Although South Korea may be a more affordable study destination compared to others, it is still important to plan your finances in advance to be fully prepared for your study abroad journey.
By Betty Lee
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The cost of living in South Korea for international students is generally affordable compared to other desirable study destinations. That being said, the capital city of Seoul can be costly.
The budget you need to study in South Korea also depends on your preferred standard of living and the financial choices you make.
Hopefully, with our help, you can gain a clear idea of the average living costs so that you can plan and budget accordingly in preparation for your studies.
Accommodation
While living expenses in South Korea are relatively inexpensive, your rent will likely consume most of your budget.
On-campus accommodation
If you decide to stay in on-campus student halls of residence, you can expect to spend between KRW 500,000 andKRW 1,650,000 per semester on accommodation.
Your accommodation cost will vary with room size, provided amenities and whether your student hall of residence provides catering.
Private rentals
Alternatively, you can choose to rent privately. Renting a one-bedroom flat in South Korea will cost you an average of KRW 450,000 to KRW 1,000,000 depending on the location, size, condition of the flat and the type of housing.
It can cost significantly more to rent a flat in large cities. For example, it will cost you an average of KRW 975,000 per month to rent a 1-bedroom flat in Seoul, the capital city of South Korea.
Suburbs tend to be more affordable than city centres. To rent a 1-bedroom flat in the city centre, you will need an average monthly budget of around KRW 585,000 to KRW 660,000.
However, if you decide to live in the suburbs, renting a 1-bedroom flat will only cost you an average of KRW 450,000 to KRW 480,000 per month.
In South Korea, it is typical for landlords to request a security deposit on top of the first month's rent when you first move into a rental property. So, don't forget to factor that in when you budget for accommodation.
A security deposit for a 1-bedroom flat in South Korea usually costs between KRW3,000,000 and KRW 5,700,000. The amount is refundable when your contract ends if you have left the property in reasonable conditions.
Always ensure that you have seen the accommodation before signing any agreement. Avoid making any payment before signing a contract. Make sure that you understand the terms and conditions that you have signed up for.
Goshiwons
Aside from on-campus accommodation, 'Goshiwons' are another affordable housing option popular among local and international students.
Goshiwons are shared accommodations often located near university campuses.They are compact living spaces that typically include a small room with basic amenities like a bed, desk, shared kitchen and bathroom.You can have your own room or share a room with up to four people to keep costs low.
On average, you might find goshiwon rents ranging from around KRW 300,000 to KRW 700,000 per month. However, goshiwon rents can varydepending on factors such as location, amenities and the specific policies of each goshiwon.
Transportation
As an international student, you can buy a Korail Pass, which offers unlimited rail journeys as long as you travel on consecutive days.
Foreign passengers aged between 13 and 27 are eligible for the Youth Pass. Those eligible for the Youth Pass can get a three-consecutive-day Korail Pass at KRW 132,000 and a five-consecutive-day Korail Pass at KRW 195,000.
If you are 28 or above,a three-consecutive-day Korail Pass will cost you KRW 165,000, while the five-consecutive-day option will cost KRW 244,000.
Apart from consecutive-day Korail Passes, you can also purchase ‘select passes.’ They allow you to travel on non-consecutive days as long as they fall within ten days.
If you are eligible for the Youth Pass, a two-day select pass will cost you KRW 105,000, while a four-day one will cost KRW 187,000. You will have to pay KRW 131,000 for atwo-day select pass and KRW 234,000 for the four-day variant if you are 28 or older.
You can also get a rechargeable smart card to help you effortlessly get around by public transport. The most popular options are the T-money CardandCashbee Card.
The T-money Card and Cashbee Card are both transportation cards widely used in Seoul and various other cities in South Korea. You can use them on subways, buses, taxis and even small payments ataffiliated stores.
Cashbee cards are even integrated with mobile apps, allowing you to manage your cards and transactions on your smartphone.
Seoul residents spend a monthly average of KRW55,000 on public transport, but your actual monthly travel cost will fluctuate depending on your travelling habits.
Utilities
If you decide to rent privately in South Korea, you are often required to pay for utilities on top of your rent.
The average monthly energy bill (gas, water and electricity) for an 85m² flat in South Korea is around KRW 220,000.Of course, this figure can vary depending on how much you are using, but this estimate can help give you a rough idea.
Internet and mobile phone plans are standard components of your monthly utility bills. You can expect to spend an average of KRW 28,600 per month on your internet (60 Mbps or more) and around KRW 66,320 on your monthly mobile phone plan (with calls and at least 10GB data).
South Korea boasts some of the fastest internet connections in the world (almost 170 megabytes per second) andextensive 5G coverage across the country.
With an internet penetration rate of 97.6% of its total population as of early 2023, South Koreais also one of the world's most connected countries.
Healthcare and medical insurance
International students living in South Korea must subscribe to the Korean National Health Insurance scheme by law.With this insurance, you will have access to healthcare services equivalent to those available to Korean citizens.
International students holding D-2 visas can enrol in the Korean National Health Insurance programme at a discounted fee. As of 2023, D-2 student visa holders must pay a monthly insurance fee of around KRW 65,200 to KRW 78,250.
If you wish to opt for additional private medical insurance, the monthly cost is approximately KRW 24,000.
Groceries
Groceries are daily expenses you cannot escape from. In South Korea, groceries are relatively expensive compared to countries such as the UK, but you can definitely avoid breaking the bank with careful planning.
Check out the list below for a rough idea of what you can expect to pay on average for everyday grocery items:
Milk (1L): KRW 2,798.70
Load of fresh white bread (500g): KRW 3,831.12
Chicken fillets (1kg): KRW 11,310.58
Potatoes (1kg): KRW 5,484.63
Tomatoes (1 kg): KRW 7,328.74
White rice (1 kg): KRW 4,413.04
Eggs (12 pack): KRW 4,517.90
Local cheese (1 kg): KRW 16,694.82
Leisure and entertainment
Last but not least, remember to include your leisure and entertainment costs in your study-abroad budget. Taking a break from studying from time to time can help you stay productive and motivated.
Here are some examples of how much you might spend on leisure and entertainment. Keep these in mind when planning your budget:
Local beer at a bar or restaurant (1 pint): KRW 4,000
Cappuccino (regular): KRW 4,814.93
Three-course meal for two at a mid-range restaurant: KRW 50,000
Cinema ticket (with no student discount): KRW 14,000
Monthly gym membership: KRW 62,444.54
Now that you have a picture of how much it costs to live in South Korea, why not check out our guide on the South Korean higher education system to understand what it is like to study there?
The sooner you learn everything about living and studying in South Korea, the sooner you can determine if it is the right destination for you.
