The total average cost of living in Seoul is 11.7% lower than in a major city in the US and 8.15% lower than Canada. If you’re a single person living in Seoul then a 1 bedroom apartment in inner city should cost you around 1,023,097.56 ₩ while the basic utilities cost 227,332.73 ₩ which is still a lot if compared to the average net salary in Seoul, which is 3,037,727.95 ₩. This means that almost half of your living wage would go into basic necessities.
Cost of living in Seoul 2022
|Cost of living||One person||Family of 4|
|Total with rent|
|Rent & Utilities|
|Monthly salary after tax|
|Quality of life|
We used basic conversion rates to determine what it would cost to live in Seoul, in terms of dollars. All the data given below is based on the average of what your daily and monthly expenses will be like.
Cost of living in Seoul Detailed 2022
|Basic (Electricity, Heating, Cooling, Water, Garbage)||227,332.73 ₩||160,000.00–350,000.00|
|Local Prepaid Mobile Tariff Local||153.88 ₩||100.00–240.00|
Clothing And Shoes
|Pair of Jeans||67,142.86 ₩||50,000.00–100,000.00|
|Summer Dress||47,631.58 ₩||25,000.00–80,000.00|
|Pair of Nike Running Shoes||92,461.54 ₩||70,000.00–120,000.00|
|Pair of Men’s Leather Shoes||131,411.76 ₩||80,000.00–200,000.00|
Rent Per Month
|Apartment (1 bedroom) in the center of the city||1,023,097.56 ₩||645,216.34–1,800,000.00|
|Apartment (1 bedroom) Outside of the city||710,304.21 ₩||400,000.00–1,372,055.13|
|Apartment (3 bedrooms) in the center of the city||2,991,021.60 ₩||2,000,000.00–4,500,000.00|
|Apartment (3 bedrooms) Outside of the city||1,727,756.89 ₩||1,200,000.00–3,000,000.00|
Buy Apartment Price
|Price / SqM to Buy Apartment in City||26,232,062.04 ₩||18,000,000.00–35,000,000.00|
|Price / SqM to Buy Apartment Outside of the city||13,034,355.92 ₩||9,277,000.00–20,000,000.00|
Salaries And Financing
|Average Monthly Salary||3,037,727.95 ₩|
|Mortgage Interest Rate (%), Yearly, Fixed-Rate||3.02||2.30–3.50|
If you break it down to day to day expenses, a meal at an inexpensive restaurant would cost you 8,000.00 ₩ but if you want to buy your own groceries, which would include just the basics like milk, cheese, egg, chicken, rice bread and vegetable, it would cost you around 40,248₩. Any luxury items would just add to the total bill, making it more expensive. Further costs will incur once you also include your daily transport; a one way bus ticket costs around 1,250.00 ₩ while 1liter gas is 1,575.94 ₩.
Overview of living in Seoul:
In general terms of the total cost of living, Seoul is a pretty expensive city to reside in. Especially if rent is compared to the average monthly salary; 1/3rd of the average salary goes to getting a single room apartment. However, if compared to other major first world cities like LA or Seattle, the price of monthly living in Seoul is lower.
- Cost of Living in Irvine CA【Average 2023】 – DATAROMA - August 4, 2023
- Cost of Living in Prague【Monthly 2023】 – DATAROMA - July 31, 2023
- Cost of Living San Diego 【Monthly 2023】 – DATAROMA - July 28, 2023