The cost of living for expats in South Korea is generally quite low, but this can vary from city to city. The main areas of expenditure are housing and education, while general transport costs remain low.
Eating Korean food is a lot cheaper than buying western food and shopping at markets and smaller shops is more cost effective than shopping in touristy areas or at major department stores.
Accommodation
Generally your employer will organise an apartment for you. If you choose to organise your own accommodation, you will be expected to pay ‘key money’, which is in effect a very large deposit. The higher your key money amount the lower your monthly rent will be. For example, if you pay key money in the range of US$ 40 000 – 120 000 (KRW 50 – 200 million) you will not be expected to pay a monthly rent and the money will be returned to you after a period of two years. Some landlords will allow you to pay less key money and supplement this with a monthly rent. Utilities such as water, gas, electricity and cable TV will set you back US$ 80 a month, while an uncapped high speed Internet connection is about US$ 25 monthly.
Electrical goods
Electrical goods such as televisions, DVD players, digital cameras, cellular telephones, computers and high tech gadgets are all incredibly cheap in South Korea. Foreign manufactured goods from toiletries (deodorant, toothpaste containing fluoride), English language DVDs and books through to Nikon cameras and Apple products are obviously more expensive than items made locally. Many South Koreans take advantage of the myriad of discounts offered through online purchases, even if the store they are purchasing from is within walking distance.
Food
The cost of a Starbucks coffee in Seoul is about US $5 and a Dunkin Donuts coffee will set you back US $3. In the fruit and vegetables department a watermelon will cost about US$ 10 and a head of broccoli is around US $1.50. A loaf of bread costs about US $3 and a blueberry muffin is US $2.
Toiletries
A toothbrush will cost you US $2 and deodorant (which is quite hard to find) costs US $10. Soap and shampoo costs between US $1 and US $5 and a haircut will cost US $10 for a man and US $50 for a woman.
Eating out
Dining out is inexpensive if you stick to Korean food. A huge meal for two with a range of side dishes usually costs US $25 or less, but if you decide to eat at a western restaurant each dish will cost between US $15 and US $25.
