Cost of Living in South Korea 2024

South Korea is known for its distinctive culture, technological advancements, and beautiful landscapes. The country has a lot to offer its visitors and residents, making it an attractive destination for people from different walks of life. 

In particular, the entertainment and technology industries have been drawn to South Korea due to its booming K-pop music and K-dramas scene and the presence of companies such as Samsung and LG. As a result, many individuals in these industries are willing to relocate to South Korea to further their careers and experience the country’s unique culture.

Moreover, it is a popular study-abroad destination for international students, offering excellent academic programs and a progressive culture. The cost of living in South Korea is relatively affordable compared to other study-abroad destinations, making it an attractive option for students on a budget.

In this blog, we will explore the key highlights of the cost of living in South Korea for international students. We will cover the average living costs in South Korea, including rent, transportation, utilities, and tuition fees, as well as the top universities and scholarships available in the country.

So, if you’re considering studying in South Korea, keep reading to learn more about the cost of living in this fascinating country.

Here are the blog highlights:

Parameters (per month)	Costs in KRW	Costs in INR
Average Cost Of Living (without rent)	14,05,611	84K
Average Rent In City Centre	668,750	40K
Average Transportation Cost Monthly Pass	60,000	3,600
Basic Utilities Cost	223,293	13K
Average Salary	3,28,87,888	2L
Average Tuition Fee	11,54,611 KRW	70,000
Top Universities	-Seoul National University -Korea University -Yonsei University
Scholarships	-Yonsei University For Undergraduate Program -Changwon National University Scholarship

Why Choose South Korea?

Here’s why South Korea could be a perfect fit for your study-abroad adventure:

• Top-notch Education: South Korea has one of the world’s best universities with solid reputations in various fields, especially technology and engineering. Attending a Korean university can equip you with valuable skills and a respected degree.
• Culturally Immersive:! Living in South Korea allows you to experience the culture that creates these global trends. Imagine exploring K-drama filming locations or attending K-pop concerts!
• Affordable Education & Living: Compared to other developed nations, South Korea offers reasonable tuition fees and living costs, especially for accommodation and public transportation. There are also scholarship opportunities to explore.
• Tech-Savvy Nation: South Korea is a leader in technology, with high-speed internet and a convenient digital infrastructure. These can make student life smoother and open doors to future tech careers.
• Safe and Livable: South Korea is known for its low crime rates and overall safety. The efficient public transportation system makes getting around easy, and the high standard of living ensures a comfortable student experience.

Cost of living in South Korea for International Students

Understanding the cost of living in a foreign country is very important, especially for international students on a tight budget. It’s essential to manage your finances and create a budget in advance to ensure you have enough money to cover your expenses. 

To do this, you need to research the cost of living in the country, including accommodation, food, transportation, and other essential expenses. This will help you create a realistic budget and avoid financial difficulties. 

Below is a table of the monthly costs of living in South Korea, which can help you better plan your finances. 

Parameters	Costs in KRW	Costs in INR
Average Transportation Cost (Monthly Pass)	60,000	3,600
Average Basic Utility Cost	2,23,293	13,000
Mobile Phone Monthly Plan Costs	63,000	3,000
Internet Plan Costs	30,000	1,700
Average Food Cost	321,000	20,000
Healthcare costs	1,20,000	7000
Average Rent In South Korea City Centre	6,68,750	40,000
Average On-Campus Rent	500,000	30,000

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City-wise Cost Of Living in South Korea

When considering living in South Korea, it’s important to note that the cost of living can also vary significantly between cities. Knowing the costs of different cities can help you decide where to live and plan your budget accordingly. 

For instance, Seoul, the capital city, tends to be more expensive than other cities in South Korea, whereas cities like Busan and Daegu have a lower cost of living. Researching and comparing the cost of living in different cities is essential to determine which suits your budget and lifestyle.

Here’s a table of the average costs of living in some popular South Korean cities:

Cities	Other costs (without rent)	Average Rent per month
Seoul	15,50,106 KRW (INR 93,000)	11,54,611 KRW (INR 70,000)
Busan	13,47,709 KRW (INR 81,000)	5,72,500 KRW (INR 34,000)
Jeju	14,98,778 KRW (INR 90,000)	18,79,743 KRW (INR 1L)
Daejeon	16,10,205 KRW (INR 97,000)	4,21,666 KRW (INR 25,000)
Incheon	13,74,787 KRW (INR 82,000)	5,25,000 KRW (INR 31,000)

Top 5 Universities In South Korea

South Korea is known for its top-notch universities and academic excellence. It is home to the world’s best universities and attracts many international students yearly. According to the QS ranking, 5 South Korean universities are ranked within the top 100 globally and 15 rank among the top 500, making it a brilliant destination for students seeking quality education.

South Korean universities offer a wide range of courses in various fields, including:

• Business
• Technology
• Humanities
• Engineering
• Social Sciences
• Natural Sciences

The tuition fees for international students in South Korea vary depending on the university and course of study. On average, international students can expect to pay between INR 4L and INR 8L per year. South Korea is also known for offering various scholarships, like the KNU International Graduate Scholarship, which can significantly reduce the cost of education.

Studying in South Korea can provide students with a unique cultural experience that combines traditional and modern aspects. The blend of culture and technology makes South Korea a progressive student destination.

Here is a table of the top 5 universities in South Korea, along with their average tuition fees:

Top Universities	Average Tuition Fees for UG	Average Tuition Fees for PG
Seoul National University	45,00,000 – 60,00,000 KRW (INR 2.7L – 3.6L)	50,70,000 -70,80,000 KRW  (INR 1.9L – 3.4L)
KAIST – Korea Advanced Institute of Science & Technology	KRW 9,559,000 (INR 5.7L)	KRW 9,559,000 (INR 5.7L)
Yonsei University	KRW 23,300,000 – 33,900,000  (INR 14L to 21L)	KRW 33,900,000- 50,800,000 (INR 20L TO 30L)
Korea University	43,00,000 KRW (INR 2.5L)	68,97,000 KRW (INR 4.1L)
Pohang University of Science And Technology (POSTECH)	1,33,75,324 KRW  (INR 8L	2,13,75,324 KRW (INR 12L)

Top 10 Courses To Study In South Korea

South Korea is home to some of the world’s top universities, offering a range of academic programs and research opportunities. The country has become a popular destination for international students, including those from India, who are attracted to the quality of education and unique cultural experiences.

In the previous year, around 3,500 Indian students went to South Korea for higher education, making it one of the top study-abroad destinations for Indian students. South Korean universities offer undergraduate and graduate engineering, computer science, business, and humanities programs.

South Korean universities focus on various industries and fields, including technology, engineering, medicine, business, and the arts. However, the country is particularly renowned for excelling in technology and engineering, with universities such as the Seoul National University, KAIST, and POSTECH ranking among the top engineering schools in the world. 

Additionally, South Korea has a growing emphasis on research and development, with many universities investing heavily in research facilities and programs to drive innovation and technological advancements.

Here is a list of the top 10 courses to study in South Korea:

1. Engineering and Technology
2. Korean Language
3. Business Administration
4. Computer Science
5. Business Management
6. International Trade
7. Hospitality and Tourism Management
8. Design Media
9. International Relations
10. Biotechnology

Scholarships to Reduce Cost of Living in South Korea

International students pursuing higher education in South Korea can apply for various scholarships designed to mitigate the financial burden associated with living expenses. Various entities offer these scholarships, including the South Korean government, prestigious universities within the emirate, and private organisations committed to educational advancement. Scholarship awards include tuition fees, accommodation, and other essential living expenses.

Given the competitive nature of scholarship opportunities, it is highly recommended that international students submit their applications well before deadlines and ensure the inclusion of all necessary documentation. Selection criteria for scholarships vary, with some prioritising academic excellence while others may emphasise financial need, nationality, or a combination of factors.

By actively pursuing scholarships, international students can significantly reduce their cost of living in South Korea, allowing them to dedicate their focus to academic pursuits and personal development throughout their educational journey in South Korea.

Here is the list of available scholarships for International students in South Korea:

Scholarships	Awarded By	Type
KNU International Graduate Scholarship	Kyunpook National University	-50% or 100% tuition fees are waived. There are 70 new students and 210 enrolled students in both doctoral and master’s programs.
Yonsei University For Undergraduate Program	Yonsei University’s Underwood International College (UIC)	Three categories: -Admissions-Merit-based-Need-based
Korea University’s Graduate School of International Studies (KU GSIS)	Korea University	Partial or complete tuition coverage
Changwon National University Scholarship	Changwon National University	-Scholarship period: 1 semester. According to the evaluation results, 70%, 50% or 30% tuition reduction.
Hanyang International Excellence Awards	Hanyang University	Based on the evaluation results, the university waives 70%, 50%, or 30% of tuition fees.-Awarded for one semester.

How To Reduce Cost Of Living In South Korea?

Even though South Korea provides an exceptional academic experience, the expenses associated with living there can be a hurdle for Indian students. Nevertheless, these expenses can be reduced by carefully managing finances and planning.

Here are some recommendations to lessen your cost of living in South Korea as an Indian student:

• Explore Housing Options: Look beyond traditional studio rooms and consider multi-tenant houses or villas in the suburbs for potentially lower rents.
• Negotiate Rent: Korean landlords are often open to negotiation, especially for longer leases or upfront deposits.
• Become a Savvy Grocery Shopper: Shop at local markets and discount grocery stores like E-Mart or Lotte Mart for better deals on fresh produce and pantry staples.
• Cook at Home: Preparing meals at home is significantly cheaper than eating out regularly.
• Invest in a T-Money Card: This rechargeable transit card offers discounted fares on buses and subways.
• Utilise Public Transportation: In most cases, South Korea’s extensive and affordable public transportation system makes a car unnecessary.
• Seek Student Discounts: Many museums, attractions, and performances offer discounts for students.
• Download Discount Apps: Many apps offer discounts for restaurants, cafes, and entertainment options.
• Explore Part-time Work Opportunities: Securing part-time employment, subject to regulations, can provide a means to generate additional income.

By implementing these strategies, you can significantly reduce living costs and enjoy a fulfilling experience in South Korea.

Cost of living in South Korea vs. India

If you are considering moving to South Korea from India, you must be aware of the significant changes you may encounter regarding culture, lifestyle, and cost of living. South Korea has a unique culture and customs, which may take some time to adjust. Additionally, the cost of living in South Korea is generally higher than in India, which may require some financial planning and adjustment. On the other hand, India is known for its relatively affordable living costs. 

This difference is primarily due to various factors, such as currency exchange rates, average salaries, and the cost of goods and services. 

Understanding these variations can help you plan your finances better and make an informed decision before moving to South Korea.

Here is a table that compares the monthly cost of living in South Korea and India.

Parameters	Costs of living in South Korea	Costs of living in India
Average Cost Of Living (without rent)	KRW 14,05,326 (INR 84K)	INR 28K
Average Transportation Cost (Monthly Pass)	KRW 60,000 (INR 3600)	INR 1000K
Average Basic Utility Cost	KRW 2,23,293 (INR 13K)	INR 3500
Mobile Phone Monthly Plan Costs	KRW 63,000 (INR 3000)	INR 315
Internet Plan Costs	KRW 30,000 (INR 1700)	INR 700
Average Food Cost	KRW 321,000 (INR 20K)	INR 3000-5000
Healthcare costs	KRW 1,20,000 (INR  7000)	INR 500-1000
Average Rent In South Korea City Centre	KRW 6,68,750(INR 40,000)	INR 17K
Average Tuition Fees	KRW 90,00,000(INR 5.4L)	INR 1L to 8L

Final Thoughts

Studying in South Korea can be an enriching experience for international students, with its world-class universities, unique culture, and affordable cost of living. In this blog, we have explored the key highlights of the cost of living in South Korea for international students, including the average living costs, top universities, and scholarships available in the country. 

The city-wise cost of living in South Korea can help students plan their budgets accordingly. With its advanced digital infrastructure, efficient public transportation, and low crime rates, South Korea provides a safe and comfortable environment for students to pursue their academic goals. 

LeapScholar is dedicated to empowering international students throughout their educational journey. We provide comprehensive guidance and support services, encompassing everything from navigating the application process to securing visas.

Our commitment lies in ensuring a smooth transition, a maximised academic experience, and a financially responsible and enriching time for international students in South Korea. Download our app to chart your course towards a successful and fulfilling educational journey in South Korea.

And if you’re considering other options like the UK, USA and Australia, we’ve got you covered, too. Schedule a free consultation with our experts today for personalised guidance and advice.

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