How much do you need per month to live in Seoul?

A single person living modestly needs roughly ₩1,500,000 to ₩2,200,000 a month excluding rent deposits, depending mainly on housing. Rent is the variable that moves the total; food and transport are comparatively predictable.

What is jeonse and how is it different from monthly rent?

Jeonse is a lump-sum deposit — often tens of thousands of pounds' worth — held by the landlord for the lease term with no monthly rent. Wolse is a smaller deposit plus monthly rent. Most foreigners use wolse because jeonse ties up too much capital.

Is Seoul more expensive than Tokyo or London?

Rent and eating out are generally cheaper than London and comparable to or below Tokyo. Groceries — especially fruit, imported goods, and dairy — are noticeably more expensive than both.

Do I need a big deposit to rent in Seoul?

Yes. Even monthly-rent contracts typically require a deposit of several months' rent or more, paid upfront and returned at the end. This is the single largest surprise cost for arrivals.

The Real Cost of Living in Seoul, Month by Month

Most cost-of-living figures for Seoul are wrong in the same way: they average a monthly budget without separating the one-off costs, which is how people arrive with enough money for three months of living and not enough to sign a lease.

This breaks the two apart. The recurring costs first, then the money you need before month one begins.

The monthly baseline

Assume one person, a modest studio outside the most central districts, cooking some meals and eating out regularly.

Category	Typical monthly range
Rent (studio, monthly-rent contract)	₩500,000 – ₩900,000
Utilities and building maintenance	₩100,000 – ₩200,000
Mobile phone	₩30,000 – ₩70,000
Transport	₩60,000 – ₩90,000
Groceries	₩300,000 – ₩450,000
Eating out and coffee	₩250,000 – ₩500,000
Health insurance	₩70,000 – ₩150,000

That lands most people between ₩1,500,000 and ₩2,200,000 a month, with rent doing most of the moving.

The single biggest lever is location. The same studio costs meaningfully less three subway stops further out, and because the network is dense and cheap, "further out" costs you minutes rather than isolation.

The one-off costs that break budgets

This is where Seoul differs sharply from most cities, and where arriving under-funded goes wrong.

The rental deposit. Korean leases run on a deposit system. Two forms exist:

Wolse — a deposit of typically ₩5,000,000 to ₩20,000,000 plus monthly rent. This is what most foreigners use.
Jeonse — a very large lump sum, often 50–70% of the property's value, with no monthly rent at all. The landlord invests it and returns it at the end of the lease.

Jeonse is not realistic for most arrivals, and it carries a risk worth understanding: if the landlord cannot return the deposit, recovering it is a legal process. The Ministry of Land, Infrastructure and Transport publishes guidance on deposit protection, and dedicated deposit-guarantee insurance exists for exactly this reason.

Agency fee. Estate agents charge a commission set as a percentage of the contract value, paid by the tenant.

Setting up. Furniture, bedding, kitchen basics. A bare studio needs perhaps ₩500,000 to ₩1,500,000 to become livable, less if you use secondhand markets.

Budget ₩8,000,000 to ₩25,000,000 to move in, almost all of it the deposit, most of which you get back.

Where Seoul is cheap

Transport. A subway journey costs a little over ₩1,400, and the transfer discount means a multi-leg trip often costs barely more than a single one — see the T-money guide for how to avoid paying full fare on every leg. Sixty to ninety thousand won a month covers ordinary commuting.

Eating out. A proper meal in an ordinary neighbourhood restaurant is often cheaper than cooking the same thing, once you account for grocery prices. This is genuinely unusual and it reshapes how people eat here.

Healthcare. National Health Insurance is mandatory for residents and the premium is income-linked. A GP visit with insurance typically costs a few thousand won. This is one of the clearest financial advantages of living in Korea.

Internet. Fast, cheap, and installed quickly.

Where Seoul is expensive

Groceries, especially fresh produce. Fruit is the notorious one — a single melon or a small box of berries can cost what feels like an absurd amount. Dairy, cheese, bread, and anything imported all cost noticeably more than in Europe or North America.

Anything imported. Foreign brands, imported alcohol, and Western toiletries carry a substantial markup.

Housing per square metre in central districts. Gangnam, Yongsan, and the newer developments cost what you would expect them to.

A realistic first-year budget

For a single person on an ordinary salary, planning conservatively:

Before arrival: ₩10,000,000–₩25,000,000 accessible for deposit and setup
Monthly: ₩1,800,000 comfortable, ₩1,400,000 lean, ₩2,500,000+ generous
Buffer: two months of expenses, because the deposit is locked up and not liquid

One practical note: you cannot pay a deposit, sign a phone contract, or receive a salary without a Korean bank account, and opening one has its own document requirements — see how to open a Korean bank account. Sort that first, because several other costs are blocked behind it.

Cutting the total meaningfully

Move out two or three stops. The largest single saving available.
Use traditional markets for produce. Substantially cheaper than supermarkets for fruit and vegetables.
Buy secondhand. Furniture and appliances turn over constantly through local resale apps.
Skip imported groceries. Eating closer to how the country eats is both cheaper and better.
Use the transfer discount properly. Tapping out every time is free money, and most new arrivals lose it for weeks.

Figures reflect August 2026 and vary considerably by district and personal circumstance. This is general information, not financial advice — see terms. If a figure here no longer matches what you are paying, tell me.