How Much Money Per Month do I Need to Live in Seoul as an Average College Student?
The cost of living in Seoul can vary greatly depending on several factors such as lifestyle, housing choices, and personal spending habits. This detailed guide breaks down typical monthly expenses for an average college student in Seoul, providing a clearer picture of what to expect.
Estimated Monthly Expenses
1. Housing
The cost of housing in Seoul as an average college student can be quite variable. Here are two common options:
On-campus dormitory: Ranging from KRW 200,000 to 500,000 per month. Alternatively, you can opt for an off-campus apartment with a slight increase in the price, ranging from KRW 300,000 to 1,000,000, depending on the location and size. Jeonse (deposit system): An option for students looking to stay longer, this involves paying a high initial deposit (60–80% of the housing price) and renting for two years without monthly rent. The monthly cost is low, but there's a significant deposit to pay. For instance, a 1-room studio near the school can cost a deposit of KRW 10,000,000 and a monthly maintenance cost of KRW 430,000. Alternatively, a more premium option near Seoul Station can cost a deposit of KRW 30,000,000 and a monthly rent of KRW 1,300,000.2. Food
Food costs can also vary significantly based on your eating habits:
Cooking at home: Costs around KRW 150,000 to 300,000 per month. Eating out budget-friendly: Costs around KRW 200,000 to 400,000, depending on how often you eat out.3. Transportation
Transportation is relatively affordable in Seoul with options such as:
Public transport (subway/bus): Costs around KRW 50,000 to 100,000 per month.4. Utilities (Electricity, Water, Internet):
Utilities cost can vary as well, but generally, it's around KRW 50,000 to 150,000 per month.
5. Health Insurance:
If not covered by school, health insurance costs can be around KRW 20,000 to 50,000 per month.
6. Miscellaneous (Clothing, Entertainment, Supplies):
Additional expenses such as clothing, entertainment, and miscellaneous supplies can cost around KRW 100,000 to 300,000 per month, depending on your personal habits.
Total Estimated Monthly Cost
Low-end: Living frugally with shared housing, you might need approximately KRW 670,000 (around US$470 at the exchange rate of 1 USD 1,422 KRW) per month.
High-end: With a more comfortable lifestyle in private housing, you might need approximately KRW 2,700,000 (around US$1,900) per month.
Note: The budget provided is roughly priced and based on my personal experience and the average cost in South Korea. Exchange rates can fluctuate, but as of October 20, 2022, the rate was 1 USD 1,422 KRW, which means you can get by in Seoul with around US$1,100 per month, depending on your lifestyle and housing situation.
Conclusion
A college student might need around KRW 1,000,000 to 1,500,000 (US$715 to 1,073) per month to live comfortably in Seoul, depending on their housing situation and lifestyle choices. However, this can vary significantly based on personal needs and preferences. It is advisable to budget based on individual circumstances.