Korean Job Discussion Forums

Captain Corea · Joined: 28 Feb 2005 Location: Seoul

Oh, for sure, man. I have no doubt it's cheaper in smaller towns and cities.

I just thought we were talking about Seoul (you had mentioned it earlier in relation to that 200 number).

Unposter · Joined: 04 Jun 2006

I kind of agree with JValmer here. There is a real wage gap in Korea, though one that I think will somewhat disappear as the older generation, often farmers, start to pass on.

The last I read the average income in an urban area in Korea was about 3.5 million, it may be slightly higher in Seoul - intuitively, that is why people want to live and work in Seoul - wages and opportunity for money are higher.

Now, if you want a house in Gangnam, you probably aren't going to find one in the 200 - 500 million range, but in other parts of the city, it is available.

I used to live in a villa in Seoul which went for about 100 mill to buy, 60 to Jeonsae. There are plenty of cheaper places in Seoul as well.

Now, it may not be what you and I call great, but for the average Korean, it is probably just fine.

And, of course, if you do not want to buy, the jeonsae is probably half of that (100 - 250 mill), well within the means of many Koreans.

Furthermore, as a general rule, the more impoverished tend to be older Koreans, who either purchased homes many years ago at much cheaper prices or were never able to afford a home in the first place.

So, if you assume the average wage in Seoul is somewhere around 35 million a year, than they can afford a home at around 350 million. Assume that some make more and some make less and you probably have the right spread for homes.

This is of course is not to minimalize the plight of people who are fighting to stay out of poverty. No doubt there are people like that. But, there are people like that in any real estate market. The point is that Korean homes are not as unaffordable as some make them out to be.

Now, whether they are good values for the money is a whole other question. One that I tend to think they are not as my cultural expectations are somewhat different. But, affordable? Maybe, they are.

Captain Corea · Joined: 28 Feb 2005 Location: Seoul

I'd love to see these listings and the areas they're in. Of course, we'll most likely differ when it comes to "very nice homes", but I've been around the city a fair bit, and most apartments I see range from 300-800+ and those are not necessarily huge places. My place is valued at around 700-800... and it's only a 2 bdrm.

I was just at a buddy's house up near Nowon (far north in Seoul). Even his place, with one bedroom and a galley kitchen, was about 300. Everyone wants to just say "Gangnam is expensive", but it's not just Gangnam... I can't think of a place in Seoul I would say is "cheap" for realestate.

Let me ask you guys... what's the average wage for a person starting work in a company? Any guess? How about - what's the main reason people say they put off marriage?

It's not just poor old ppl that are having troubles in this economy. MANY young families are struggling under the weight of it all - and property prices are a huge part of that.

Again to say that "most people earn enough to afford to buy a home in Seoul"... that just doesn't ring true to me.

jvalmer · Joined: 06 Jun 2003

Captain Corea · Joined: 28 Feb 2005 Location: Seoul

I'm not sure engineers are a good example of average workers... and even that is at 30 mill. Not very high.

The jobs you've mentioned are pretty sought after. And I really wish you'd talk to average office workers. They often start around 1.5 or lower.
I've worked in 20+ companies here in Seoul over the years, and the discussion of income and living expenses comes up tons!

You mention other professions... but you're not sure. Ask them, if ya ever get a good opportunity. Taxi drivers love to say how much they make. lol
Honestly, man, I think it's easy to surround yourself with teachers/gov employees and assume most have the same life.

I walk into Emart and I KNOW those dozens of workers are not making anywhere near that. For every office building out there, look at all of those supporting it - the sub contractors, the part timers...

Obviously we don't agree on this... just like we don't agree on what constitutes a nice place.

I just think it's tough on a lot of people in Seoul to buy a home - but by your assessment, it's easy peasy. /shrug

jvalmer · Joined: 06 Jun 2003

T-J · Joined: 10 Oct 2008 Location: Seoul EunpyungGu Yeonsinnae

Average household income 3.8 million Won. 45 million a year. Next.

http://kostat.go.kr/portal/english/news/1/7/index.board?bmode=read&aSeq=254308&pageNo=&rowNum=10&amSeq=&sTarget=&sTxt=

Captain Corea · Joined: 28 Feb 2005 Location: Seoul

Thanks for chiming in... but "average" was not the discussion. MOST was the discussion.

I think there's a issue with income gap, and the divide is getting worse.

Here's an interesting average specifically for Seoul, but again, I'm not concerned with averages as they can be skewed by extremes on either end.

The reason I may seem to be harping on "most" is because I remember seeing an income breakdown per population a year or so back. I was pretty shocked at the distribution. Far more people were making 3 mill and under than I would have imagined. (I've tried to find the article again... but no luck so far)