Cost of living in Seoul

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The cost of living in Seoul is exceptionally high, particularly when compared to other cities in the region. Housing, dining out, and everyday expenses can be costly, making it one of the pricier destinations for expats. It is often more expensive than cities such as Frankfurt and Dublin, although still more affordable than some of Asia’s most expensive hubs.

That said, salaries in Seoul are generally competitive, and many expat employment contracts include benefits such as accommodation and education allowances. For those who can secure a well-paid work opportunity, these perks help make life in Seoul more affordable. Other ways to decrease costs include using public transport, eating local cuisine from smaller shops and markets, and shopping for locally produced goods.

Cost of accommodation in Seoul

Accommodation in Seoul is costly, but expats’ employers typically organise and pay for their accommodation. If you decide to secure your housing, you should be aware of South Korea’s rental systems and the tradition of ‘key money’. The jeonse system requires a massive deposit that eliminates rent but leads to high upfront costs.

Expats who cannot afford the initial costs can choose the more accommodating wolse or banjeonse systems that will allow them to pay a small deposit and a monthly rental fee. Basic utilities such as gas, electricity and uncapped WiFi tend to be affordable.

Accommodation in Seoul
Areas and Suburbs in Seoul

Cost of transport in Seoul

As long as you don’t plan to travel around the countryside regularly, you’ll typically find owning a car in Seoul unnecessary and inconvenient. Parking is difficult to find, and the capital has frequent traffic jams.

Public transport in Seoul is world-class: extensive, clean, efficient and relatively affordable. Passengers can take advantage of lower rates on the metro or buses using the rechargeable T-money Card instead of buying individual tickets.

Getting Around in Seoul

Cost of groceries in Seoul

Korean food and brands are largely affordable, especially when buying in bulk. Savvy expats will shop at markets and smaller shops, avoiding the markup often found at supermarkets.

Dairy and fresh produce may go for more than you’d expect. Those who don’t buy in bulk will find that the cost of groceries goes up sharply. Furthermore, imported brands from Europe or the US are costly.

Cost of entertainment and eating out in Seoul

Eating out is typically inexpensive if you stick to Korean cuisine. Due to discounts for buying in bulk, single expats may find eating out more affordable than buying and cooking food for one. Eating at foreign restaurants will come with a higher price tag.

Revellers and nature lovers alike will feel at home in Seoul, with plenty of nightlife opportunities and outdoor activities. As the costs of these activities can add up, you may need to budget carefully and search for free alternatives where possible.

Lifestyle in Seoul

Cost of education in Seoul

Public education in South Korea is free throughout all stages of schooling. That said, expats rarely enrol their children in public schools. Although schools in Seoul are well known for their academic excellence, there are a few barriers for expat children, including the fact that Korean is the language of instruction as well as the highly pressured, results-oriented learning environment.

International school fees in Seoul may very well be expat parents’ largest expense after accommodation. Given the extensive expat population of diplomats and military personnel, the city offers a range of international schools. Although international schools in Seoul are known for their high tuition fees, these schools typically offer globally recognised curricula, excellent teaching standards and a wider range of extracurricular activities, making them well worth the cost.

Education and Schools in Seoul
International Schools in Seoul

Cost of healthcare in Seoul

Healthcare in Seoul is largely affordable, especially when compared to that of developed countries such as the US. Expats will be subscribed to the National Health Insurance programme, which covers 50 percent of healthcare costs.

Most employed expats will also have private health insurance coverage that will cover another 25 percent of the costs, meaning you will only have to pay a small percentage of the total cost.

Healthcare and Health Insurance in Seoul