Cost of living in South Korea in 2024

Ok... all prices in Korean Won and "k" for thousands eg 100,000 is 100k. In Jeju.

Housing. Zero rent as employer provides this, normal in Korea and it is a real hassle to get own accommodation, especially if new. Also this is tax free if provided! I pay 180k towards apartment management fee (usual you pay this and most accommodation is in apartments) and gas an electricity over a year average out at 150k - my heater is set to 28 degrees though!

Public transport I walk to work. I have a car. I used to lease at 420k a month but bought a car and insurance 80k a month, and servicing etc another 20k a month. A must in Jeju longterm. Public transport is cheap though, so are taxis. Cars are ok priced, no large taxes as in other SE Asian countries.

Healthcare basically zero. I have Tiecare private insurance paid for by my employer, a perk every expat should demand. I copay 10% upto a 1,000 USD a year, but all medicine costs are rebated so on average I have paid 10k a month (won) and that includes two major stays in hospital, one week each -  once for wife and once for me. Covers a lot more than the local NHIS.

Groceries and especially fruit are very expensive. All in 700k a month (for 2 people) and we cook at home mostly. About another 300k for eating out, cafe etc.

All in I set aside 2 million won a month for expenses, car, eating out, clothes, new electronics etc - I use a seperate account to budget. We don't drink, but before marriage (not Korean) I did a little - beer and soju are cheap. The beer is American (basically fizzy coloured water) and Soju is way better.

We spend 1 million a month on holidays, the rest of my salary we save/invest for long term.

GNI per capita is 42.5 million  a month and my personal rule is don't work anywhere developed for less than 2xGNI, also a Korean rule for many longer term visas, and I strongly suggest this is the absolute minimum salary for an expat. I earn just over 3xGNI, which is ok.

School fees. I get free school places, this again is a basic demand from any employer, as International School fees are about 3-4 million a month. You can legally use local state schools but that would destroy your children's future, ans they would need to be fluent in Korean.

Summary.

- always ensure you get accommodation provided as tax free

- always insist on extra private insurance

- always demand free school places

- you will need 2 million minimum for basic daily expenses

- don't work for less than 2xGNI (85 million as of 2023). Expats generally earn 100-300 million a  month though.

Note this excludes the TEFL crowd, who earn 25 million and get free accommodation. Great idea, if 21 and want a cultural experience before starting  a real career. Not a long term option!