Cost of Living in South Korea in 2024-25

Cost of Living in  South Korea: So, you have got the kimchi cravings, the K-Pop dreams, and a burning desire to dive into Korean culture? But before you hop on that plane to Seoul, let's talk about the living expenses in South Korea. This article will take you deep into South Korea's living expenses, the tips and tricks to manage your budget, top universities and comes what next. Exactly! You guessed it right - some astonishing facts that you should know before planning to reside in South Korea either as an expat or an international student.

The cost of living in South Korea, especially for Indian students, is a bit relaxing as the South Korean currency, “Won” to INR is 0.062 as per the current exchange rate. This article unveils the financial realities of Korean student life, from affordable eateries to budget-friendly entertainment places.

Cost of Housing in South Korea

Finding an affordable haven in South Korea can be tricky, but fret not! Here is a breakdown of various accommodation costs in South Korea available for international students. 

• University dorms: These are the most budget-friendly options for international students, with monthly costs ranging from ₩ 200,000 to ₩ 400,000. Check with your university for availability and application deadlines.
• Goshiwons: Commonly known as the “off-campus housing” in South Korea, Goshiwons are isolated study rooms built especially to house and feed scholars and test takers in S. Korea. They come with basic living amenities along with offering privacy and affordability, starting around ₩ 250,000 per month.
• Off-campus apartments: Sharing a flat with friends can be cost-effective, with studio apartments starting around ₩350,000 (USD 280) in Seoul and even lower in other cities.

Types of Accommodations	Average Monthly Cost (Won)	Average Monthly Cost (INR, converted at an exchange rate of 1 Won = 0.062 INR)*
University Dorms	200k to 400k	12.4k to 25k
Goshiwon	250k	15.5k
1 Bedroom Apartment in the city centre	653k	40.5k
1 Bedroom Apartment outside the city centre	450k	28k
3 Bedroom Apartment in the city centre	2000k	1.2L
3 Bedroom Apartment outside the city centre	1200k	74.5k

*The estimated costs in INR are rounded and as per the current exchange rate. 

Below are the tips for decreasing your cost to live in South Korea.

• Apply early: Secure your university dorm or Goshiwon spot well in advance, especially during peak seasons. Applying early will not just increase your chances of getting one but you can also get your hands on one of the best properties. 
• Consider co-living: Sharing an apartment with roommates can significantly reduce costs. Communicate with the group of students travelling with you to South Korea or you can also join the student communities after landing in the country of your dreams. 
• Look outside major cities: Cities like Busan or Daejeon offer cheaper rents and a slower pace of life.
• Negotiate your rent: Don't be afraid to bargain, especially with private landlords.

Cost of Transportation

Getting around Korea is easy and economical. Below we have provided the different transportation methods and discount cards.

• T-money card: It is a rechargeable card that grants discounts on subways, buses, and trains.
• Subway & Bus: Metro is extensive and cheap, with fares starting at ₩1,250. Buses are equally affordable and cover various routes.
• Korail trains: Travel efficiently between cities with high-speed Korail trains, although fares can be pricier than buses.

The breakdown of transportation costs is given below.

Transportation Method	Average Cost (Won)	Average Cost (INR, converted at an exchange rate of 1 Won = 0.062 INR)*
Local Transport (1-way Ticket)	1500	93
Monthly Pass of the Local Transport	60k	3.7k
Taxi	4.2k to 12k	261 to 745

 Below are the tips for managing smooth rides on a budget in South Korea.

• Purchase a monthly pass: If you use public transportation frequently, a monthly pass can save you money in the long run.
• Consider walking or cycling: Explore nearby areas on foot or rent a bike for a healthy and budget-friendly option.
• Share taxis: Splitting fares with friends can be cost-effective for occasional taxi rides.
• Download navigation apps: KakaoMap and Naver Map are essential for navigating public transportation.

Cost of Dining & Entertainment

South Korea offers vibrant culinary options beyond fried chicken and kimchi. Here are a few dining options that you can consider without breaking the bank:

• Street food: Your go-to option for delicious and affordable eats. Explore local markets and food stalls for endless variety.
• Casual restaurants: Budget-friendly eateries offering bibimbap, kimbap, and other Korean staples are abundant. Look for student specials!
• Picnics in parks: Pack a homemade lunch and enjoy the beauty of Korean nature in parks like Namsan Park or Seoul Forest.

Food Options and Entertainment Activities	Average Cost (Won)	Average Cost (INR, converted at an exchange rate of 1 Won = 0.062 INR)*
1 Time meal at an inexpensive restaurant	9k	559
1 Time meal at a mid-range restaurant	25k	1553
McDonald’s McMeal	8k	497
Street Food (Tteokbokki, Kimbap)	1.5k to 3k per meal	93 to 186
Karaoke Nights	10k to 20k (shared)	621 to 1243
Total Food Prices, Estimated on a Monthly basis	321k	20k

Below are some tips to save some amount on your monthly food expenditures.

• Cook at home: Eating out frequently can burn your pockets. Instead, hone your culinary skills and cook tasty Korean and native dishes from scratch.
• Plan your meals: Create a weekly meal plan to avoid impulse buys at the market. You can also plan your eating-out dates a month so you can be on track to avoid unnecessary spending. 
• Take advantage of discounts: Many supermarkets and food delivery platforms offer student discounts and promotions. Stay updated with the latest trends and discount offers in the market.
• Skip the fancy cafes: Stick to affordable coffee options like convenience store americanos or instant coffee at home.

• Free activities: Explore palaces, temples, and museums offering free entry. Many universities host cultural events and performances for students.

Miscellaneous Costs

Apart from food, travel and accommodation, other expenditures must be taken care of while planning your stay in South Korea. Such cost breakdown is given below.

Expenditures	Average Monthly Cost (Won)	Average Monthly Cost (INR, converted at an exchange rate of 1 Won = 0.062 INR)*
Phone Bills and Internet Subscription	100k	6.2k
Fitness Clubs	62k	3.9k

Total Cost of Living in South Korea for Indian Students

The average cost to live in South Korea for Indian students including the stationary costs and college tuition fees is given below. 

Expenditures	Average Amount (AED)	Average Amount (INR, converted at an exchange rate of 1 Won = 0.062 INR)
Books and Stationary (one time pay)	20k to 50k	1.2k to 3k
Yearly Tuition Fees (Public and Private Universities)	1,928k to 14,466k	1.2 L to 9 L
Travelling (Local transport)	60k	3.7k
Food	321k	20k
Entertainment	10k to 50k	621 to 3107
Accommodation (University Dorms)	200k to 400k	12.4k to 25k
Phone Subscriptions	100k	6.2k

Top 5 Universities in South Korea and Their Average Tuition Fees

The top 5 universities in South Korea and their fees are given below.

Universities	Average Annual Tuition Fees
Seoul National University, Seoul	₹ 1.5 L - 3.0 L
KAIST - Korea Advanced Institute of Science & Technology, Daejeon	₹ 4.86 L - 15.12 L
Korea University, Seoul	₹ 4.29 L - 26.4 L
Pohang University of Science And Technology (POSTECH), Pohang	₹ 4.45 L - 7.6 L
Yonsei University, Seoul	₹ 2.57 L - 27 L

Also Check:

MS in South Korea for Indian Students - Universities, Colleges, Fees 2024, Deadlines	South Korea Scholarships for Indian Students
Universities and Colleges in South Korea - Courses, Fees, Scholarships	Top 10 Universities in South Korea