Cost Of Living in Daejeon 2024

Average monthly spending for singles, couples, students, and families in Daejeon

Whether you're living in Daejeon or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Average Monthly Expenditure

3.8M KRW

per month
$2,800

290,000 KRW   $220
$28,000   38M KRW

Single

2.6M KRW

per month
$1,900

870,000 KRW   $650
$13,000   17M KRW

Couple

4.3M KRW

per month
$3,200

1.4M KRW   $1,100
$17,000   23M KRW

Family

5.8M KRW

per month
$4,300

2M KRW   $1,500
$24,000   32M KRW

Student

1.8M KRW

per month
$1,400

720,000 KRW   $540
$2,400   3.3M KRW
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Daejeon is 2.6M KRW. Expenses can range from 870,000 KRW at the minimum level to 17M KRW at the highest end.


Couples

The average monthly spending of couples in Daejeon is 4.3M KRW. Expenditure can range from 1.4M KRW to 23M KRW per month.


Families

The average cost of living for families in Daejeon is 5.8M KRW per month. Families spend anywhere from 2M KRW to 32M KRW.


Students

The average monthly expenditure for students in Daejeon is 1.8M KRW. Students spend from 720,000 KRW to 3.3M KRW per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.

Prices and cost of goods and services in Daejeon


Dining, food, and beverages costs


Large bottle of water
460 KRW 530 KRW 610 KRW
MINIMUM AVERAGE MAXIMUM
$0.35 $0.39 $0.45
Fast food combo meal
3,900 KRW 7,900 KRW 13,000 KRW
MINIMUM AVERAGE MAXIMUM
$3 $5.9 $9.8
Restaurant meal for one
13,000 KRW 20,000 KRW 40,000 KRW
MINIMUM AVERAGE MAXIMUM
$9.9 $15 $30
Fine dining meal for one
27,000 KRW 40,000 KRW 160,000 KRW
MINIMUM AVERAGE MAXIMUM
$20 $30 $120
Soda or Soft Drink
560 KRW 660 KRW 790 KRW
MINIMUM AVERAGE MAXIMUM
$0.42 $0.49 $0.59
Cappuccino or latte
3,300 KRW 5,300 KRW 7,900 KRW
MINIMUM AVERAGE MAXIMUM
$2.5 $3.9 $5.9

Grocery and market costs


Milk large bottle
2,600 KRW 3,200 KRW 3,900 KRW
MINIMUM AVERAGE MAXIMUM
$2 $2.4 $3
Loaf of bread
470 KRW 540 KRW 630 KRW
MINIMUM AVERAGE MAXIMUM
$0.36 $0.40 $0.47
12 eggs
2,000 KRW 2,600 KRW 3,900 KRW
MINIMUM AVERAGE MAXIMUM
$1.5 $2 $3
Fresh whole chicken
4,500 KRW 5,800 KRW 8,200 KRW
MINIMUM AVERAGE MAXIMUM
$3.4 $4.3 $6.1
Beef 1 kg or 1 lb
5,300 KRW 7,900 KRW 16,000 KRW
MINIMUM AVERAGE MAXIMUM
$3.9 $5.9 $12
Rice 1 kg or 1 lb
2,100 KRW 2,900 KRW 4,100 KRW
MINIMUM AVERAGE MAXIMUM
$1.6 $2.2 $3.1
Tomato 1 kg or 1 lb
790 KRW 1,100 KRW 2,000 KRW
MINIMUM AVERAGE MAXIMUM
$0.59 $0.79 $1.5
Apples 1 kg or 1 lb
1,400 KRW 1,800 KRW 3,000 KRW
MINIMUM AVERAGE MAXIMUM
$1.1 $1.4 $2.3

Commute, travel, and transportation costs


20 minutes taxi ride
3,300 KRW 4,000 KRW 8,000 KRW
MINIMUM AVERAGE MAXIMUM
$2.5 $3 $6
Average car full tank
20,000 KRW 26,000 KRW 53,000 KRW
MINIMUM AVERAGE MAXIMUM
$15 $20 $39
Average car 1-day rental
20,000 KRW 27,000 KRW 40,000 KRW
MINIMUM AVERAGE MAXIMUM
$15 $20 $30
Average car price
9.8M KRW 20M KRW 26M KRW
MINIMUM AVERAGE MAXIMUM
$7,400 $15,000 $20,000
Bus ticket one way
670 KRW 1,000 KRW 2,000 KRW
MINIMUM AVERAGE MAXIMUM
$0.50 $0.75 $1.5
Car Service
27,000 KRW 40,000 KRW 80,000 KRW
MINIMUM AVERAGE MAXIMUM
$20 $30 $60

Utility cost (monthly)


Utility Bill - Individual
52,000 KRW 160,000 KRW 1M KRW
MINIMUM AVERAGE MAXIMUM
$39 $120 $780
Utility Bill - Couple
72,000 KRW 220,000 KRW 1.2M KRW
MINIMUM AVERAGE MAXIMUM
$54 $160 $870
Utility Bill - Family
61,000 KRW 170,000 KRW 950,000 KRW
MINIMUM AVERAGE MAXIMUM
$45 $130 $710
Internet and cable
20,000 KRW 39,000 KRW 53,000 KRW
MINIMUM AVERAGE MAXIMUM
$15 $30 $39
Mobile phone charges
16,000 KRW 26,000 KRW 79,000 KRW
MINIMUM AVERAGE MAXIMUM
$12 $20 $59

Leisure and activities costs


Movie ticket
9,800 KRW 13,000 KRW 20,000 KRW
MINIMUM AVERAGE MAXIMUM
$7.4 $9.8 $15
One month gym membership
32,000 KRW 40,000 KRW 80,000 KRW
MINIMUM AVERAGE MAXIMUM
$24 $30 $60

Cloths and accessories costs


Pair of jeans or pants
24,000 KRW 34,000 KRW 50,000 KRW
MINIMUM AVERAGE MAXIMUM
$18 $25 $38
Woman dress
22,000 KRW 31,000 KRW 100,000 KRW
MINIMUM AVERAGE MAXIMUM
$17 $23 $75
Woman shoes
21,000 KRW 29,000 KRW 67,000 KRW
MINIMUM AVERAGE MAXIMUM
$16 $22 $50
Men's shoes
18,000 KRW 22,000 KRW 45,000 KRW
MINIMUM AVERAGE MAXIMUM
$14 $17 $33
Men suit
20,000 KRW 25,000 KRW 130,000 KRW
MINIMUM AVERAGE MAXIMUM
$15 $19 $100
Regular t-shirt
10,000 KRW 13,000 KRW 40,000 KRW
MINIMUM AVERAGE MAXIMUM
$7.5 $10 $30

Housing costs / monthly rent


Studio apartment
340,000 KRW 500,000 KRW 1.3M KRW
MINIMUM AVERAGE MAXIMUM
$250 $380 $1,000
1-bedroom apartment
500,000 KRW 800,000 KRW 2M KRW
MINIMUM AVERAGE MAXIMUM
$380 $600 $1,500
2-bedroom apartment
670,000 KRW 1M KRW 2.7M KRW
MINIMUM AVERAGE MAXIMUM
$500 $750 $2,000

Housing costs / Buying


Studio apartment
67M KRW 100M KRW 200M KRW
MINIMUM AVERAGE MAXIMUM
$50,000 $75,000 $150,000
1-bedroom apartment
80M KRW 130M KRW 500M KRW
MINIMUM AVERAGE MAXIMUM
$60,000 $100,000 $380,000
2-bedroom apartment
130M KRW 400M KRW 800M KRW
MINIMUM AVERAGE MAXIMUM
$100,000 $300,000 $600,000

Furniture Costs


King Size Bed
390,000 KRW 490,000 KRW 660,000 KRW
MINIMUM AVERAGE MAXIMUM
$300 $370 $490
Double Bed
260,000 KRW 390,000 KRW 490,000 KRW
MINIMUM AVERAGE MAXIMUM
$200 $300 $370
Single Bed
230,000 KRW 300,000 KRW 390,000 KRW
MINIMUM AVERAGE MAXIMUM
$170 $230 $300
Living Room
440,000 KRW 560,000 KRW 2M KRW
MINIMUM AVERAGE MAXIMUM
$330 $420 $1,500
Dining Table
200,000 KRW 260,000 KRW 490,000 KRW
MINIMUM AVERAGE MAXIMUM
$150 $200 $370
Sofa or Couch
260,000 KRW 360,000 KRW 790,000 KRW
MINIMUM AVERAGE MAXIMUM
$200 $270 $590

Electronics and House Appliance Costs


TV Set
260,000 KRW 390,000 KRW 790,000 KRW
MINIMUM AVERAGE MAXIMUM
$200 $300 $590
Fridge or Freezer
230,000 KRW 360,000 KRW 490,000 KRW
MINIMUM AVERAGE MAXIMUM
$170 $270 $370
Washing Machine
300,000 KRW 440,000 KRW 790,000 KRW
MINIMUM AVERAGE MAXIMUM
$230 $330 $590
Stove or Cooker
280,000 KRW 360,000 KRW 490,000 KRW
MINIMUM AVERAGE MAXIMUM
$210 $270 $370
Mobile Phone
330,000 KRW 390,000 KRW 560,000 KRW
MINIMUM AVERAGE MAXIMUM
$250 $300 $420
Laptop or Computer
360,000 KRW 440,000 KRW 790,000 KRW
MINIMUM AVERAGE MAXIMUM
$270 $330 $590

Expenditure to Income Ratio in Daejeon

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.


Spending to Income Ratio

81%

73% to 90%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%5%
50% - 60%10%
60% - 70%17%
70% - 80%26%
80% - 90%18%
90% - 100%10%
100% - 110%5%
110% - 120%3%
120% - 130%2%
130% - 140%2%
> 140%1%

Interpretation and Analysis

The average spending-to-salary ratio in Daejeon is 81% This means that on average, people spend around 81% of their income for living. According to the distribution table, 17% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
73%
Spending-Income-Ratio
66%
81%

Couple
77%
Spending-Income-Ratio
70%
85%

Family
85%
Spending-Income-Ratio
77%
94%

How do people spend their money in Daejeon?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure25%

25% of total expenses on average (14% to 33%)

LOW$65   87,000 KRW
AVERAGE$840   1.1M KRW
HIGH$8,400   11M KRW
Per Month

People living in Daejeon typically spend from 14% to 33% of their total monthly expenditure on housing with 25% being the average. The average spend on housing is 1.1M KRW with expenditure ranging from 87,000 KRW to 11M KRW. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water7%

7% of total expenses on average (4% to 11%)

LOW$11   14,000 KRW
AVERAGE$140   190,000 KRW
HIGH$1,400   1.9M KRW
Per Month

Utility expenditure like electricity, water, and gas in Daejeon ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 190,000 KRW with 14,000 KRW and 1.9M KRW being the upper and lower limits.

Transport, Fuel, Commute8%

8% of total expenses on average (4% to 12%)

LOW$22   29,000 KRW
AVERAGE$280   380,000 KRW
HIGH$2,800   3.8M KRW
Per Month

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 29,000 KRW to 3.8M KRW on commuting with 380,000 KRW being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.

Food and Groceries Cost27%

27% of total expenses on average (19% to 33%)

LOW$54   72,000 KRW
AVERAGE$700   940,000 KRW
HIGH$7,000   9.4M KRW
Per Month

The average outlay on groceries in a month in Daejeon is 940,000 KRW. The cost of groceries can range between 72,000 KRW to 9.4M KRW. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.

Healthcare and Medical Services9%

9% of total expenses on average (4% to 12%)

LOW$15   20,000 KRW
AVERAGE$200   260,000 KRW
HIGH$2,000   2.6M KRW
Per Month

People in Daejeon allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 20,000 KRW to 2.6M KRW with 260,000 KRW being the norm.

Leisure and Shopping5%

5% of total expenses on average (3% to 9%)

LOW$8.7   12,000 KRW
AVERAGE$110   150,000 KRW
HIGH$1,100   1.5M KRW
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 12,000 KRW to 1.5M KRW with 150,000 KRW being the average. Speaking of percentages, that equates to 3% to 9% of total expenses with an average of 5% for most residents.

Education and Schooling6%

6% of total expenses on average (4% to 12%)

LOW$13   17,000 KRW
AVERAGE$170   230,000 KRW
HIGH$1,700   2.3M KRW
Per Month

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 230,000 KRW per month with 17,000 KRW being the minimum spent amount and 2.3M KRW being the maximum.

Other Expenses13%

13% of total expenses on average (8% to 20%)

LOW$28   38,000 KRW
AVERAGE$370   490,000 KRW
HIGH$3,700   4.9M KRW
Per Month

How much money can you save in Daejeon every month?

We asked thousands of people what percentage of their income can they save in a month. Below are the answers.


What percentage of people in Daejeon manage to save money from their income every month?


Saving Money
60%
Not Saving
41%

Almost 60% of the surveyed people in Daejeon said that they can save some money at the end of each month while 41% said that aren't saving anything.


Percentage of people saving money by population group in Daejeon

GroupSaversNon Savers
Singles69%31%
Couples64%36%
Families59%41%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Saving to Income Ratio

11% 19% of income 30%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

110,000 KRW
$85
1.5M KRW
$1,100
15M KRW
$11,000
MINIMUM AVERAGE MAXIMUM

For most people, 11% to 30% of their monthly income is what they can allocate to their savings, with 19% being the average. The amount of money that people can save is approximately 1.5M KRW on average with savings ranging from 110,000 KRW to 15M KRW.

69% of surveyed singles reported some of their income going to savings while 64% of couples said the same. 59% of families confirmed their ability to save money.


How much money do people actually save in Daejeon?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

14% 22% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

340,000 KRW
$250
1M KRW
$760
6.8M KRW
$5,100
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%30%
10% - 20%24%
20% - 30%16%
30% - 40%15%
40% - 50%11%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 14% to 32% of their monthly income to savings, with 22% being the average for most singles. The average amount of money that singles are able to save is 1M KRW with 340,000 KRW and 6.8M KRW being the minimum and maximum respectively.


Couples

Saving to Income Ratio

12% 21% of income 31%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

570,000 KRW
$420
1.7M KRW
$1,300
9M KRW
$6,800
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%34%
10% - 20%26%
20% - 30%19%
30% - 40%10%
40% - 50%8%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 12% to 31% of their monthly income, with 21% being the average for most couples. The average amount of money that couples can save is 1.7M KRW with 570,000 KRW and 9M KRW being the minimum and maximum respectively.


Families

Saving to Income Ratio

9.8% 18% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

790,000 KRW
$590
2.3M KRW
$1,700
12M KRW
$9,300
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%37%
10% - 20%29%
20% - 30%20%
30% - 40%7%
40% - 50%5%
> 50%2%

Interpretation and Analysis

Families in Daejeon can save anywhere between 9.8% to 28% of their monthly income, with 18% being the average for most families. The average amount of money that families can put aside is 2.3M KRW with 790,000 KRW and 12M KRW being the minimum and maximum respectively.

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Affordable living in Daejeon

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Daejeon?


Yes
69%
No
31%

Around 69% of surveyed residents think that living in Daejeon is affordable with proper budgeting while 31% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Daejeon

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options57%

Few low-cost options43%


Based on the survey, 57% of the people living in Daejeon have no problem finding low-cost alternatives to support a frugal lifestyle while 43% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Daejeon whether they have an emergency fund and the answers were as follows.

Yes64%

No36%


Based on the survey, 36% of the people living in Daejeon said that they don't have an emergency fund while 64% said that they do.

Financial Literacy in Korea (South)

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy66%


We asked residents of Korea (South) whether they acquired any adequate personal financial training in their lives. Approximately 34% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 66% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of Korea (South) have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 39% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 61% said that they have everything under control.

Struggles with finance39%

Easily manages finances61%

Financial goals of people in Daejeon

In an attempt to understand the economic situation in Daejeon, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.


Financial Goal% People
Emergency Fund7%
Debt Reduction38%
Retirement Savings9%
Education Funding8%
Homeownership17%
Investing8%
Travel or Lifestyle9%
Healthcare Expenses11%
Financial Independence7%

Around 7% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 38% said their number one priority is to pay off high-interest debt or loans and improve credit. 9% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 8% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 9% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 11% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Daejeon

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Daejeon. Listed below are the answers given by the survey participants.


Reason% People
Low Income6%
High Expenses9%
Debt and Loans16%
Lack of Budgeting Skills11%
Impulsive Spending10%
Financial Emergencies6%
Living the moment6%
Will do it later19%
Inflation12%
Social Pressure3%
Market Instability3%

Around 6% of the people said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 16% of the residents said that they are burdened with debt and find it challenging to save money. 11% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 10% blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 19% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 12% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.

Typical saving choices for people in Daejeon

Where do people choose to put their savings?


Saving Type% People
Emergency Funds11%
Gold11%
Savings Accounts17%
Retirement Accounts11%
Cash Savings18%
Real Estate10%
Investment6%
Stocks5%
Bonds6%
Mutual Funds3%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Daejeon

What does the retirement lifestyle look like in Daejeon and how much retirement savings are required?

Retirement age

The retirement age for most employees in Korea (South) is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.


The typical saved amount of money you should have at every age as multiples of monthly salary:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Daejeon:
AgeAmount
2510M KRW
3021M KRW
3537M KRW
4052M KRW
4578M KRW
50110M KRW
55130M KRW
60160M KRW
65190M KRW

Retirement Income Distribution

We asked residents of Daejeon about their retirement income sources and below are the results.

Source% People
Pensions13%
Savings22%
Investments13%
Social Security8%
Annuities8%
Part-time Job12%
Real Estate17%
Dividends and Interest8%

Retirement Monthly Expenses in Daejeon

630,000 KRW
$470
1.9M KRW
$1,400
13M KRW
$9,400
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Daejeon


Percentage of people who are in debt


In Debt
30%
Debt Free
70%

According to the survey, 30% of the people in Daejeon have some kind of debt, loan, mortgage, or credit card payments while 70% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Daejeon

Debt to income ratio

27%

19% to 36%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 27% of the people's monthly income in Daejeon goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%15%
40% - 50%13%
30% - 40%15%
20% - 30%13%
10% - 20%15%
0% - 10%27%

According to our data, 3% of the debtors in Daejeon pay 60%+ of their income as debt settlement while 15% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 13% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 15% dedicated 30% to 40% of income for same. Things are looking brighter for 13% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Daejeon

Debt% People
Real Estate Mortgage11%
Auto Loan19%
Student Loan3%
Credit Card27%
Personal Loan40%

11% of debtors in Daejeon confirm that real estate mortgages constitutes the main part of their outstanding debt while 27% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 19% of people and personal loans rose at 40%. Lastly, student loans are the main source of debt for 3% of debtors in Daejeon.


About credit score and debt management

Managing debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.


Loan Affordability Index in Daejeon

Besides measuring the loan-to-income ratio, we asked residents of Daejeon how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Frequency% People
Never53%
Once a year23%
Twice a year12%
Three times a year8%
Four times a year4%

Housing costs, accommodation, and housing affordability in Daejeon

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Daejeon

Monthly Rent Prices

Studio apartment
340,000 KRW 500,000 KRW 1.3M KRW
MINIMUM AVERAGE MAXIMUM
$250 $380 $1,000
1-bedroom apartment
500,000 KRW 800,000 KRW 2M KRW
MINIMUM AVERAGE MAXIMUM
$380 $600 $1,500
2-bedroom apartment
670,000 KRW 1M KRW 2.7M KRW
MINIMUM AVERAGE MAXIMUM
$500 $750 $2,000
3-bedroom apartment
800,000 KRW 1.3M KRW 3.7M KRW
MINIMUM AVERAGE MAXIMUM
$600 $1,000 $2,700
Furnished apartment
1.6M KRW 4M KRW 8M KRW
MINIMUM AVERAGE MAXIMUM
$1,200 $3,000 $6,000
Townhouse
1.3M KRW 2M KRW 5.7M KRW
MINIMUM AVERAGE MAXIMUM
$1,000 $1,500 $4,300
House
1.6M KRW 4M KRW 8M KRW
MINIMUM AVERAGE MAXIMUM
$1,200 $3,000 $6,000
Villa
2M KRW 5M KRW 8M KRW
MINIMUM AVERAGE MAXIMUM
$1,500 $3,800 $6,000

The monthly rental cost of a studio apartment in Daejeon ranges between 340,000 KRW and 1.3M KRW, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 500,000 KRW to 2M KRW. Two-bedroom rentals rate ranges between 670,000 KRW and 2.7M KRW per month. The monthly rental for a three-bedroom apartment ranges from 800,000 KRW to 3.7M KRW. The average rent of a townhouse in Daejeon is around 2M KRW while house rental costs can be as high as 4M KRW per month. Finally, if you want to rent a villa, expect to pay anywhere from 2M KRW to 8M KRW per month.



Apartment and house prices in Daejeon

Cost of buying a property

Studio apartment
67M KRW 100M KRW 200M KRW
MINIMUM AVERAGE MAXIMUM
$50,000 $75,000 $150,000
1-bedroom apartment
80M KRW 130M KRW 500M KRW
MINIMUM AVERAGE MAXIMUM
$60,000 $100,000 $380,000
2-bedroom apartment
130M KRW 400M KRW 800M KRW
MINIMUM AVERAGE MAXIMUM
$100,000 $300,000 $600,000
3-bedroom apartment
450M KRW 670M KRW 2,000M KRW
MINIMUM AVERAGE MAXIMUM
$330,000 $500,000 $1.5M
Townhouse
570M KRW 1,300M KRW 5,000M KRW
MINIMUM AVERAGE MAXIMUM
$430,000 $1M $3.8M
House
670M KRW 4,000M KRW 5,700M KRW
MINIMUM AVERAGE MAXIMUM
$500,000 $3M $4.3M
Villa
800M KRW 4,500M KRW 6,700M KRW
MINIMUM AVERAGE MAXIMUM
$600,000 $3.3M $5M

The average price of a studio apartment in Daejeon can range from 67M KRW to 200M KRW depending on location. One bedroom cost can be anywhere from 80M KRW to 500M KRW. A villa can cost you 4,500M KRW on average with prices ranging from 800M KRW to 6,700M KRW.


If you're leasing or purchasing, housing costs in Daejeon will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


40 x118 monthly income 207
MINIMUM AVERAGE MAXIMUM

Property prices in Daejeon can be x118 to x207 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x118 multiples of the average monthly salary in Daejeon.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


22% 31% of income 41%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Daejeon is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 22% to 41% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
29%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
2.1%
AVERAGE
3.1%
TO
4%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


5,800 KRW 75,000 KRW 750,000 KRW
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Daejeon

Housing31%

31% of total expenses on average (19% to 43%)

LOW$230   310,000 KRW
AVERAGE$700   940,000 KRW
HIGH$4,700   6.2M KRW
Per Month

Utilities, Electricity, Water8%

8% of total expenses on average (4% to 13%)

LOW$39   52,000 KRW
AVERAGE$120   160,000 KRW
HIGH$780   1M KRW
Per Month

Transport, Fuel6%

6% of total expenses on average (4% to 12%)

LOW$52   69,000 KRW
AVERAGE$160   210,000 KRW
HIGH$1,000   1.4M KRW
Per Month

Food and Groceries18%

18% of total expenses on average (12% to 23%)

LOW$100   140,000 KRW
AVERAGE$310   420,000 KRW
HIGH$2,100   2.8M KRW
Per Month

Healthcare11%

11% of total expenses on average (5% to 15%)

LOW$58   78,000 KRW
AVERAGE$180   230,000 KRW
HIGH$1,200   1.6M KRW
Per Month

Leisure, Shopping3%

3% of total expenses on average (3% to 6%)

LOW$32   43,000 KRW
AVERAGE$97   130,000 KRW
HIGH$650   870,000 KRW
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW$13   17,000 KRW
AVERAGE$39   52,000 KRW
HIGH$260   350,000 KRW
Per Month

Other Expenses21%

21% of total expenses on average (13% to 25%)

LOW$120   160,000 KRW
AVERAGE$350   470,000 KRW
HIGH$2,300   3.1M KRW
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Daejeon

Housing28%

28% of total expenses on average (21% to 38%)

LOW$360   480,000 KRW
AVERAGE$1,100   1.4M KRW
HIGH$5,700   7.6M KRW
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (5% to 11%)

LOW$54   72,000 KRW
AVERAGE$160   220,000 KRW
HIGH$870   1.2M KRW
Per Month

Transport, Fuel10%

10% of total expenses on average (4% to 15%)

LOW$130   170,000 KRW
AVERAGE$390   520,000 KRW
HIGH$2,100   2.8M KRW
Per Month

Food and Groceries16%

16% of total expenses on average (11% to 21%)

LOW$150   200,000 KRW
AVERAGE$450   610,000 KRW
HIGH$2,400   3.2M KRW
Per Month

Healthcare13%

13% of total expenses on average (7% to 17%)

LOW$120   160,000 KRW
AVERAGE$360   480,000 KRW
HIGH$1,900   2.5M KRW
Per Month

Leisure, Shopping4%

4% of total expenses on average (2% to 7%)

LOW$65   87,000 KRW
AVERAGE$190   260,000 KRW
HIGH$1,000   1.4M KRW
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW$22   29,000 KRW
AVERAGE$65   87,000 KRW
HIGH$350   460,000 KRW
Per Month

Other Expenses20%

20% of total expenses on average (14% to 26%)

LOW$180   250,000 KRW
AVERAGE$550   740,000 KRW
HIGH$2,900   3.9M KRW
Per Month


Family
Average monthly expenses and break out of spending for families living in Daejeon

Housing27%

27% of total expenses on average (22% to 37%)

LOW$490   650,000 KRW
AVERAGE$1,400   1.9M KRW
HIGH$7,600   10M KRW
Per Month

Transport, Fuel6%

6% of total expenses on average (4% to 8%)

LOW$120   160,000 KRW
AVERAGE$350   460,000 KRW
HIGH$1,900   2.5M KRW
Per Month

Food and Groceries20%

20% of total expenses on average (13% to 26%)

LOW$270   360,000 KRW
AVERAGE$780   1M KRW
HIGH$4,300   5.7M KRW
Per Month

Healthcare10%

10% of total expenses on average (6% to 15%)

LOW$120   160,000 KRW
AVERAGE$350   460,000 KRW
HIGH$1,900   2.5M KRW
Per Month

Leisure, Shopping3%

3% of total expenses on average (2% to 7%)

LOW$76   100,000 KRW
AVERAGE$220   290,000 KRW
HIGH$1,200   1.6M KRW
Per Month

Education14%

14% of total expenses on average (7% to 22%)

LOW$210   280,000 KRW
AVERAGE$610   810,000 KRW
HIGH$3,300   4.5M KRW
Per Month

Other Expenses15%

15% of total expenses on average (8% to 20%)

LOW$180   240,000 KRW
AVERAGE$520   690,000 KRW
HIGH$2,900   3.8M KRW
Per Month


Student
Cost of living and expenses break down for students living in Daejeon

Housing19%

19% of total expenses on average (14% to 25%)

LOW$130   170,000 KRW
AVERAGE$330   430,000 KRW
HIGH$590   780,000 KRW
Per Month

Utilities, Electricity, Water6%

6% of total expenses on average (4% to 10%)

LOW$22   29,000 KRW
AVERAGE$54   72,000 KRW
HIGH$98   130,000 KRW
Per Month

Transport, Fuel5%

5% of total expenses on average (5% to 11%)

LOW$38   51,000 KRW
AVERAGE$95   130,000 KRW
HIGH$170   230,000 KRW
Per Month

Food and Groceries22%

22% of total expenses on average (16% to 26%)

LOW$110   140,000 KRW
AVERAGE$270   360,000 KRW
HIGH$490   650,000 KRW
Per Month

Healthcare8%

8% of total expenses on average (5% to 11%)

LOW$33   43,000 KRW
AVERAGE$81   110,000 KRW
HIGH$150   200,000 KRW
Per Month

Leisure, Shopping3%

3% of total expenses on average (2% to 7%)

LOW$27   36,000 KRW
AVERAGE$68   90,000 KRW
HIGH$120   160,000 KRW
Per Month

Education19%

19% of total expenses on average (12% to 24%)

LOW$100   140,000 KRW
AVERAGE$260   340,000 KRW
HIGH$460   620,000 KRW
Per Month

Other Expenses18%

18% of total expenses on average (12% to 24%)

LOW$81   110,000 KRW
AVERAGE$200   270,000 KRW
HIGH$370   490,000 KRW
Per Month
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