If you're planning to move to South Korea in 2026, here's what things cost
Monthly Cost Breakdown
| Category | Monthly Cost | Notes |
|---|---|---|
| Rent (1BR, City Centre) | €650 | Largest expense |
| Rent (3BR, City Centre) | €1,100 | For families |
| Groceries | €210 | One person, home cooking |
| Public Transport | €52 | Monthly pass |
| Utilities (85m2) | €95 | Electricity, water, heating |
| Dining Out (per meal) | €6 | Inexpensive restaurant |
| Total (Single Person) | €1,055 | Comfortable lifestyle |
Income vs Expenses
| Income Metric | Amount |
|---|---|
| Average Salary (Gross) | €2,436/month |
| Minimum Wage | €1,470/month |
| Salary After Rent (1BR) | €1,786/month |
With an average salary of €2,436 and rent of €650, approximately 27% of income goes to housing.
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Cost Indices (vs New York City = 100)
| Index | Score | Interpretation |
|---|---|---|
| Cost of Living | 61.6 | Moderately cheaper NYC |
| Rent | 16.1 | Much cheaper NYC |
| Groceries | 77.5 | Similar to NYC |
| Restaurant Prices | 35.8 | Cheaper NYC |
| Local Purchasing Power | 111.5 | Comparable than NYC |
Money-Saving Tips
- Shop at local markets: Fresh produce is typically 20-40% cheaper than supermarkets
- Cook at home: Eating in saves 60-70% compared to dining out
- Use public transport: Monthly passes are much cheaper than car ownership
- Live outside the centre: Suburbs offer 20-40% lower rent with reasonable commutes
- Compare utilities: Switch providers for electricity and internet to get better deals
- Student discounts: Available for under-26s on transport, museums, and cultural events
Salary by Sector
| Sector | Entry Level | Median | Senior |
|---|---|---|---|
| It | €25,000 | €38,000 | €55,000 |
| Retail | €18,000 | €26,000 | €36,500 |
| Finance | €38,500 | €55,000 | €77,000 |
| Education | €26,500 | €38,000 | €53,000 |
| Healthcare | €22,000 | €32,000 | €45,000 |
| Engineering | €36,500 | €52,000 | €73,000 |
| Hospitality | €19,500 | €28,000 | €39,000 |
| Construction | €28,500 | €41,000 | €57,500 |
Figures are annual gross salaries in EUR.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Additional Data Points
Recent reports and expat sources provide these additional figures for South Korea:
- Agencies are legally allowed to charge 0.5 % of the annual rent amount as agency fees. Most of the time, 3% of the amount of rent for the first two years are charged. Check fees and conditions with the real estate agents before you finalise your contract.
- "Wolse" is a rent system most similar to Western systems, where the tenant pays a monthly rent to the owner. The deposit, two to three months' rent, must be returned to the tenant at the end of the lease. In other cases, the payment of all instalments will be requested in advance. This system is particularly popular when interest rates are Low.
Additional data sourced from expat community reports. All information should be verified with official sources.
Frequently Asked Questions
How much are utilities in South Korea?
Monthly utilities (electricity, heating, water, garbage) for an 85m2 apartment cost approximately €95. Internet typically adds another €20-50/month. In colder climates, heating can significantly increase winter bills.
What are grocery costs in South Korea?
Monthly grocery costs for one person average approximately €210. The groceries index is 77.5/100 compared to NYC. Shopping at local markets and discount supermarkets can reduce costs significantly.
What does public transport cost in South Korea?
A monthly public transport pass costs approximately €52. Annual passes often offer significant discounts. Most major cities have integrated ticketing systems for buses, trams, and metro.
How much should I save before moving to South Korea?
Based on a monthly budget of €1,055, we recommend saving at least 3-6 months of expenses (€3,165 to €6,330) plus visa/relocation costs. Add a buffer for unexpected expenses during your first months.
How does inflation affect costs in South Korea?
Prices in South Korea are subject to inflation like anywhere else. The data shown reflects 2026 estimates. Food and energy costs can be particularly volatile. Budget a 5-10% buffer above estimated costs to account for price increases during your stay.
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