Cost of Living Comparison Philippines vs South Korea. (2024)

FAQs

Cost of Living Comparison Philippines vs South Korea.? ›

Cost of Living Comparison Between Seoul and Manila

You would need around 4,249,580.1₩ (178,694.7₱) in Manila to maintain the same standard of life that you can have with 8,000,000.0₩ in Seoul (assuming you rent in both cities).

Cost of Living Comparison Between Seoul and Manila

You would need around 4,249,580.1₩ (178,694.7₱) in Manila to maintain the same standard of life that you can have with 8,000,000.0₩ in Seoul (assuming you rent in both cities).

The Philippines vs South Korea: Economic Indicators Comparison. South Korea with a GDP of $1.6T ranked the 12th largest economy in the world, while the Philippines ranked 40th with $330.9B.

United States is 47% more expensive than South Korea. Sep 2024 Cost of Living.

Below is a look at the average monthly living costs for each place. On a national level, a family of four can expect to spend an average of 2,300,000 KRW per month (2,000 USD) in living expenses (excluding rent). A single expat can expect to pay 652,000 KRW (560 USD) per month (excluding rent).

A: South Korea's living costs vary depending on the city and lifestyle. Students can expect to spend around 14,05,611 KRW (approx. INR 84K) monthly on food, transportation, and other expenses. This amount can be higher or lower depending on the city, accommodation options, and lifestyle choices.

The cost of living is significantly lower in the Philippines than in the United States. The average cost of living for an individual is 72.4% lower than in the United States. For a family, the average cost of living is 68.9% lower in the Philippines than in the United States.

The Philippines has an embassy in Seoul, while South Korea has an embassy in Manila. The relationship between the Philippines and South Korea can be classified as strong as the two countries have historically been and continue to be close diplomatic and military allies.

You are considered rich if your monthly income is at least PHP219,140 and up.

How much does a 1 bedroom apartment cost in Korea? ›

Some average living costs are (in ₩ and USD): Monthly rent (1 bedroom apartment): 975,000₩ ($830) Utilities (monthly average): 200,000₩ ($170) Monthly public transport pass: 55,000₩ ($45)

Average salary range

On average, South Korean salaries can range from about 983,000 KRW per month (USD 731) on the lower end to 17,400,000 KRW per month (USD 12,940) on the higher end.

The average sale price of a home in the greater Seoul area shot up from 341 million won ($274,000) in May 2017, when Moon was inaugurated, to 626 million won ($503,000) as of March 2022, according to the Korea Real Estate Board.

In general, moving to South Korea is easy as long as you are prepared before your arrival. Although the country has a long history of not preferring foreign migration, those sentiments have changed as Korea has started to welcome more and more international companies through its borders.

Please note that South Korea does not offer a long-stay visa specific to retirement. You will need to qualify for a long-stay visa another way. However, South Korea remains a popular place for Westerners to retire.

South Koreans are more open and tolerant toward foreigners and immigrants living in South Korea than previously believed. They are, however, defensive and protectionist toward foreign capital and culture that compete with South Korean capital and culture.

Many South Koreans living in the Philippines are attracted to the low cost of English-language education and housing, both significantly cheaper than those offered in their native South Korea. The warmer climate is yet another motivating factor for the recent surge in migration.

The Philippines is the most affordable country in Southeast Asia when it comes to expenditure, making it a popular spot for tourists and residents. Compared to nearby places like Thailand and Indonesia, the Philippines offers the lowest cost of living.

A single person estimated monthly costs are 1,083.8$ (1,439,884.0₩) without rent. Cost of living in South Korea is, on average, 4.7% lower than in United States. Rent in South Korea is, on average, 59.3% lower than in United States.

A family of four estimated monthly costs are 1,955.0$ (109,363.9₱) without rent. A single person estimated monthly costs are 566.4$ (31,684.6₱) without rent. Cost of living in Philippines is, on average, 54.1% lower than in United States. Rent in Philippines is, on average, 82.6% lower than in United States.