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Is Living In Seoul Really THAT Much More Expensive?

 
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Dev



Joined: 18 Apr 2006

PostPosted: Sun Jul 16, 2006 12:59 am    Post subject: Is Living In Seoul Really THAT Much More Expensive? Reply with quote

Every time I talk about moving to Seoul from another province, people keep telling me, "Oh, you don't want to do that! Seoul is so much more expensive than here."

Really? How much more? I'd like to know. Let's see some numbers. From what I can see the increase is roughly 10 ~ 15%. Everyone please post some numbers. Here are some of mine:

Daegu / Seoul

Subway (cash fare) 800W / 900W

Movie 6500 W / 7000 W

Samgyepsal (1 serving) 5000W / 7000 W

Clothes Moderate / Very Cheap

Taxi (starting price - day) 1,800 W / 2,200 W

Men's Haircut 7000 W / ?????

I am especially curious aboout Busan VS Seoul 'cause I might start working in Busan from September.
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laogaiguk



Joined: 06 Dec 2005
Location: somewhere in Korea

PostPosted: Sun Jul 16, 2006 1:27 am    Post subject: Reply with quote

It's not so much that things are more expensive, it's that there are more expensive things that you will probably buy or do. You will probably buy more than you do in a smaller city, maybe buy a bit more Western food since you can, maybe buy more books as you now have the option, etc etc...
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Hyeon Een



Joined: 24 Jun 2005

PostPosted: Sun Jul 16, 2006 1:33 am    Post subject: Reply with quote

I think it can be cheaper too in some ways.

For example, I lived in a small city and went out drinking a lot. When we were drinking the standard price for a bottled beer was 4,000 won. There was no draft beer, except in some bars where they would make you sit at tables away from the bar. As me and my friends wanted to sit at the bar the only choice was drinking the 4,000won beers at the bar. So on average you'd drink 10-12 of those little beers.. it added up to a lot. If you were living in Seoul however you could go to bars where they'll give you a draft beer for 2,500-4,000 instead. Which is much better value.

Also if you live ina smaller city you might spend a lot of money on transport. I used to visit the next town over a lot, which was a 20,000 won taxi fare away. If I was in Seoul I wouldn't have needed to visit another city to find things to do. (Sure there were buses, but they took an insane country route which made the journey 60minutes plus, as opposed to 15-20minutes in a taxi.

I think things like going to the movies can be more expensive in seoul, but not all that much.
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Col.Brandon



Joined: 09 Aug 2004
Location: Seoul

PostPosted: Sun Jul 16, 2006 1:40 am    Post subject: Reply with quote

You also have to think about the cost of lost opportunities living in a country area. You have to fish where the fish are, as my father often says.
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Nemo



Joined: 28 May 2006

PostPosted: Sun Jul 16, 2006 1:49 am    Post subject: Reply with quote

The above posts are pretty much on point. Seoul is expensive for some things, but not for others. Depends a lot on your lifestyle.

BTW, Seoul was ranked second in Mercer's Most Expensive Cities in the World Rankings this year (up three from last year).

Quote:
Worldwide Cost of Living Survey 2006 � city rankings

United Kingdom

London, 26 June 2006


Moscow replaces Tokyo as world�s most expensive city; Asuncion in Paraguay is the cheapest
Most Eastern European cities have dropped sharply in the rankings
Many US cities have risen in the rankings due to the strength of the dollar

Moscow has replaced Tokyo as the world's most expensive city, according to the latest Cost of Living Survey from Mercer Human Resource Consulting, the global leader for HR and related financial advice. Seoul is in second place, climbing three places since last year. Tokyo moves down two positions in the rankings to take third place, followed by Hong Kong. Asuncion in Paraguay remains the least expensive city in the survey.

With New York as the base city scoring 100 points, Moscow scores 123.9 and is nearly three times costlier than Asuncion, which has an index of 43.5.

Mercer's survey covers 144 cities across six continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment. It is the world's most comprehensive cost-of-living survey and is used to help multinational companies and governments determine compensation allowances for their expatriate employees.




"We have seen significant shifts in the cost-of-living rankings over the past few years, reflecting a changing global market. For many companies, it can now be more expensive to send employees to work in Russia or Korea than places like Japan or Switzerland which are often perceived to be more costly," commented Rebecca Powers, a Senior Consultant with Mercer's international business. She added: "More companies are now sending employees on expatriate assignments, so there is a greater need to keep pace with the cost of living changes. Employers need to be proactive in managing their expatriate programs to ensure they receive a proper return on their investment and employees are compensated fairly."


There have been some significant changes in the rankings this year which are primarily due to exchange rate fluctuations, in particular the strengthening of the US dollar.


Source: http://www.mercerhr.com/pressrelease/details.jhtml/dynamic/idContent/1142150
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JLarter



Joined: 17 Apr 2006

PostPosted: Sun Jul 16, 2006 4:00 am    Post subject: Reply with quote

I assume those who made this survey have never been to London (or any city in the UK), Paris, New York, Monte Carlo, Los Angeles, Key West,etc
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stumptown



Joined: 11 Apr 2005
Location: Paju: Wife beating capital of Korea

PostPosted: Sun Jul 16, 2006 4:22 am    Post subject: Reply with quote

JLarter wrote:
I assume those who made this survey have never been to London (or any city in the UK), Paris, New York, Monte Carlo, Los Angeles, Key West,etc


Exactly. A damn taxi ride in NYC will pretty much take a huge chunk out of your wallet.
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ajgeddes



Joined: 28 Apr 2004
Location: Yongsan

PostPosted: Sun Jul 16, 2006 5:06 am    Post subject: Re: Is Living In Seoul Really THAT Much More Expensive? Reply with quote

Dev wrote:
Every time I talk about moving to Seoul from another province, people keep telling me, "Oh, you don't want to do that! Seoul is so much more expensive than here."

Really? How much more? I'd like to know. Let's see some numbers. From what I can see the increase is roughly 10 ~ 15%. Everyone please post some numbers. Here are some of mine:

Daegu / Seoul

Subway (cash fare) 800W / 900W

Movie 6500 W / 7000 W

Samgyepsal (1 serving) 5000W / 7000 W

Clothes Moderate / Very Cheap

Taxi (starting price - day) 1,800 W / 2,200 W

Men's Haircut 7000 W / ?????

I am especially curious aboout Busan VS Seoul 'cause I might start working in Busan from September.


All your prices for Seoul are wrong, or at least can be. The subway is cheaper, taxi's are cheaper, a haircut can be cheaper than 5,000 W, Samgyeopsal is only about 5,000 W. Subway here starts at 800 W and taxi's start at 1900 W. I think people just believe Seoul is more expensive because they heard it somewhere and just believe it.
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braunshade



Joined: 19 Apr 2006
Location: Somewhere better!

PostPosted: Sun Jul 16, 2006 5:33 am    Post subject: Reply with quote

Thats right! Seoul does not have to be expensive at all.

Those rankings do not apply to people like us either!!! Those rankings are made for US companies to assemble pay packages for thier workers who will be sent overseas.
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freethought



Joined: 13 Mar 2005

PostPosted: Sun Jul 16, 2006 5:36 am    Post subject: Reply with quote

I've spent sizeable chunks of time in Seoul and in Cheongju (pop 700,000). There are differences, but as others have said it partially depends on how you choose to live. In a city the size of Cheongju you can get 'fresh' produce cheaper, taxis are cheaper, public transit is cheaper.

But major things are the same. There is a negligible difference in major shopping places such as Carrefour between Cheongju and Seoul, and by that I mean on the order of 100 won. Movies are about the same. Eating at Korea restaurants is a little more expensive in Seoul.

haircuts it depends on where you go.

The key thing is the opportunity to spend money. Shows of various types, foreign restaurants(Indian, Thai, US etc) can drain the pocket book pretty quickly if you partake every day.
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