Cost Of Living For a Student in Daejeon 2024
/daejeon/student-cost-of-living-chart-average-monthly-expenditure-in-daejeon.jpg "Student chart showing figures on the cost of living and how much money people spend every month in Daejeon")
Average Monthly Expenditure
Currency: KRW
Average monthly spending for students in Daejeon
How much money does a student need in a month to survive in Daejeon?
Students in Daejeon spend around 1.9M KRW per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 290,000 KRW or as high as 13M KRW. Location is a very important factor and has a huge influence on expenditure and budget.
Prices and cost of goods and services in Daejeon
/daejeon/prices-and-cost-of-grocery-food-restaurant-meals-market-and-beverages-in-daejeon.jpg "Chart showing the prices and cost of grocery, food, restaurant meals, market, and beverages in Daejeon")
Dining, food, and beverages costs
Fast food combo meal
| 3,900 KRW | 7,900 KRW | 13,000 KRW |
Restaurant meal for one
| 13,000 KRW | 20,000 KRW | 40,000 KRW |
Fine dining meal for one
| 27,000 KRW | 40,000 KRW | 160,000 KRW |
Cappuccino or latte
| 3,300 KRW | 5,300 KRW | 7,900 KRW |
Grocery and market costs
Milk large bottle
| 2,600 KRW | 3,200 KRW | 3,900 KRW |
12 eggs
| 2,000 KRW | 2,600 KRW | 3,900 KRW |
Fresh whole chicken
| 4,500 KRW | 5,800 KRW | 8,200 KRW |
Pack of beef
| 5,300 KRW | 7,900 KRW | 16,000 KRW |
Medium bag of rice
| 2,100 KRW | 2,900 KRW | 4,100 KRW |
Bag of tomatos
| 790 KRW | 1,100 KRW | 2,000 KRW |
Bag of apples
| 1,400 KRW | 1,800 KRW | 3,000 KRW |
/daejeon/prices-and-cost-of-commute-travel-and-transportation-in-daejeon.jpg "Chart showing the prices and cost of commute, travel, and transportation in Daejeon")
Commute, travel, and transportation costs
20 minutes taxi ride
| 3,300 KRW | 4,000 KRW | 8,000 KRW |
Average car full tank
| 20,000 KRW | 26,000 KRW | 53,000 KRW |
Average car 1-day rental
| 20,000 KRW | 27,000 KRW | 40,000 KRW |
Average car price
Bus ticket one way
| 670 KRW | 1,000 KRW | 2,000 KRW |
Car Service
| 27,000 KRW | 40,000 KRW | 80,000 KRW |
/daejeon/prices-and-cost-of-utility-energy-water-and-gas-in-daejeon.jpg "Chart showing the prices and cost of utility, energy, water, and gas in Daejeon")
Utility cost (monthly)
Utility Bill - Student
| 12,000 KRW | 75,000 KRW | 500,000 KRW |
Internet and cable
| 20,000 KRW | 39,000 KRW | 53,000 KRW |
Mobile phone charges
| 16,000 KRW | 26,000 KRW | 79,000 KRW |
Leisure and activities costs
Movie ticket
| 9,800 KRW | 13,000 KRW | 20,000 KRW |
One month gym membership
| 32,000 KRW | 40,000 KRW | 80,000 KRW |
/daejeon/prices-and-cost-of-clothing-and-accessories-in-daejeon.jpg "Chart showing the prices and cost of clothing and accessories in Daejeon")
Cloths and accessories costs
Pair of jeans or pants
| 24,000 KRW | 34,000 KRW | 50,000 KRW |
Woman dress
| 22,000 KRW | 31,000 KRW | 100,000 KRW |
Woman shoes
| 21,000 KRW | 29,000 KRW | 67,000 KRW |
Men's shoes
| 18,000 KRW | 22,000 KRW | 45,000 KRW |
Men suit
| 20,000 KRW | 25,000 KRW | 130,000 KRW |
Regular t-shirt
| 10,000 KRW | 13,000 KRW | 40,000 KRW |
/daejeon/prices-and-cost-of-housing-accommodation-and-rent-in-daejeon.jpg "Chart showing the prices and cost of housing, accommodation, and rent in Daejeon")
Housing costs / monthly rent
Studio apartment
| 340,000 KRW | 500,000 KRW | 1.3M KRW |
1-bedroom apartment
| 500,000 KRW | 800,000 KRW | 2M KRW |
2-bedroom apartment
| 670,000 KRW | 1M KRW | 2.7M KRW |
Housing costs / Buying
Studio apartment
| 67M KRW | 100M KRW | 200M KRW |
1-bedroom apartment
| 80M KRW | 130M KRW | 500M KRW |
| $60,000 | $100,000 | $380,000 |
2-bedroom apartment
| 130M KRW | 400M KRW | 800M KRW |
| $100,000 | $300,000 | $600,000 |
/daejeon/prices-and-cost-of-furniture-in-daejeon.jpg "Chart showing the prices and cost of furniture in Daejeon")
Furniture Costs
King Size Bed
| 390,000 KRW | 490,000 KRW | 660,000 KRW |
Double Bed
| 260,000 KRW | 390,000 KRW | 490,000 KRW |
Single Bed
| 230,000 KRW | 300,000 KRW | 390,000 KRW |
Living Room
| 440,000 KRW | 560,000 KRW | 2M KRW |
Dining Table
| 200,000 KRW | 260,000 KRW | 490,000 KRW |
Sofa or Couch
| 260,000 KRW | 360,000 KRW | 790,000 KRW |
/daejeon/prices-and-cost-of-electronic-devices-and-appliances-in-daejeon.jpg "Chart showing the prices and cost of electronic devices and appliances in Daejeon")
Electronics and House Appliance Costs
TV Set
| 260,000 KRW | 390,000 KRW | 790,000 KRW |
Fridge or Freezer
| 230,000 KRW | 360,000 KRW | 490,000 KRW |
Washing Machine
| 300,000 KRW | 440,000 KRW | 790,000 KRW |
Stove or Cooker
| 280,000 KRW | 360,000 KRW | 490,000 KRW |
Mobile Phone
| 330,000 KRW | 390,000 KRW | 560,000 KRW |
Laptop or Computer
| 360,000 KRW | 440,000 KRW | 790,000 KRW |
/daejeon/distribution-of-monthly-cost-of-living-expenses-of-a-student-in-daejeon.jpg "A break down of the monthly expenses of a student in Daejeon and how they contribute to the cost of living")
How do students spend their money in Daejeon?
We asked thousands of students about their spending habits and expenditure break down.
Housing and accomodation expenditure for students
Accomodation Cost19%
19% of total expenses on average (14% to 25%)
| LOW | $52 69,000 KRW |
| AVERAGE | $340 450,000 KRW |
| HIGH | $2,300 3M KRW |
| Per Month |
Students in Daejeon typically spend from 14% to 25% of their total monthly expenditure on housing with 19% being the average. The average monthly spend on housing is 450,000 KRW with expenditure ranging from 69,000 KRW to 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
Cost of utilities6%
6% of total expenses on average (4% to 10%)
| LOW | $8.7 12,000 KRW |
| AVERAGE | $56 75,000 KRW |
| HIGH | $380 500,000 KRW |
| Per Month |
Utility expenditure like electricity, water, and gas in Daejeon ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 75,000 KRW with 12,000 KRW and 500,000 KRW being the upper and lower limits for a student of four.
Transport, fuel, and commute expenditure for students
Cost of transport and fuel5%
5% of total expenses on average (5% to 11%)
| LOW | $15 20,000 KRW |
| AVERAGE | $98 130,000 KRW |
| HIGH | $660 880,000 KRW |
| Per Month |
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 20,000 KRW to 880,000 KRW in a month on commuting with 130,000 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
Food and Groceries Cost22%
22% of total expenses on average (16% to 26%)
| LOW | $43 58,000 KRW |
| AVERAGE | $280 380,000 KRW |
| HIGH | $1,900 2.5M KRW |
| Per Month |
The average outlay on groceries and basic houshold items for a typical student in a month in Daejeon is 380,000 KRW. The cost of groceries can range between 58,000 KRW to 2.5M 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
Cost of healthcare8%
8% of total expenses on average (5% to 11%)
| LOW | $13 17,000 KRW |
| AVERAGE | $84 110,000 KRW |
| HIGH | $560 750,000 KRW |
| Per Month |
Students in Daejeon 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 17,000 KRW to 750,000 KRW with 110,000 KRW being the norm for most students.
Leisure and shopping expenditure for students
Cost of leisure and shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $11 14,000 KRW |
| AVERAGE | $70 94,000 KRW |
| HIGH | $470 630,000 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 14,000 KRW to 630,000 KRW with 94,000 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
Cost of education and schooling19%
19% of total expenses on average (12% to 24%)
| LOW | $41 55,000 KRW |
| AVERAGE | $270 360,000 KRW |
| HIGH | $1,800 2.4M KRW |
| Per Month |
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 360,000 KRW per month with 55,000 KRW being the minimum spent amount and 2.4M KRW being the maximum.
Other Expenses18%
18% of total expenses on average (12% to 24%)
| LOW | $32 43,000 KRW |
| AVERAGE | $210 280,000 KRW |
| HIGH | $1,400 1.9M KRW |
| Per Month |
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.
/daejeon/is-it-affordable-for-a-student-to-live-in-daejeon.jpg "We asked students whether it is affordable or economical to live in Daejeon")
Affordable living in Daejeon
Income and cost of living compatibility
We asked students one simple question and recorded their answers.
Is it affordable or economical to live in Daejeon?
Around 69% of surveyed students 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.
/daejeon/low-cost-alternatives-for-students-chart-daejeon.jpg "How easily is cost-cutting for students. Are there plenty of low-cost options in Daejeon")
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 students 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 students 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 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 Daejeon whether they have an emergency fund and the answers were as follows.
Yes64%
No36%
Based on the survey, 36% of the students living in Daejeon said that they don't have an emergency fund while 64% said that they do.
/daejeon/financial-literacy-difficulty-in-budgeting-and-financial-planning-for-students-daejeon.jpg "Financial literacy and difficulty in budgeting and financial planning for students in Daejeon")
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 Daejeon 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%
/daejeon/housing-and-accommodation-affordability-property-price-to-income-ratio-rent-to-income-ratio-housing-affordability-index-chart-in-daejeon.jpg "Housing and accommodation affordability, property price to income ratio, rent to income ratio, and housing affordability index chart in Daejeon")
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 monthly rent cost
| 340,000 KRW | 500,000 KRW | 1.3M KRW |
1-bedroom apartment monthly rent cost
| 500,000 KRW | 800,000 KRW | 2M KRW |
2-bedroom apartment monthly rent cost
| 670,000 KRW | 1M KRW | 2.7M KRW |
3-bedroom apartment monthly rent cost
| 800,000 KRW | 1.3M KRW | 3.7M KRW |
Furnished apartment monthly rent cost
Townhouse monthly rent cost
House monthly rent cost
Villa monthly rent cost
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 price
| 67M KRW | 100M KRW | 200M KRW |
1-bedroom apartment price
| 80M KRW | 130M KRW | 500M KRW |
| $60,000 | $100,000 | $380,000 |
2-bedroom apartment price
| 130M KRW | 400M KRW | 800M KRW |
| $100,000 | $300,000 | $600,000 |
3-bedroom apartment price
| 450M KRW | 670M KRW | 2,000M KRW |
Townhouse price
| 570M KRW | 1,300M KRW | 5,000M KRW |
House price
| 670M KRW | 4,000M KRW | 5,700M KRW |
Villa price
| 800M KRW | 4,500M KRW | 6,700M KRW |
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 |
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
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.
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 |
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 Daejeon
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Daejeon
Utility Bill Cost / Electricity + Water + Gas / Student
| 12,000 KRW | 75,000 KRW | 500,000 KRW |
Internet and cable cost
| 20,000 KRW | 39,000 KRW | 53,000 KRW |
Mobile phone bill and charges
| 16,000 KRW | 26,000 KRW | 79,000 KRW |
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly energy and water consumption of students is around 75,000 KRW. The cost of internet and WiFi ranges from 20,000 KRW to 53,000 KRW with 39,000 KRW being the average internet bill. Finally, the average monthly mobile charges is around 26,000 KRW but can range between 16,000 KRW and 79,000 KRW depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Daejeon is around 4.9%. This means that people pay 4.9% of their income for energy, water, internet, and mobile charges. Those figures can range from 2% to 8.8% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Daejeon
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Daejeon
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
| 3,900 KRW | 7,900 KRW | 13,000 KRW |
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Daejeon is approximatly 7,900 KRW with meal cost ranging from 3,900 KRW to 13,000 KRW. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
| 13,000 KRW | 20,000 KRW | 40,000 KRW |
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 13,000 KRW and 40,000 KRW with 20,000 KRW being the average price of a plate for one person at a regular restaurant in Daejeon.
Fine dining meal for one price
| 27,000 KRW | 40,000 KRW | 160,000 KRW |
The price range of a meal at fine-dining restaurant is 27,000 KRW to 160,000 KRW with the average cost being 40,000 KRW for one person. This is what you would expect to pay a top-tier diner in Daejeon.
Beverage prices, cappuccino, latte etc..
| 3,300 KRW | 5,300 KRW | 7,900 KRW |
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Daejeon is around 5,300 KRW. Price ranges between 3,300 KRW and 7,900 KRW depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
| 2,600 KRW | 3,200 KRW | 3,900 KRW |
The average price of a large bottle of milk in Daejeon is 3,200 KRW. The maximum what you would pay for milk is 3,900 KRW and the minimum being 2,600 KRW depending on the brand of milk and other properties.
12 eggs price
| 2,000 KRW | 2,600 KRW | 3,900 KRW |
A dozen eggs costs around 2,600 KRW on average with 2,000 KRW and 3,900 KRW being the lower and upper limits respectively.
Fresh whole chicken price
| 4,500 KRW | 5,800 KRW | 8,200 KRW |
The price range of a fresh whole chicken in Daejeon is between 4,500 KRW and 8,200 KRW depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 5,800 KRW.
Pack of beef price
| 5,300 KRW | 7,900 KRW | 16,000 KRW |
The price of a regular pack of beef or meat is around 7,900 KRW. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
| 2,100 KRW | 2,900 KRW | 4,100 KRW |
A bag of rice in Daejeon costs around 2,900 KRW on average with prices rangeing between 2,100 KRW and 4,100 KRW depending on the brand and quality.
Bag of tomatos price
| 790 KRW | 1,100 KRW | 2,000 KRW |
A bag of tomatoes costs anywhere from 790 KRW to 2,000 KRW. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
| 1,400 KRW | 1,800 KRW | 3,000 KRW |
A bag of apples costs 1,800 KRW on average. A bag of apples denotes 1Kg or 1lb depending on location.
Grocery and food expenditure to income ratio
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Daejeon is around 24%. This means that students spend 24% of their income on grocery and basic household items. The expenditure can range from 17% to 30% depending on salary and location.
Expenditure on food and grocery for students
Students' spending on grocery ranges from 58,000 KRW to 2.5M KRW with the location, income, and size of the student being the most determinite factors.
