Thinking of moving to South Korea? More and more expatriates are making the move, attracted by the South Korea’s quality of life. With one of the best healthcare systems in the world and an education system ranked in the top 3 in the world, South Korea combines tradition and modernity. Before you pack your bags for Seoul or another Korean city, Foyer Global Health shares everything you need to know about the cost of living in South Korea, the Land of the Morning Calm!
Overview of the average cost of living in South Korea
The average cost of living in South Korea for one person is €1,450. For a family of four, the cost of living is €4,700. These budgets include all the basic expenses, such as rent, energy costs, shopping and transport.
| Services | Average price in South Korea |
|---|---|
| Average monthly salary | €2,180 |
| Price of renting a flat in the city centre | €300 – €1.050/ month |
| Purchase price per m2 of a city-centre flat | €11,000 |
| Petrol (1 L) | €1.13 |
| Mobile package (calls + 10 GB data) | €40 |
| Cinema ticket | €10 |
| Restaurant meal for two people | €35 |
Currency and exchange rates in South Korea
The national currency is the South Korean won. It is abbreviated KRW and symbolised as ₩. Currently, 1 won is equivalent to 0.00068 euros, or 1,465 won for 1 euro. (Index as at 21 November 2024).
Accommodation in South Korea
When moving to South Korea, it’s worth bearing in mind that accommodation is a major part of your budget. In fact, it’s the second biggest item of expenditure, behind the shopping budget.
Rent
- Apartment (1 bedroom): allow for a monthly budget of KRW 760,100 (520 €) in the city centre, and 480,000 (330€) in the suburbs.
- Apartment (3 bedrooms): for large families, the rent you need to budget for is KRW 2,100,000 (1,430 €) in the city centre, and KRW 1,280,000 (875 €) outside the centre
Real-estate prices:
For expats looking to become homeowners, the price per m2 in South Korea is quite high. On average, you should expect to pay KRW 16,000,000 (10,900 €) in the city centre and KRW 10,800,000 (7,380 €) outside. In the most upmarket districts of Seoul, the price per m2 can reach KRW 30,000,000 (20,500 €).
Housing costs by city in South Korea
Rent and m2 prices vary from city to city. To give you a concrete idea, here’s a comparison of budgets in the main Korean megacities (in euros):
| Accomodation | Price in Seoul | Price in Busan | Price in Daegu |
|---|---|---|---|
| Studio rental in the city centre per month | €850 | €450 | €365 |
| Studio rental outside the city centre per month | €500 | €300 | €250 |
| Average purchase price per m2 in the city centre | €18,200 | €7,300 | €6,680 |
Food prices in South Korea
Shopping is the biggest item of expenditure in South Korea. Prices for basic foods in the country are generally quite high. They are comparable to those in the European Union, and sometimes much more expensive. Average prices for certain products are as follows:
| Food | Average price in South Korea |
|---|---|
| Milk (1 L) | €2 |
| Water (1,5 L) | €1 |
| Bread (500 g) | €1.90 |
| Rice (1 kg) | €2.80 |
| A dozen eggs | €2.85 |
| Local cheese (1 kg) | €12 |
| Chicken fillets (1 kg) | €8.50 |
| Meat (1 kg) | €29 |
| Apples (1 kg) | €6.90 |
| Bananas (1 kg) | €3.20 |
| Tomatoes (1 kg) | €5.35 |
| Potatoes (1 kg) | €3.50 |
| Onions (1 kg) | €2.80 |
| Local beer (500 ml) | €2 |
| Imported beer (330 ml) | €2.55 |
Transportation
South Korea’s transport networks are modern and well-developed. Most city dwellers use the ‘T-Money’ card, into which they deposit money to travel on the public transport network.
Here are the main modes of transport and the average price of each:
- Train
Several types of train are available in the country, including the KTX (Korean Train Express), similar to the TGV. The price of the ticket depends on the distance of the journey. For a single ticket from Seoul to Busan, expect to pay around KRW 50,000 (34 €) per adult.
- Metro
In Korea, several cities have a metro (Seoul, Incheon, Busan, Daegu, etc.). In Seoul, the average journey costs KRW 1,500 (1 €) for an adult, and KRW 500 (0.35 €) for children aged between 6 and 12.
- Bus
In the country’s major megalopolises, buses are divided into several colour codes with different routes and prices. Here are the characteristics of buses in Seoul:
| Bus | Zones served | Price per journey |
|---|---|---|
| Blue | All lines in the capital | 1,500 KRW (€1) |
| Green | Metro stations and secondary lines | 1,500 KRW (€1) |
| Yellow | Main districts | 1,400 KRW (€0.95) |
| Red | Links Seoul and outlying areas | 3,000 KRW (€2) |
| Night | Runs only at night | 2,500 KRW (€1.70) |
- Taxi
The starting taxi fare is KRW 4,800 (3.30 €) in Seoul and an additional KRW 800 (0.55 €) for each kilometre.
- Car
Drivers can travel by car by filling up at KRW 1,650 (1.13 €) per litre of petrol.
Medical costs in South Korea
The Health Care Index 2024 ranking places the Korean healthcare system in 2ndplace among the best systems in the world. It is based on high-quality infrastructures, affordable prices and universal cover for all residents.
Here are the costs of basic medical services in South Korea:
| Medical services | Average price in South Korea |
|---|---|
| Consultation with a general practitioner | 20,000 – 40,000 KRW (€14 to €30) |
| Consultation with a specialist | 60,000 KRW on average (€40) |
| Full check-up (blood test, urinalysis and consultation) lasting around 1 hour | 147 000 KRW (€100) |
| Consultation with a dentist | 36 500 à 73 000 KRW (€25 to €50) |
| Dental extraction | 36,500 – 110,000 KRW (€25 to €75) |
If you’re thinking of moving abroad, opt for international health insurance. It covers you in Korea and elsewhere, offers bilingual assistance and rapid access to treatment.
Education
The Korean education system is also in the top 3 in the world according to the latest PISA rankings. The cost of a private kindergarten is KRW 500,000 (340 €) per month. The annual cost of a primary school is KRW 30,000,000 (20,500 €).
It is also possible to send your child to a Franco-Japanese school, such as the Lycée Français de Séoul. Here are the annual fees for the year 2024-2025:
- Nursery and elementary: KRW 13,241,000 (9,050 €)
- Middle school: KRW 18,264,000 (12,480 €)
- High school: KRW 20,472,000 (14,000 €)
Cost of higher education in South Korea
University fees in South Korea average between KRW 5,800,000 and KRW 8,800,000 (4,000 to 6,000 €) per term. This range may vary slightly depending on the degree.
Telecommunications services in South Korea
The price of monthly mobile and internet subscriptions depends on the operator. However, here is the national average for:
- A telephone package, calls and 10 GB of data: KRW 58,000 (€40)
- An internet subscription of 60 Mbps and unlimited data: KRW 30,500 (€21)
Leisure activities in South Korea
Daily life in Korea is full of contrasts, both ultra-modern and with a preserved cultural heritage. Korea beats to the rhythm of k-pop, bustling markets and historic sites to visit. Here are the prices of some of the things to do in South Korea:
- A day at Everland theme park: KRW 62,000 (42 €)
- Visit Gyeongbok Palace: KRW 3,000 per adult (2 €)
- Spend an evening at the N Seoul Tower: KRW 21,000 (14 €) per adult and KRW 16,000 (11 €) per child
- Go to the cinema: KRW 15,000 (10 €) – Take out a gym membership: KRW 67,500 (46 €)
- Take out a gym membership: KRW 67,500 (46 €)
Cost of living in South Korea compared with other countries in Western Europe
There’s not much difference between the cost of living in South Korea and Western Europe. In fact, living in Korea costs on average 3% less than living in France, e.g..
The average monthly budget for one person is estimated at 1,450 € in Korea, compared with 1,630 € in France.
However, purchasing power in France remains slightly higher, with a difference of around 4%. The average salary also follows this trend: it is 2,530 € in France, compared with 2,180 € in Korea.
Cost of living in South Korea compared with neighbouring countries
Korea vs China
The cost of living in Korea is up to 75% higher than in China. However, Korean citizens enjoy greater purchasing power and a significantly higher average salary (+150%). For more information, see our guide to the cost of living in China.
Korea vs Japan
Living in Korea costs around 20% more than in Japan. However, the average salary remains slightly lower: 2,180 € in Korea compared with 2,300 € in Japan.