Cost of Living in South Korea, Accommodation, How to Reduce it?
Cost of Living in South Korea: South Korea has been emerging as a top-tier study destination for Indian students. Read for complete information.
Krati Saraswat20 Nov, 2024
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Cost of Living in South Korea: South Korea has been emerging as a top-tier study destination for Indian students. Its vibrant culture, modern infrastructure, and advanced technology have attracted thousands of students from different corners of the world. However, living and studying in South Korea can be financially stressful for international students. The average cost of living in South Korea is approximately 200.5% higher than in India.
The estimated cost of living in South Korea for a single person ranges between INR 85,000 to INR 90,000 per month without rent. Meanwhile, as per the latest currency change, 1 South Korean won equals 0.060 INR. Therefore, for Indian students living and studying in SK can be relaxing. Indian aspirants who are inspired to study in the world-class education system of South Korea must understand the average cost of living in South Korea before making the move. This article offers a detailed estimation of how much it costs to live in South Korea starting with accommodation, food, transportation, and many more. Interested students can read the complete article to learn more about average living expenses in South Korea for international students.Average Cost of Living in South Korea for International Students
On average, the average cost of living in South Korea for a single person is around 1,444,966.5 KRW per month without accommodation. For a family of four, the estimated budget is around 5,227,500 KRW per month including food, transportation, and other basic expenses. The cost can vary widely based on lifestyle choices and the city of residence, with Seoul generally being more expensive than other cities. Here’s a detailed list of average rent in South Korea for Indian students:| Cost of Living in South Korea For International Students | ||
|---|---|---|
| Particulars | Cost in KRW (per month) | Cost in INR (per month) |
| Average Cost Of Living (without rent) | 1,445,000 | 87,300 |
| Accommodation (1 bedroom in City Centre) | 746,900 | 45100 |
| Food | 321,000 | 20,000 |
| Transportation (Monthly Pass) | 62,000 | 3746 |
| Healthcare costs | 1,20,000 | 7,000 |
| Utilities | 225,860 | 13646 |
| Mobile Phone Monthly Plan Costs | 58,133 | 3512 |
| Internet Plan Costs | 29,926 | 1808 |
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Accommodation Costs in South Korea
One of the largest expenses for anyone living in South Korea is accommodation. How Much is Rent in Korea? The rent in South Korea is, on average, 210.5% higher than in India. However, the average rent in South Korea varies depending on the city, location, and type of housing you choose.| Cost of Accommodation in South Korea | |
|---|---|
| Accommodation Type | Cost in KRW |
| Apartment (1 bedroom) in City Centre | 400,000-1,500,000 |
| Apartment (1 bedroom) Outside of Centre | 300,000-900,000 |
| Apartment (3 bedrooms) in City Centre | 1,000,000-4,788,643 |
| Apartment (3 bedrooms) Outside of Centre | 650,000-2,500,000 |
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Food and Dining Costs
Food expenses in South Korea are relatively affordable for Indian students. The overall food expenses can be divided into two main sections; groceries and eating out.1. Groceries
On average, a single person can expect to spend 450,000 to 500,000 per month on groceries. The ranges may vary depending on the diet habits, personal health care, and spending habits of the student.| Cost of Groceries in South Korea | |
| Particulars | Cost in KRW |
| Milk (regular), (1 liter) | 2,000-4,000 |
| Loaf of Fresh White Bread (500g) | 2,980-9,000 |
| Rice (white), (1kg) | 2,400-6,981 |
| Eggs (regular) (12) | 2,400-7,200 |
| Local Cheese (1kg) | 10,000-35,000 |
| Chicken Fillets (1kg) | 6,000-18,000 |
| Apples (1kg) | 4,000-15,000 |
| Banana (1kg) | 3,000-10,000 |
| Oranges (1kg) | 3,000-14,700 |
| Tomato (1kg) | 3,000-14,000 |
| Potato (1kg) | 2,500-8,000 |
| Onion (1kg) | 2,000-6,000 |
| Lettuce (1 head) | 1,500-5,000 |
| Water (1.5 liter bottle) | 700-2,000 |
2. Eating Out
A meal at an inexpensive Korean restaurant costs around 7,000-15,000 KRW. Mid-range restaurants may charge around 50,000 KRW for a full three-course meal for two people.Transportation Costs
Public transportation facilities in South Korea are comparatively economical for Indian students. Special T-money cards are offered by the government which offer discounts on subways, buses, and trains for students. To travel between cities, students can use train facilities within affordable ranges.| Cost of Transportation in South Korea | |
|---|---|
| Particulars | Cost in KRW |
| One-way Ticket (Local Transport) | 1,350-1,700 |
| Monthly Pass (Regular Price) | 55,000-90,000 |
| Taxi Start (Normal Tariff) | 3,500-4,800 |
| Taxi 1km (Normal Tariff) | 750-1,500 |
| Taxi 1hour Waiting (Normal Tariff) | 12,000-20,000 |
Healthcare Costs in South Korea
The healthcare system in South Korea is well-known for its affordable ranges and premium services. International students studying in South Korea are required to join the National Health Insurance (NHI) to avail the insurance facilities and health care services in the country. The monthly healthcare services typically range from 120,000 to 150,000.Entertainment and Leisure Costs
South Korea is world famous for its popular K-pop brands such as BTS, TxT, Twice, Exo, and many more. Additionally, living in South Korea offers ample entertainment opportunities, from cafes and karaoke bars to theme parks and cultural festivals. A movie ticket costs around 12,000 KRW. Meanwhile, membership in any fitness club ranges between 30,000-120,000 KRW per month.Cost of Living in South Korea vs. India
The economic development, currency value, and lifestyle standards are among the major reasons that impact the significant difference between living expenses in South Korea and India. As per the latest 2024 Numbeo reports, the cost of living in South Korea is, on average, 200.5% higher than in India. Here’s a comparative overview of key living expenses between the two countries:| Living Expenses in South Korea vs. India | ||
|---|---|---|
| Parameters | Costs of living in South Korea (KRW) | Costs of living in India (INR) |
| Accommodation | 746,900 | 28,000 |
| Average Transportation Cost (Monthly Pass) | 62,000 | 1,000 |
| Average Food Cost | 3,21,000 | 3000-5000 |
| Healthcare costs | 1,20,000 | 500-1000 |
| Average Basic Utility Cost | 225,860 | 3,500 |
| Mobile Phone Monthly Plan Costs | 58,133 | 320 |
| Internet Plan Costs | 29,926 | 690 |
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City-wise Cost Of Living in South Korea
When considering living in South Korea, it’s important to note that the cost of living can also vary significantly between cities. Knowing the costs of different cities can help you decide where to live and plan your budget accordingly. For instance, Seoul, the capital city, tends to be more expensive than other cities in South Korea, whereas cities like Busan and Daegu have a lower cost of living. Researching and comparing the cost of living in different cities is essential to determine which suits your budget and lifestyle. Here’s a table of the average costs of living in some popular South Korean cities:| City-wise Cost Of Living in South Korea | ||
|---|---|---|
| Cities | Other costs (without rent) | Average Rent per month |
| Seoul | 15,50,106 KRW (INR 93,000) | 11,54,611 KRW (INR 70,000) |
| Busan | 13,47,709 KRW (INR 81,000) | 5,72,500 KRW (INR 34,000) |
| Jeju | 14,98,778 KRW (INR 90,000) | 18,79,743 KRW (INR 1L) |
| Daejeon | 16,10,205 KRW (INR 97,000) | 4,21,666 KRW (INR 25,000) |
| Incheon | 13,74,787 KRW (INR 82,000) | 5,25,000 KRW (INR 31,000) |
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How To Reduce Cost Of Living In South Korea?
Reducing the cost of living in South Korea can be achieved through mindful budgeting, making cost-effective choices, and taking advantage of local resources. Here are some practical tips:- Choose affordable housing options. To save money on rent, consider living in shared apartments, dormitories, or sub-urban areas.
- Eating out regularly can be expensive. Try to cook food at home and shop from local markets to get groceries and vegetables at lower prices.
- Use public transportation for regular traveling. For feasible distances, walk or cycle to save money.
- Take advantage of free entertainment activities such as cultural events, festivals, and hiking trails to pass your leisure time.
- Opt for student discounts to get discounts on transportation and other public services.
- Working part-time while studying can help to reduce the financial burden to a great extent. Look for opportunities like language tutoring, freelance writing, or other part-time jobs to sustain the average cost of living in South Korea.
- Students can look for various scholarships such as KNU International Graduate Scholarship, Korea University’s Graduate School of International Studies (KU GSIS), Changwon National University Scholarship, etc to reduce the overall cost of living in South Korea.
Cost of Living in South Korea FAQs
Q. Is it expensive to live in Korea?
Ans. Yes, living in South Korea can be relatively expensive, especially in major cities like Seoul. Housing, dining out, and utilities are among the largest expenses. However, the cost of living varies depending on lifestyle, location, and spending habits.
Q. Is living in Korea expensive for Indian?
Ans. Living in South Korea can be considered expensive for Indians, especially when compared to the cost of living in India. The average cost of living in South Korea is approximately 200.5% higher than in India.
Q. How much does it cost to live in South Korea as an international student?
Ans. The average monthly cost of living in South Korea for a single individual is around 1,444,967 KRW without lodging.
Q. Is South Korea expensive for Indian students?
Ans. Yes, South Korea is around 200.5% more expensive for Indian students. However, it largely depends on your lifestyle and spending habits.
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