There are many practicalities to consider when moving to South Korea. For example, when you ship household goods and items to that country, you have six months to collect your goods tax-free, this also includes private cars. Any items arriving after six months will be taxed and inspected.
How much is the cost of living in South Korea?
The biggest cost you’ll be having when living in Korea will be your housing, just like in most countries. Although the price is not tremendously expensive compared to other popular countries, foreigners should be prepared to pay around 30% to 40% of their monthly salary for good housing.
You will find Seoul as the most expensive place to live in South Korea, but it still isn’t unrealistically high. Foreigners who emigrate can choose to pay more to live in high-rise buildings and communities centered on foreigners or live in more local communities far from cities.
Utility bills in South Korea will not increase your rent too much. Remember, with the exception of the Internet, most utilities such as gas, electricity, and water are provided through the government.
Food and alcohol
The prices of groceries in the country are quite reasonable, especially agricultural products. Compared to other products, the most expensive one is probably a bottle of wine, costing at about 16,000 Won (14 USD).
An average meal for two at an affordable restaurant would cost around 20,000 won (17 USD), while dinner for two at a nicer restaurant is about 56,000 won (50 USD).
The cost of education in South Korea depends on where you live in the country and the type of school your child prefers. Foreigners can study in various schools in Korea, from public schools to private schools, religious schools, and international schools. Even for foreign students, public schools are free, but take note that your child needs to learn Korean to go to a public school.
South Korea has a complete public medical system. Everyone is required to pay for the plan, and the amount you pay each month will depend on your total salary. On average, you can expect to pay approximately 30% of your monthly salary to the National Health Insurance (NHI).
Nationwide, this is approximately 120,000 won (100 U.S. dollars) per month. In return, NHI will pay approximately 50-80% of medical expenses. As for private healthcare, It is roughly the same amount as the monthly public healthcare.
Compared with public medical care, it is usually not used, but it does cover some expenses that aren’t covered by public healthcare.