Travel Reference
In-Depth Information
all these things will cost two or three times what they would back home. At the other ex-
treme, live in a small apartment in a provincial city, get by on public transport, and stick
mainly to Korean food, and this can be a very cheap place indeed.
Location is another important factor in working out a monthly budget. People tend to
burn through cash more quickly in larger cities such as Seoul and Busan not only because
rents are higher but because the array of restaurants, events, and department stores is a con-
stant source of temptation to spend.
Accommodations are by far the biggest expense expatriates have to deal with, assuming
they are not taken care of by an employer—which, given the unique challenges of the South
Korean real estate market, they often are. In Seoul, if you're not prepared to put down a
sizable
jeonse
deposit, you should budget around 1 million won per month for a studio or
one-bedroom apartment in a convenient location, and twice that for a place capable of hous-
ing a family. Rents will be about two-thirds to half of these levels in Busan or major pro-
vincial cities. Many apartments, particularly those in newer, larger complexes, also have a
monthly maintenance or management fee that sometimes has to be paid separately by the
tenant. These fees can vary greatly (be sure to ask!) but are usually around 100,000 won per
month.
In almost every town, the university districts have an abundance of cheap, often
dormitory-style accommodations that may suit a young student or single person; they typ-
ically cost around 300,000 won per month.
Utility costs are fairy consistent throughout the country. In a midsize dwelling, plan on
spending around 70,000 won per month on electricity and/or gas (many apartments use a
mix of both for heating and cooking). This can rise substantially in the peak winter and
summer months when heating or air-conditioning is used. Water costs are often bundled
into maintenance fees but, if broken out separately, will be about 10,000 won per month.
Utility charges, especially in newer apartment blocks, are sometimes combined into a single
monthly management fee based on the size of a dwelling—look into these before signing
any rental contracts as they're typically charged at above the standard government rates and
can turn a place that sounded like a bargain into something unaffordable.
Unlimited broadband Internet services, which are about the only type on offer for most
South Korean homes, cost about 30,000 won per month, and cable with a limited selec-
tion of international channels is around the same amount. Phone bills—fixed and mobile
lines—start in the 25,000-30,000 per month range.
