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South Korea, officially known as the Republic of Korea, is a dynamic country located in East Asia on the southern half of the Korean Peninsula. Renowned for its rigorous academic standards and cutting-edge research, South Korea has established itself as a global leader in higher education and intellectual advancement. Before relocating to South Korea, students often wonder about the average cost of living in South Korea to live comfortably.
Understanding the cost of living in South Korea is essential for students planning to study there. Proper budgeting is crucial for ensuring a comfortable stay in this vibrant country. Want to know more about the average expenses in South Korea? Continue reading the blog for detailed insights into the cost of living in South Korea.
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Cost of Living in South Korea
The average cost of living in South Korea for international students is KRW 1,415,507 per month without rent, according to Numbeo data. In the most expensive cities, South Korea is 1.07 times more expensive than the world average. Due to this, students enjoy a high quality of life, excellent amenities, and access to various recreational opportunities.
The cost of living in South Korea for international expatriates includes various categories such as housing rent, utility bills, travel expenses, personal expenditures, and food and grocery costs. Below is an overview of these essential categories to give insight into the average cost of living in South Korea.
Cost of Housing in South Korea
Renting a room apartment for a single person in South Korea typically costs around KRW 686,119 per month. The rental cost there is quite high, apart from this there are various accommodation options available in South Korea for students as per their budget and living style. Before moving to South Korea, it’s essential to perform complete research and compare rental prices across its nearby provinces to find options that fit your needs and financial situation.
To help you decide on your accommodation in Sherbrooke, we’ve gathered average housing cost information for apartments located both in the city centre and outside of it. This data will assist you in making an informed decision.
| Apartment Location | Monthly Rent |
| Apartment (1 bedroom) in City Centre | KRW 686,119 |
| Apartment (1 bedroom) Outside of Centre | KRW 498,535 |
| Apartment (3 bedrooms) in City Centre | KRW 2,066,071 |
| Apartment (3 bedrooms) Outside of Centre | KRW 1,259,600 |
Also Read: Cost of Living in Kazan: Updated Prices, Comparison with Other Cities
Cost of Grocery in South Korea
Grocery expenses are essential for students who opt to cook at home, and these costs significantly impact the overall cost of living in South Korea because groceries are quite expensive there. It’s advisable to compare prices across different stores or vendors to get the best value when shopping for groceries in South Korea.
To help you budget for groceries. We have compiled a list of grocery items with their costs in the table below. This will help you understand how much amount you need for groceries in South Korea to plan your budget accordingly.
| Grocery Item | Approx. Cost |
| Milk (regular), (1 litre) | KRW 2,854 |
| Loaf of Fresh White Bread (500g) | KRW 4,049 |
| Rice (white), (1kg) | KRW 4,291 |
| Eggs (regular) (12) | KRW 4,327 |
| Local Cheese (1kg) | KRW 16,283 |
| Apples (1kg) | KRW 9,340 |
| Banana (1kg) | KRW 4,640 |
| Oranges (1kg) | KRW 7,696 |
| Tomato (1kg) | KRW 7,277 |
| Potato (1kg) | KRW 5,127 |
| Onion (1kg) | KRW 4,066 |
| Water (1 liter bottle) | KRW 1,491 |
Cost of Utilities in South Korea
For individuals living in South Korea, basic utility costs average approximately KRW 225,756 per month. This amount reflects the relatively higher utility expenses in South Korea, which encompass heating, electricity, gas, mobile phone plans, and internet services. Here is a detailed breakdown of typical utility costs that international students can expect while residing in South Korea:
| Utility Type | Approx. Monthly Cost |
| Basic Utility for an Apartment (Electricity, Heating, Cooling, Water, Garbage) | KRW 225,756 |
| Internet (60+ Mbps, Unlimited Data) | KRW 29,245 |
| Mobile Phone Monthly Plan with Calls and 10GB+ Data | KRW 60,627 |
Cost of Transportation in South Korea
Transportation in South Korea is renowned for its efficiency, extensive coverage, and modern infrastructure, making travel within and between cities seamless and convenient. Residents enjoy access to a variety of local transport options, such as subways, buses, bicycles, ferries, cable cars, and taxis.
The monthly cost for a transportation pass is approximately KRW 61,250, which is an important consideration in the overall cost of living in South Korea. Here’s a summary of the various modes of transportation available and their corresponding monthly costs:
| Mode of Transport | Approx. Monthly Cost |
| One-way Ticket (Local Transport) | KRW 1,450 |
| Monthly Pass for Local Transport (Regular Price) | KRW 61,250 |
| Taxi for 1 km (Normal Tariff) | KRW 1,000 |
| 1-litre Gasoline | KRW 1,657 |
Also Read: Cost of Living in Taiwan: A Guide on Expected Expenses
Average Tuition Fees in South Korea
When evaluating the cost of living in South Korea, international students should also consider their university tuition fees if they are going to South Korea for higher studies. They must do proper research and compare the average tuition fees of universities as it costs much more there in South Korea. This allows students to make informed decisions about their choice of university in South Korea and effectively manage their finances.
In order to help you understand the tuition fees at universities in South Korea, we have provided the average tuition fees at universities below. This will assist you in budgeting accordingly:
| University Name | Tuition Fee (1st Year) |
| Korea Advanced Institute of Science and Technology (KAIST) | KRW 8096000 – 25200000 |
| Yonsei University | KRW 4281000 – 45000000 |
| Sungkyunkwan University | KRW 11800000 – 32500000 |
| Korea University | KRW 7151000 – 44000000 |
| Konkuk University | KRW 9284000 |
| Hanyang University | KRW 9578000 – 12600000 |
| Chung-Ang University | KRW 24000000 |
| Pusan National University | KRW 3799000 |
| Chonnam National University | KRW 16000 |
| SolBridge International School of Business | KRW 16500000 – 19700000 |
| Sejong University | KRW 12000000 – 15600000 |
Cost of Living Comparison: South Korea vs Other Cities
When comparing the cost of living in South Korea to other major countries and cities, it’s important to consider factors like housing rent, utility bills, food, and transportation. South Korea is known for its relatively high costs in these areas. To make informed decisions about moving to or staying long-term in South Korea, it’s essential to understand how its cost of living measures up against other cities and countries.
To provide an accurate comparison, we have gathered data on the cost of living in major countries such as the USA, South Africa, Canada, the UK, Japan, the Philippines, Australia, Germany and Malaysia. This comparison will offer a detailed insight into living expenses across different urban centres, aiding in better clarity and decision-making.
| Cost of Living City Wise | Average Cost of living | Comparison with Cost of Living in South Korea |
| Cost of Living in the USA | KRW 1609463 (excluding rent) | Higher than South Korea |
| Cost of Living in South Africa | KRW 821342 (excluding rent) | Lower than South Korea |
| Cost of Living in Canada | KRW 1456940 (excluding rent) | Higher than South Korea |
| Cost of Living in the UK | KRW 1418721 (excluding rent) | Higher than South Korea |
| Cost of Living in Japan | KRW 1118916 (excluding rent) | Lower than South Korea |
| Cost of Living in the Philippines | KRW 745420 (excluding rent) | Lower than South Korea |
| Cost of Living in Australia | KRW 1531676 (excluding rent) | Higher than South Korea |
| Cost of Living in Germany | KRW 1452519 (excluding rent) | Higher than South Korea |
| Cost of Living in Malaysia | KRW 666521 (excluding rent) | Lower than South Korea |
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FAQs on the Cost of Living in South Korea
Answer: The average monthly cost of living in South Korea, excluding rent, is approximately KRW 1,415,507. This amount is reasonable for students, especially when compared to other nearby countries.
Answer: An individual in South Korea requires around KRW 1,415,507 per month to live comfortably. The cost of living in South Korea is 1.07 times higher than the world average. Additionally, South Korea ranks 20th among the best countries to live in, reflecting its high quality of life and excellent amenities.
Answer: The monthly housing rent in South Korea for a single person is approximately KRW 686,119. This cost can vary based on factors such as the specific location within the city, amenities offered by the apartment, and personal preferences.
Answer: The average cost of living per month in South Korea is approximately KRW 1,415,507, while in the United States, it is approximately KRW 1609463. This comparison shows that it is cheaper to live in South Korea than in the USA.
So, this was all about the cost of living in South Korea. Many Indian students dream of pursuing education in foreign nations due to the exposure and career growth they offer. Consider joining a free counselling session with Leverage Edu if you plan to study abroad.
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