Cost Of Living For a Student in Busan 2024

Average monthly spending for students in Busan

How much money does a student need in a month to survive in Busan?

Students in Busan spend around 2.1M KRW per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 320,000 KRW or as high as 14M KRW. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Busan?

We asked thousands of students about their spending habits and expenditure break down.

Housing and accomodation expenditure for students

Students in Busan typically spend from 15% to 26% of their total monthly expenditure on housing with 20% being the average. The average monthly spend on housing is 490,000 KRW with expenditure ranging from 76,000 KRW to 3.3M KRW. This cost mainly goes for rent but it also includes other accommodation-related expenses.

Electricity, utilities, energy, water, internet, and mobile expenditure for students

Utility expenditure like electricity, water, and gas in Busan ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 82,000 KRW with 13,000 KRW and 550,000 KRW being the upper and lower limits for a student of four.

Transport, fuel, and commute expenditure for students

Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 22,000 KRW to 960,000 KRW in a month on commuting with 140,000 KRW being the norm for most students. This means that money spent on transport constitutes about 5% of total spending on average but can go as low as 5% or as high as 11%.

Food, groceries, and basic shopping expenditure for students

The average outlay on groceries and basic houshold items for a typical student in a month in Busan is 410,000 KRW. The cost of groceries can range between 63,000 KRW to 2.7M KRW. Students spend on average about 22% on food and groceries with upper and lower bounds of 16% and 26% respectively.

Healthcare and medical services expenditure for students

Students in Busan allocate 5% to 11% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 8%. The range of medical expenses range from 19,000 KRW to 820,000 KRW with 120,000 KRW being the norm for most students.

Leisure and shopping expenditure for students

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 16,000 KRW to 680,000 KRW with 100,000 KRW being the average. Speaking of percentages, that equates to 2% to 7% of total expenses with an average of 3% for most students.

Education and schooling expenditure for students

Spending on education can vary drastically between different students. On average, education constitutes 19% of the monthly expenditure of students with 12% and 24% being the lower and upper bounds respectively. The average reported education cost is 390,000 KRW per month with 60,000 KRW being the minimum spent amount and 2.6M KRW being the maximum.

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

Affordable living in Busan

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Busan?

Around 76% of surveyed students think that living in Busan is affordable with proper budgeting while 24% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Busan

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 students how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options62%

Few low-cost options38%

Based on the survey, 62% of the students living in Busan have no problem finding low-cost alternatives to support a frugal lifestyle while 38% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds For Students

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 students of Busan whether they have an emergency fund and the answers were as follows.

Yes70%

No30%

Based on the survey, 30% of the students living in Busan said that they don't have an emergency fund while 70% 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 student guardians and parents in Busan 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 students of Korea (South) have problems or difficulties in managing their expenditures and savings so we asked 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%

Housing costs, accommodation, and housing affordability in Busan

Rent Cost in Busan

Monthly Rent Prices

Studio apartment monthly rent cost

370,000 KRW

550,000 KRW

1.5M KRW

MINIMUM

AVERAGE

MAXIMUM

$270

$410

$1,100

1-bedroom apartment monthly rent cost

550,000 KRW

880,000 KRW

2.2M KRW

MINIMUM

AVERAGE

MAXIMUM

$410

$660

$1,600

2-bedroom apartment monthly rent cost

730,000 KRW

1.1M KRW

2.9M KRW

MINIMUM

AVERAGE

MAXIMUM

$550

$820

$2,200

3-bedroom apartment monthly rent cost

880,000 KRW

1.5M KRW

4M KRW

MINIMUM

AVERAGE

MAXIMUM

$660

$1,100

$3,000

Furnished apartment monthly rent cost

1.8M KRW

4.4M KRW

8.8M KRW

MINIMUM

AVERAGE

MAXIMUM

$1,300

$3,300

$6,600

Townhouse monthly rent cost

1.5M KRW

2.2M KRW

6.3M KRW

MINIMUM

AVERAGE

MAXIMUM

$1,100

$1,600

$4,700

House monthly rent cost

1.8M KRW

4.4M KRW

8.8M KRW

MINIMUM

AVERAGE

MAXIMUM

$1,300

$3,300

$6,600

Villa monthly rent cost

2.2M KRW

5.5M KRW

8.8M KRW

MINIMUM

AVERAGE

MAXIMUM

$1,600

$4,100

$6,600

The monthly rental cost of a studio apartment in Busan ranges between 370,000 KRW and 1.5M KRW, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 550,000 KRW to 2.2M KRW. Two-bedroom rentals rate ranges between 730,000 KRW and 2.9M KRW per month. The monthly rental for a three-bedroom apartment ranges from 880,000 KRW to 4M KRW. The average rent of a townhouse in Busan is around 2.2M KRW while house rental costs can be as high as 4.4M KRW per month. Finally, if you want to rent a villa, expect to pay anywhere from 2.2M KRW to 8.8M KRW per month.

Apartment and house prices in Busan

Cost of buying a property

Studio apartment price

73M KRW

110M KRW

220M KRW

MINIMUM

AVERAGE

MAXIMUM

$55,000

$82,000

$160,000

1-bedroom apartment price

88M KRW

150M KRW

550M KRW

MINIMUM

AVERAGE

MAXIMUM

$66,000

$110,000

$410,000

2-bedroom apartment price

150M KRW

440M KRW

880M KRW

MINIMUM

AVERAGE

MAXIMUM

$110,000

$330,000

$660,000

3-bedroom apartment price

490M KRW

730M KRW

2,200M KRW

MINIMUM

AVERAGE

MAXIMUM

$370,000

$550,000

$1.6M

Townhouse price

630M KRW

1,500M KRW

5,500M KRW

MINIMUM

AVERAGE

MAXIMUM

$470,000

$1.1M

$4.1M

House price

730M KRW

4,400M KRW

6,300M KRW

MINIMUM

AVERAGE

MAXIMUM

$550,000

$3.3M

$4.7M

Villa price

880M KRW

4,900M KRW

7,300M KRW

MINIMUM

AVERAGE

MAXIMUM

$660,000

$3.7M

$5.5M

The average price of a studio apartment in Busan can range from 73M KRW to 220M KRW depending on location. One bedroom cost can be anywhere from 88M KRW to 550M KRW. A villa can cost you 4,900M KRW on average with prices ranging from 880M KRW to 7,300M KRW.

House / apartment prices to income ratio

Property prices in Busan can be x129 to x226 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x129 multiples of the average monthly salary in Busan.

Rent to income ratio

The average rent-to-income ratio in Busan is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 23% to 45% depending on the salary, location, and type of property.

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.

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.

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.

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.

Monthly costs and expenses of energy and basic utilities in Busan

Energy, electricity, water, gas, internet, and mobile cost in Busan

Utility Bill Cost / Electricity + Water + Gas / Student

13,000 KRW

82,000 KRW

550,000 KRW

MINIMUM

AVERAGE

MAXIMUM

$9.5

$61

$410

Internet and cable cost

20,000 KRW

41,000 KRW

54,000 KRW

MINIMUM

AVERAGE

MAXIMUM

$15

$30

$41

Mobile phone bill and charges

16,000 KRW

27,000 KRW

81,000 KRW

MINIMUM

AVERAGE

MAXIMUM

$12

$20

$61

The average monthly energy and water consumption of students is around 82,000 KRW. The cost of internet and WiFi ranges from 20,000 KRW to 54,000 KRW with 41,000 KRW being the average internet bill. Finally, the average monthly mobile charges is around 27,000 KRW but can range between 16,000 KRW and 81,000 KRW depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Busan is around 5.3%. This means that people pay 5.3% of their income for energy, water, internet, and mobile charges. Those figures can range from 2.1% to 9.6% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Busan

Prices and cost of goods and services in Busan

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

4,100 KRW

8,100 KRW

14,000 KRW

MINIMUM

AVERAGE

MAXIMUM

$3

$6.1

$10

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Busan is approximatly 8,100 KRW with meal cost ranging from 4,100 KRW to 14,000 KRW. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

14,000 KRW

21,000 KRW

42,000 KRW

MINIMUM

AVERAGE

MAXIMUM

$11

$16

$32

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 14,000 KRW and 42,000 KRW with 21,000 KRW being the average price of a plate for one person at a regular restaurant in Busan.

Fine dining meal for one price

28,000 KRW

42,000 KRW

170,000 KRW

MINIMUM

AVERAGE

MAXIMUM

$21

$32

$130

The price range of a meal at fine-dining restaurant is 28,000 KRW to 170,000 KRW with the average cost being 42,000 KRW for one person. This is what you would expect to pay a top-tier diner in Busan.

Beverage prices, cappuccino, latte etc..

3,400 KRW

5,400 KRW

8,100 KRW

MINIMUM

AVERAGE

MAXIMUM

$2.5

$4.1

$6.1

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Busan is around 5,400 KRW. Price ranges between 3,400 KRW and 8,100 KRW depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

2,700 KRW

3,300 KRW

4,100 KRW

MINIMUM

AVERAGE

MAXIMUM

$2

$2.4

$3

The average price of a large bottle of milk in Busan is 3,300 KRW. The maximum what you would pay for milk is 4,100 KRW and the minimum being 2,700 KRW depending on the brand of milk and other properties.

12 eggs price

2,000 KRW

2,700 KRW

4,100 KRW

MINIMUM

AVERAGE

MAXIMUM

$1.5

$2

$3

A dozen eggs costs around 2,700 KRW on average with 2,000 KRW and 4,100 KRW being the lower and upper limits respectively.

Fresh whole chicken price

4,600 KRW

6,000 KRW

8,500 KRW

MINIMUM

AVERAGE

MAXIMUM

$3.5

$4.5

$6.3

The price range of a fresh whole chicken in Busan is between 4,600 KRW and 8,500 KRW depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 6,000 KRW.

Pack of beef price

5,400 KRW

8,100 KRW

16,000 KRW

MINIMUM

AVERAGE

MAXIMUM

$4.1

$6.1

$12

The price of a regular pack of beef or meat is around 8,100 KRW. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

2,200 KRW

3,000 KRW

4,200 KRW

MINIMUM

AVERAGE

MAXIMUM

$1.6

$2.2

$3.2

A bag of rice in Busan costs around 3,000 KRW on average with prices rangeing between 2,200 KRW and 4,200 KRW depending on the brand and quality.

Bag of tomatos price

810 KRW

1,100 KRW

2,000 KRW

MINIMUM

AVERAGE

MAXIMUM

$0.61

$0.81

$1.5

A bag of tomatoes costs anywhere from 810 KRW to 2,000 KRW. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

1,500 KRW

1,900 KRW

3,100 KRW

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.4

$2.3

A bag of apples costs 1,900 KRW on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Busan is around 27%. This means that students spend 27% of their income on grocery and basic household items. The expenditure can range from 18% to 33% depending on salary and location.

Expenditure on food and grocery for students