Cost Of Living in Suweon 2024

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

Whether you're living in Suweon 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

3.9M KRW

per month
$2,900

300,000 KRW   $230
$29,000   39M KRW

Single

2.7M KRW

per month
$2,000

900,000 KRW   $680
$14,000   18M KRW

Couple

4.5M KRW

per month
$3,400

1.5M KRW   $1,100
$18,000   24M KRW

Family

6M KRW

per month
$4,500

2.1M KRW   $1,600
$25,000   33M KRW

Student

1.9M KRW

per month
$1,400

750,000 KRW   $560
$2,500   3.4M 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 Suweon is 2.7M KRW. Expenses can range from 900,000 KRW at the minimum level to 18M KRW at the highest end.


Couples

The average monthly spending of couples in Suweon is 4.5M KRW. Expenditure can range from 1.5M KRW to 24M KRW per month.


Families

The average cost of living for families in Suweon is 6M KRW per month. Families spend anywhere from 2.1M KRW to 33M KRW.


Students

The average monthly expenditure for students in Suweon is 1.9M KRW. Students spend from 750,000 KRW to 3.4M 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 Suweon


Dining, food, and beverages costs


Large bottle of water
500 KRW 570 KRW 660 KRW
MINIMUM AVERAGE MAXIMUM
$0.38 $0.43 $0.49
Fast food combo meal
4,300 KRW 8,500 KRW 14,000 KRW
MINIMUM AVERAGE MAXIMUM
$3.2 $6.4 $11
Restaurant meal for one
14,000 KRW 21,000 KRW 42,000 KRW
MINIMUM AVERAGE MAXIMUM
$11 $16 $32
Fine dining meal for one
28,000 KRW 42,000 KRW 170,000 KRW
MINIMUM AVERAGE MAXIMUM
$21 $32 $130
Soda or Soft Drink
610 KRW 710 KRW 850 KRW
MINIMUM AVERAGE MAXIMUM
$0.46 $0.53 $0.64
Cappuccino or latte
3,600 KRW 5,700 KRW 8,500 KRW
MINIMUM AVERAGE MAXIMUM
$2.7 $4.3 $6.4

Grocery and market costs


Milk large bottle
2,800 KRW 3,400 KRW 4,300 KRW
MINIMUM AVERAGE MAXIMUM
$2.1 $2.6 $3.2
Loaf of bread
510 KRW 580 KRW 680 KRW
MINIMUM AVERAGE MAXIMUM
$0.39 $0.44 $0.51
12 eggs
2,100 KRW 2,800 KRW 4,300 KRW
MINIMUM AVERAGE MAXIMUM
$1.6 $2.1 $3.2
Fresh whole chicken
4,900 KRW 6,300 KRW 8,900 KRW
MINIMUM AVERAGE MAXIMUM
$3.6 $4.7 $6.7
Beef 1 kg or 1 lb
5,700 KRW 8,500 KRW 17,000 KRW
MINIMUM AVERAGE MAXIMUM
$4.3 $6.4 $13
Rice 1 kg or 1 lb
2,300 KRW 3,100 KRW 4,400 KRW
MINIMUM AVERAGE MAXIMUM
$1.7 $2.4 $3.3
Tomato 1 kg or 1 lb
850 KRW 1,100 KRW 2,100 KRW
MINIMUM AVERAGE MAXIMUM
$0.64 $0.85 $1.6
Apples 1 kg or 1 lb
1,500 KRW 2,000 KRW 3,300 KRW
MINIMUM AVERAGE MAXIMUM
$1.1 $1.5 $2.5

Commute, travel, and transportation costs


20 minutes taxi ride
3,500 KRW 4,200 KRW 8,500 KRW
MINIMUM AVERAGE MAXIMUM
$2.6 $3.2 $6.3
Average car full tank
21,000 KRW 28,000 KRW 57,000 KRW
MINIMUM AVERAGE MAXIMUM
$16 $21 $43
Average car 1-day rental
21,000 KRW 28,000 KRW 42,000 KRW
MINIMUM AVERAGE MAXIMUM
$16 $21 $31
Average car price
11M KRW 21M KRW 28M KRW
MINIMUM AVERAGE MAXIMUM
$8,000 $16,000 $21,000
Bus ticket one way
700 KRW 1,000 KRW 2,100 KRW
MINIMUM AVERAGE MAXIMUM
$0.52 $0.78 $1.6
Car Service
28,000 KRW 42,000 KRW 84,000 KRW
MINIMUM AVERAGE MAXIMUM
$21 $31 $63

Utility cost (monthly)


Utility Bill - Individual
54,000 KRW 160,000 KRW 1.1M KRW
MINIMUM AVERAGE MAXIMUM
$41 $120 $810
Utility Bill - Couple
75,000 KRW 230,000 KRW 1.2M KRW
MINIMUM AVERAGE MAXIMUM
$56 $170 $900
Utility Bill - Family
63,000 KRW 180,000 KRW 990,000 KRW
MINIMUM AVERAGE MAXIMUM
$47 $140 $740
Internet and cable
21,000 KRW 43,000 KRW 57,000 KRW
MINIMUM AVERAGE MAXIMUM
$16 $32 $43
Mobile phone charges
17,000 KRW 28,000 KRW 85,000 KRW
MINIMUM AVERAGE MAXIMUM
$13 $21 $64

Leisure and activities costs


Movie ticket
11,000 KRW 14,000 KRW 21,000 KRW
MINIMUM AVERAGE MAXIMUM
$8 $11 $16
One month gym membership
33,000 KRW 42,000 KRW 84,000 KRW
MINIMUM AVERAGE MAXIMUM
$25 $31 $63

Cloths and accessories costs


Pair of jeans or pants
25,000 KRW 35,000 KRW 52,000 KRW
MINIMUM AVERAGE MAXIMUM
$18 $26 $39
Woman dress
23,000 KRW 32,000 KRW 100,000 KRW
MINIMUM AVERAGE MAXIMUM
$17 $24 $78
Woman shoes
22,000 KRW 30,000 KRW 70,000 KRW
MINIMUM AVERAGE MAXIMUM
$17 $22 $52
Men's shoes
19,000 KRW 23,000 KRW 47,000 KRW
MINIMUM AVERAGE MAXIMUM
$14 $17 $35
Men suit
21,000 KRW 26,000 KRW 140,000 KRW
MINIMUM AVERAGE MAXIMUM
$16 $20 $100
Regular t-shirt
10,000 KRW 14,000 KRW 42,000 KRW
MINIMUM AVERAGE MAXIMUM
$7.8 $10 $31

Housing costs / monthly rent


Studio apartment
350,000 KRW 520,000 KRW 1.4M KRW
MINIMUM AVERAGE MAXIMUM
$260 $390 $1,000
1-bedroom apartment
520,000 KRW 840,000 KRW 2.1M KRW
MINIMUM AVERAGE MAXIMUM
$390 $630 $1,600
2-bedroom apartment
700,000 KRW 1M KRW 2.8M KRW
MINIMUM AVERAGE MAXIMUM
$520 $780 $2,100

Housing costs / Buying


Studio apartment
70M KRW 100M KRW 210M KRW
MINIMUM AVERAGE MAXIMUM
$52,000 $78,000 $160,000
1-bedroom apartment
84M KRW 140M KRW 520M KRW
MINIMUM AVERAGE MAXIMUM
$63,000 $100,000 $390,000
2-bedroom apartment
140M KRW 420M KRW 840M KRW
MINIMUM AVERAGE MAXIMUM
$100,000 $310,000 $630,000

Furniture Costs


King Size Bed
430,000 KRW 530,000 KRW 710,000 KRW
MINIMUM AVERAGE MAXIMUM
$320 $400 $530
Double Bed
280,000 KRW 430,000 KRW 530,000 KRW
MINIMUM AVERAGE MAXIMUM
$210 $320 $400
Single Bed
250,000 KRW 330,000 KRW 430,000 KRW
MINIMUM AVERAGE MAXIMUM
$190 $250 $320
Living Room
470,000 KRW 610,000 KRW 2.1M KRW
MINIMUM AVERAGE MAXIMUM
$360 $460 $1,600
Dining Table
210,000 KRW 280,000 KRW 530,000 KRW
MINIMUM AVERAGE MAXIMUM
$160 $210 $400
Sofa or Couch
280,000 KRW 390,000 KRW 850,000 KRW
MINIMUM AVERAGE MAXIMUM
$210 $290 $640

Electronics and House Appliance Costs


TV Set
280,000 KRW 430,000 KRW 850,000 KRW
MINIMUM AVERAGE MAXIMUM
$210 $320 $640
Fridge or Freezer
250,000 KRW 390,000 KRW 530,000 KRW
MINIMUM AVERAGE MAXIMUM
$190 $290 $400
Washing Machine
330,000 KRW 470,000 KRW 850,000 KRW
MINIMUM AVERAGE MAXIMUM
$250 $360 $640
Stove or Cooker
300,000 KRW 390,000 KRW 530,000 KRW
MINIMUM AVERAGE MAXIMUM
$230 $290 $400
Mobile Phone
360,000 KRW 430,000 KRW 610,000 KRW
MINIMUM AVERAGE MAXIMUM
$270 $320 $460
Laptop or Computer
390,000 KRW 470,000 KRW 850,000 KRW
MINIMUM AVERAGE MAXIMUM
$290 $360 $640

Expenditure to Income Ratio in Suweon

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

84%

76% to 93%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%6%
50% - 60%11%
60% - 70%18%
70% - 80%26%
80% - 90%16%
90% - 100%9%
100% - 110%5%
110% - 120%3%
120% - 130%2%
130% - 140%2%
> 140%1%

Interpretation and Analysis

The average spending-to-salary ratio in Suweon is 84% This means that on average, people spend around 84% of their income for living. According to the distribution table, 18% 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
76%
Spending-Income-Ratio
69%
84%

Couple
80%
Spending-Income-Ratio
72%
89%

Family
89%
Spending-Income-Ratio
80%
98%

How do people spend their money in Suweon?

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 Expenditure27%

27% of total expenses on average (16% to 35%)

LOW$68   90,000 KRW
AVERAGE$880   1.2M KRW
HIGH$8,800   12M KRW
Per Month

People living in Suweon typically spend from 16% to 35% of their total monthly expenditure on housing with 27% being the average. The average spend on housing is 1.2M KRW with expenditure ranging from 90,000 KRW to 12M 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, Water6%

6% of total expenses on average (3% to 10%)

LOW$11   15,000 KRW
AVERAGE$150   200,000 KRW
HIGH$1,500   2M KRW
Per Month

Utility expenditure like electricity, water, and gas in Suweon ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 200,000 KRW with 15,000 KRW and 2M KRW being the upper and lower limits.

Transport, Fuel, Commute8%

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

LOW$23   30,000 KRW
AVERAGE$290   390,000 KRW
HIGH$2,900   3.9M 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 30,000 KRW to 3.9M KRW on commuting with 390,000 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$56   75,000 KRW
AVERAGE$730   980,000 KRW
HIGH$7,300   9.8M KRW
Per Month

The average outlay on groceries in a month in Suweon is 980,000 KRW. The cost of groceries can range between 75,000 KRW to 9.8M 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$16   21,000 KRW
AVERAGE$210   270,000 KRW
HIGH$2,100   2.7M KRW
Per Month

People in Suweon 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 21,000 KRW to 2.7M KRW with 270,000 KRW being the norm.

Leisure and Shopping6%

6% of total expenses on average (3% to 10%)

LOW$9   12,000 KRW
AVERAGE$120   160,000 KRW
HIGH$1,200   1.6M 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 1.6M KRW with 160,000 KRW being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.

Education and Schooling6%

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

LOW$14   18,000 KRW
AVERAGE$180   230,000 KRW
HIGH$1,800   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 18,000 KRW being the minimum spent amount and 2.3M KRW being the maximum.

Other Expenses12%

12% of total expenses on average (7% to 19%)

LOW$29   39,000 KRW
AVERAGE$380   510,000 KRW
HIGH$3,800   5.1M KRW
Per Month

How much money can you save in Suweon 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 Suweon manage to save money from their income every month?


Saving Money
62%
Not Saving
38%

Almost 62% of the surveyed people in Suweon said that they can save some money at the end of each month while 38% said that aren't saving anything.


Percentage of people saving money by population group in Suweon

GroupSaversNon Savers
Singles72%28%
Couples67%33%
Families62%39%

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 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

120,000 KRW
$88
1.5M KRW
$1,100
15M KRW
$11,000
MINIMUM AVERAGE MAXIMUM

For most people, 11% to 32% 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 120,000 KRW to 15M KRW.

72% of surveyed singles reported some of their income going to savings while 67% of couples said the same. 62% of families confirmed their ability to save money.


How much money do people actually save in Suweon?

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% 23% of income 34%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

350,000 KRW
$260
1.1M KRW
$790
7.1M KRW
$5,300
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%29%
10% - 20%23%
20% - 30%16%
30% - 40%16%
40% - 50%12%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 14% to 34% of their monthly income to savings, with 23% being the average for most singles. The average amount of money that singles are able to save is 1.1M KRW with 350,000 KRW and 7.1M KRW being the minimum and maximum respectively.


Couples

Saving to Income Ratio

12% 21% of income 33%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

590,000 KRW
$440
1.8M KRW
$1,300
9.4M KRW
$7,100
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%33%
10% - 20%25%
20% - 30%19%
30% - 40%11%
40% - 50%9%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 12% to 33% of their monthly income, with 21% being the average for most couples. The average amount of money that couples can save is 1.8M KRW with 590,000 KRW and 9.4M KRW being the minimum and maximum respectively.


Families

Saving to Income Ratio

10% 18% of income 29%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

820,000 KRW
$620
2.4M KRW
$1,800
13M KRW
$9,700
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%36%
10% - 20%28%
20% - 30%20%
30% - 40%8%
40% - 50%6%
> 50%2%

Interpretation and Analysis

Families in Suweon can save anywhere between 10% to 29% of their monthly income, with 18% being the average for most families. The average amount of money that families can put aside is 2.4M KRW with 820,000 KRW and 13M 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 Suweon

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Suweon?


Yes
72%
No
28%

Around 72% of surveyed residents think that living in Suweon is affordable with proper budgeting while 28% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Suweon

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 options59%

Few low-cost options41%


Based on the survey, 59% of the people living in Suweon have no problem finding low-cost alternatives to support a frugal lifestyle while 41% 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 Suweon whether they have an emergency fund and the answers were as follows.

Yes67%

No33%


Based on the survey, 33% of the people living in Suweon said that they don't have an emergency fund while 67% 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 Suweon

In an attempt to understand the economic situation in Suweon, 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 Reduction33%
Retirement Savings8%
Education Funding8%
Homeownership17%
Investing9%
Travel or Lifestyle11%
Healthcare Expenses9%
Financial Independence8%

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 33% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% 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. 9% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 11% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 9% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Suweon

Reasons that make it difficult for people to save money

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


Reason% People
Low Income6%
High Expenses9%
Debt and Loans18%
Lack of Budgeting Skills10%
Impulsive Spending9%
Financial Emergencies6%
Living the moment7%
Will do it later17%
Inflation11%
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. 18% of the residents said that they are burdened with debt and find it challenging to save money. 10% 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. 9% 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. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 17% 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. 11% 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 Suweon

Where do people choose to put their savings?


Saving Type% People
Emergency Funds11%
Gold10%
Savings Accounts17%
Retirement Accounts11%
Cash Savings16%
Real Estate10%
Investment6%
Stocks6%
Bonds6%
Mutual Funds3%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Suweon

What does the retirement lifestyle look like in Suweon 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 Suweon:
AgeAmount
2511M KRW
3022M KRW
3538M KRW
4054M KRW
4582M KRW
50110M KRW
55140M KRW
60170M KRW
65200M KRW

Retirement Income Distribution

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

Source% People
Pensions13%
Savings22%
Investments13%
Social Security8%
Annuities8%
Part-time Job10%
Real Estate17%
Dividends and Interest8%

Retirement Monthly Expenses in Suweon

650,000 KRW
$490
2M KRW
$1,500
13M KRW
$9,800
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Suweon


Percentage of people who are in debt


In Debt
32%
Debt Free
69%

According to the survey, 32% of the people in Suweon have some kind of debt, loan, mortgage, or credit card payments while 69% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Suweon

Debt to income ratio

28%

19% to 38%

( 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 28% of the people's monthly income in Suweon goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%12%
40% - 50%11%
30% - 40%13%
20% - 30%15%
10% - 20%18%
0% - 10%28%

According to our data, 3% of the debtors in Suweon pay 60%+ of their income as debt settlement while 12% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 11% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 13% dedicated 30% to 40% of income for same. Things are looking brighter for 15% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Suweon

Debt% People
Real Estate Mortgage13%
Auto Loan22%
Student Loan3%
Credit Card25%
Personal Loan37%

13% of debtors in Suweon confirm that real estate mortgages constitutes the main part of their outstanding debt while 25% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 22% of people and personal loans rose at 37%. Lastly, student loans are the main source of debt for 3% of debtors in Suweon.


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 Suweon

Besides measuring the loan-to-income ratio, we asked residents of Suweon 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
Never55%
Once a year22%
Twice a year11%
Three times a year8%
Four times a year4%

Housing costs, accommodation, and housing affordability in Suweon

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


Rent Cost in Suweon

Monthly Rent Prices

Studio apartment
350,000 KRW 520,000 KRW 1.4M KRW
MINIMUM AVERAGE MAXIMUM
$260 $390 $1,000
1-bedroom apartment
520,000 KRW 840,000 KRW 2.1M KRW
MINIMUM AVERAGE MAXIMUM
$390 $630 $1,600
2-bedroom apartment
700,000 KRW 1M KRW 2.8M KRW
MINIMUM AVERAGE MAXIMUM
$520 $780 $2,100
3-bedroom apartment
840,000 KRW 1.4M KRW 3.8M KRW
MINIMUM AVERAGE MAXIMUM
$630 $1,000 $2,900
Furnished apartment
1.7M KRW 4.2M KRW 8.4M KRW
MINIMUM AVERAGE MAXIMUM
$1,300 $3,100 $6,300
Townhouse
1.4M KRW 2.1M KRW 6M KRW
MINIMUM AVERAGE MAXIMUM
$1,000 $1,600 $4,500
House
1.7M KRW 4.2M KRW 8.4M KRW
MINIMUM AVERAGE MAXIMUM
$1,300 $3,100 $6,300
Villa
2.1M KRW 5.2M KRW 8.4M KRW
MINIMUM AVERAGE MAXIMUM
$1,600 $3,900 $6,300

The monthly rental cost of a studio apartment in Suweon ranges between 350,000 KRW and 1.4M KRW, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 520,000 KRW to 2.1M KRW. Two-bedroom rentals rate ranges between 700,000 KRW and 2.8M KRW per month. The monthly rental for a three-bedroom apartment ranges from 840,000 KRW to 3.8M KRW. The average rent of a townhouse in Suweon is around 2.1M KRW while house rental costs can be as high as 4.2M KRW per month. Finally, if you want to rent a villa, expect to pay anywhere from 2.1M KRW to 8.4M KRW per month.



Apartment and house prices in Suweon

Cost of buying a property

Studio apartment
70M KRW 100M KRW 210M KRW
MINIMUM AVERAGE MAXIMUM
$52,000 $78,000 $160,000
1-bedroom apartment
84M KRW 140M KRW 520M KRW
MINIMUM AVERAGE MAXIMUM
$63,000 $100,000 $390,000
2-bedroom apartment
140M KRW 420M KRW 840M KRW
MINIMUM AVERAGE MAXIMUM
$100,000 $310,000 $630,000
3-bedroom apartment
470M KRW 700M KRW 2,100M KRW
MINIMUM AVERAGE MAXIMUM
$350,000 $520,000 $1.6M
Townhouse
600M KRW 1,400M KRW 5,200M KRW
MINIMUM AVERAGE MAXIMUM
$450,000 $1M $3.9M
House
700M KRW 4,200M KRW 6,000M KRW
MINIMUM AVERAGE MAXIMUM
$520,000 $3.1M $4.5M
Villa
840M KRW 4,700M KRW 7,000M KRW
MINIMUM AVERAGE MAXIMUM
$630,000 $3.5M $5.2M

The average price of a studio apartment in Suweon can range from 70M KRW to 210M KRW depending on location. One bedroom cost can be anywhere from 84M KRW to 520M KRW. A villa can cost you 4,700M KRW on average with prices ranging from 840M KRW to 7,000M KRW.


If you're leasing or purchasing, housing costs in Suweon 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


42 x123 monthly income 215
MINIMUM AVERAGE MAXIMUM

Property prices in Suweon can be x123 to x215 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x123 multiples of the average monthly salary in Suweon.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


22% 33% of income 43%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Suweon is around 33%. This means that people pay 33% of their income for rent. Those figures can range from 22% to 43% 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
30%

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
2.3%
AVERAGE
3.3%
TO
4.3%

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.


6,000 KRW 78,000 KRW 780,000 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 Suweon

Housing33%

33% of total expenses on average (21% to 45%)

LOW$240   330,000 KRW
AVERAGE$730   980,000 KRW
HIGH$4,900   6.5M KRW
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (3% to 12%)

LOW$41   54,000 KRW
AVERAGE$120   160,000 KRW
HIGH$810   1.1M KRW
Per Month

Transport, Fuel6%

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

LOW$54   72,000 KRW
AVERAGE$160   220,000 KRW
HIGH$1,100   1.4M KRW
Per Month

Food and Groceries18%

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

LOW$110   140,000 KRW
AVERAGE$320   430,000 KRW
HIGH$2,200   2.9M KRW
Per Month

Healthcare11%

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

LOW$61   81,000 KRW
AVERAGE$180   240,000 KRW
HIGH$1,200   1.6M KRW
Per Month

Leisure, Shopping4%

4% of total expenses on average (3% to 7%)

LOW$34   45,000 KRW
AVERAGE$100   140,000 KRW
HIGH$680   900,000 KRW
Per Month

Education2%

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

LOW$14   18,000 KRW
AVERAGE$41   54,000 KRW
HIGH$270   360,000 KRW
Per Month

Other Expenses20%

20% of total expenses on average (12% to 24%)

LOW$120   160,000 KRW
AVERAGE$370   490,000 KRW
HIGH$2,400   3.3M KRW
Per Month


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

Housing30%

30% of total expenses on average (23% to 40%)

LOW$370   500,000 KRW
AVERAGE$1,100   1.5M KRW
HIGH$6,000   7.9M KRW
Per Month

Utilities, Electricity, Water6%

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

LOW$56   75,000 KRW
AVERAGE$170   230,000 KRW
HIGH$900   1.2M KRW
Per Month

Transport, Fuel10%

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

LOW$140   180,000 KRW
AVERAGE$410   540,000 KRW
HIGH$2,200   2.9M KRW
Per Month

Food and Groceries16%

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

LOW$160   210,000 KRW
AVERAGE$470   630,000 KRW
HIGH$2,500   3.4M KRW
Per Month

Healthcare13%

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

LOW$120   170,000 KRW
AVERAGE$370   500,000 KRW
HIGH$2,000   2.6M KRW
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 8%)

LOW$68   90,000 KRW
AVERAGE$200   270,000 KRW
HIGH$1,100   1.4M KRW
Per Month

Education2%

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

LOW$23   30,000 KRW
AVERAGE$68   90,000 KRW
HIGH$360   480,000 KRW
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$190   260,000 KRW
AVERAGE$580   770,000 KRW
HIGH$3,100   4.1M KRW
Per Month


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

Housing29%

29% of total expenses on average (24% to 39%)

LOW$510   670,000 KRW
AVERAGE$1,400   1.9M KRW
HIGH$7,900   11M KRW
Per Month

Transport, Fuel6%

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

LOW$130   170,000 KRW
AVERAGE$360   480,000 KRW
HIGH$2,000   2.6M KRW
Per Month

Food and Groceries20%

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

LOW$280   380,000 KRW
AVERAGE$810   1.1M KRW
HIGH$4,500   6M KRW
Per Month

Healthcare10%

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

LOW$130   170,000 KRW
AVERAGE$360   480,000 KRW
HIGH$2,000   2.6M KRW
Per Month

Leisure, Shopping4%

4% of total expenses on average (2% to 8%)

LOW$79   110,000 KRW
AVERAGE$230   300,000 KRW
HIGH$1,200   1.7M KRW
Per Month

Education14%

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

LOW$220   290,000 KRW
AVERAGE$630   840,000 KRW
HIGH$3,500   4.6M KRW
Per Month

Other Expenses14%

14% of total expenses on average (7% to 19%)

LOW$190   250,000 KRW
AVERAGE$540   720,000 KRW
HIGH$3,000   4M KRW
Per Month


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

Housing21%

21% of total expenses on average (16% to 27%)

LOW$140   180,000 KRW
AVERAGE$340   450,000 KRW
HIGH$610   810,000 KRW
Per Month

Utilities, Electricity, Water5%

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

LOW$23   30,000 KRW
AVERAGE$56   75,000 KRW
HIGH$100   140,000 KRW
Per Month

Transport, Fuel5%

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

LOW$40   53,000 KRW
AVERAGE$99   130,000 KRW
HIGH$180   240,000 KRW
Per Month

Food and Groceries22%

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

LOW$110   150,000 KRW
AVERAGE$280   380,000 KRW
HIGH$510   680,000 KRW
Per Month

Healthcare8%

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

LOW$34   45,000 KRW
AVERAGE$85   110,000 KRW
HIGH$150   200,000 KRW
Per Month

Leisure, Shopping4%

4% of total expenses on average (2% to 8%)

LOW$28   38,000 KRW
AVERAGE$71   94,000 KRW
HIGH$130   170,000 KRW
Per Month

Education19%

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

LOW$110   140,000 KRW
AVERAGE$270   360,000 KRW
HIGH$480   640,000 KRW
Per Month

Other Expenses17%

17% of total expenses on average (11% to 23%)

LOW$85   110,000 KRW
AVERAGE$210   280,000 KRW
HIGH$380   510,000 KRW
Per Month
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