5m after one year.) That comes out to 6.7 million won in cash at the end of a year in Korea.That roughly $6,000 in cash after taxes. For most people, the ability to save $6,000 in a year is not bad. You can do that in Korea as an English teacher and live a pretty decent life in the meantime. I highly recommend it.
Why is the cost of living so high in South Korea?
High compared to what? If you’re using the idea that Asia is cheap, it is to an extent in southeast Asia or even in parts of China—but Japan is still more expensive than South Korea is. Nor is South Korea so pricey compared to England or Canada or many western nations.But I do differ with the other answers here in agreeing that living costs are steadily rising in South Korea. When I first came here in 2003, I made about US$2,000 a month, which was a very nice wage at the time. That’s no longer the case, and South Korea isn’t anymore a place for foreign teachers to cash in, as wages haven’t risen much but it’s hard to live comfortably on such salaries now—and getting harder to retain good instructors as they leave for China.Partly, costs have risen for good reasons: As the country modernizes and its infrastructure and services improve, taxes and fees have gone up. As well, there are some things which can’t be changed—it’s a densely populated country, and real estate is going to be pricey no matter what. Third, if you want Guinness and American steaks—all this stuff has to be shipped across the world. But the country’s xenophobia and Korea uber alles attitude is also to blame, as good luck finding anything but LG and Samsung at stores here; the lack of competition means that a Samsung TV can sometimes be twice as expensive here as the exact same model in the States.Some things are still quite cheap here, such as subway and bus fare; restaurants serving local food; internet and telecom services; parking; auto repair; utility bills; medical care; taxes. But rent and housing are pricey; foreign goods, hotels, and gasoline are expensive; clothing, cakes, and rice are overpriced; electronics and fresh fruit are a ripoff. Again, if one lives like a local, it’s not so bad—especially if one stays away from Seoul. But I have to agree with the OP that South Korea is no longer a bargain. Other than the crazy transportation costs there, one thing I notice in my last few trips to Tokyo or Osaka is that costs aren’t much higher than those in Seoul.Last week I was in Itaewon, the Khao San Road-ish foreigner district in Seoul, and had eggs Benedict at a trendy restaurant. $16. for. eggs. Benedict. But I could probably have gone a few blocks north to a local mom-and-pop diner and had a rice, soup, and vegetable lunch for $6. Knowing where to go in Korea does help.
Living: Korea vs Japan?
1. Which place would be better for me to live as a foreigner? - it depends on what you look for in a new environment. 2. I happen to enjoy each culture very much but torn at which language I should study! - usually people prefer either language due to the appeal of the culture/soft power (J-pop/K-pop/Japanese or Korean dramas/manga, etc.); so it depends on whether you prefer the Japanese or Korean culture and soft power in general 3. Which place is more accepting of foreigners? - both Japan and Korea are pretty nationalistic and defensive of their own culture and identity; certain cities like Tokyo and Seoul are more foreigner-friendly though; But if you're talking about "accepting" of foreigners who intend to stay for a long time, I think its Korea (partly because the Japanese will always treat foreigners as a gaijin) 4. Which language is easier to learn? - for me, I think Japanese is easier to learn but it might not be so for others. But that's because i'm more interested in learning Japanese than Korean, hence easier for me. - so pick the language that interests you more 5. Which place would I have a better chance of living a good life? - what do you mean by "a good life" ? - if you mean by being able to save up a lot for entertainment and other personal expenses, i'd say Korea because the cost of living there is way lower than Japan's - but then again, there might be other factors in Japan that might offer you a better life 6. Which place would I just have an overall better experience? - For me personally, i'd say Japan. - but for you, it might be different because you might have a different preference from mine.
What is the average monthly income of a South Korean living in Seoul?
According to this report by the National Tax Service, the average annual income in Seoul in 2016 was 37,810,000won, which comes out to about 3,150,000won per month (about $2,942 USD). Compare to the national average income at the time, which was 33,600,000won, or 2,800,000won per month ($2,615 USD).It’s not clear if this number includes part-time or contract workers (I think it does not but I’m not sure). Also, this number does include foreigners living in Seoul as well, so it’s not a precise answer to your question (I couldn’t find any statistic that reports South Koreans separately). Keep in mind western foreign workers are typically paid more highly when you take other factors into account (for example, English teachers often have their housing paid for by the school).Also keep in mind that actual take-home pay after taxes will be lower (I guess income tax will probably come out to around 10% or so for average salary earners). It’s also not clear if this number includes health insurance payments or NPS payments.A few other factors to also consider: there is still a very large gender gap when it comes to salary; unfortunately, women are still paid significantly less.Finally, there is housing to consider. The average cost to buy a house or apartment in Seoul in 2016 (according to the same report) was 527,000,000won, or just shy of half a million USD.