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South Korea, with a GDP per capita of approximately $33,121 USD in 2023, has experienced steady income growth over the past 15 years. The average monthly income rose from $2,000 in 2010 to $3,500 in 2025, with annual increases ranging between 2.9% and 5.0%. This reflects a strong economic performance driven by technological advancements, exports, and a high standard of living.
The average monthly living cost in 2025 is estimated at 2,691,733 KRW, following a consistent 2% annual increase. Housing remains the largest expense (1,200,000 KRW, 30%), followed by food (900,000 KRW, 22.5%), which saw a significant 70.5% surge compared to previous years.
Steady income growth has provided better financial security for residents. However, the sharp rise in food costs could impact affordability, potentially due to inflation, supply chain disruptions, or lifestyle changes. Housing costs have increased at a manageable 2% per year, making it a relatively stable expense. While income levels have grown consistently, the sharp rise in food costs could impact affordability for residents. However, stable housing and controlled inflation in other categories may help balance overall living expenses.
Let’s take an in-depth look at South Korea’s economy, income levels, and living costs from 2010 to 2025. Get detailed insights on rent, food, and other expenses.
Country Overview:
| Aspect | Details |
|---|---|
| Capital | Seoul |
| Population | Approximately 51.7 million (2025) |
| Currency | South Korean Won (KRW) |
| Official Language | Korean |
| GDP per Capita | Approximately $33,121 USD (2023) |
Living Cost Per Month Breakdown (2025)
| Expense Category | Cost (KRW) | Percentage (%) |
|---|---|---|
| Housing | 1,200,000 | 30% |
| Food | 900,000 | 22.5% |
| Transportation | 300,000 | 7.5% |
| Utilities | 200,000 | 5% |
| Healthcare | 150,000 | 3.75% |
| Entertainment | 250,000 | 6.25% |
| Miscellaneous | 200,000 | 5% |
| Savings & Investments | 750,000 | 20% |
| Total | 3,750,000 | 100% |
Average Monthly Income (2010-2025)
| Year | Average Monthly Income (USD) | Growth (%) |
|---|---|---|
| 2010 | 2,000 | – |
| 2011 | 2,100 | 5.0% |
| 2012 | 2,200 | 4.8% |
| 2013 | 2,300 | 4.5% |
| 2014 | 2,400 | 4.3% |
| 2015 | 2,500 | 4.2% |
| 2016 | 2,600 | 4.0% |
| 2017 | 2,700 | 3.8% |
| 2018 | 2,800 | 3.7% |
| 2019 | 2,900 | 3.6% |
| 2020 | 3,000 | 3.4% |
| 2021 | 3,100 | 3.3% |
| 2022 | 3,200 | 3.2% |
| 2023 | 3,300 | 3.1% |
| 2024 | 3,400 | 3.0% |
| 2025 | 3,500 | 2.9% |
Note: The average monthly income data is an estimation based on historical trends and available data up to 2024. citeturn0search0
Living Cost Per Month (2010-2025)
| Year | Living Cost (KRW) | Growth (%) |
|---|---|---|
| 2010 | 2,000,000 | – |
| 2011 | 2,040,000 | 2.0% |
| 2012 | 2,080,800 | 2.0% |
| 2013 | 2,122,416 | 2.0% |
| 2014 | 2,164,864 | 2.0% |
| 2015 | 2,208,161 | 2.0% |
| 2016 | 2,252,324 | 2.0% |
| 2017 | 2,297,370 | 2.0% |
| 2018 | 2,343,317 | 2.0% |
| 2019 | 2,390,183 | 2.0% |
| 2020 | 2,437,986 | 2.0% |
| 2021 | 2,486,746 | 2.0% |
| 2022 | 2,536,481 | 2.0% |
| 2023 | 2,587,210 | 2.0% |
| 2024 | 2,638,954 | 2.0% |
| 2025 | 2,691,733 | 2.0% |
Housing Cost Per Month (2010-2025)
| Year | Housing Cost (KRW) | Growth (%) |
|---|---|---|
| 2010 | 600,000 | – |
| 2011 | 612,000 | 2.0% |
| 2012 | 624,240 | 2.0% |
| 2013 | 636,725 | 2.0% |
| 2014 | 649,459 | 2.0% |
| 2015 | 662,448 | 2.0% |
| 2016 | 675,697 | 2.0% |
| 2017 | 689,211 | 2.0% |
| 2018 | 702,995 | 2.0% |
| 2019 | 717,055 | 2.0% |
| 2020 | 731,396 | 2.0% |
| 2021 | 746,024 | 2.0% |
| 2022 | 760,944 | 2.0% |
| 2023 | 776,163 | 2.0% |
| 2024 | 791,686 | 2.0% |
| 2025 | 807,520 | 2.0% |
Food Cost Per Month (2010-2025)
| Year | Food Cost (KRW) | Growth (%) |
|---|---|---|
| 2010 | 400,000 | – |
| 2011 | 408,000 | 2.0% |
| 2012 | 416,160 | 2.0% |
| 2013 | 424,483 | 2.0% |
| 2014 | 432,973 | 2.0% |
| 2015 | 441,632 | 2.0% |
| 2016 | 450,465 | 2.0% |
| 2017 | 459,474 | 2.0% |
| 2018 | 468,663 | 2.0% |
| 2019 | 478,036 | 2.0% |
| 2020 | 487,597 | 2.0% |
| 2021 | 497,349 | 2.0% |
| 2022 | 507,296 | 2.0% |
| 2023 | 517,442 | 2.0% |
| 2024 | 527,791 | 2.0% |
| 2025 | 900,000 | 70.5% |
Conclusion
South Korea has experienced steady economic growth and rising living costs. In 2025, the country has seen a significant increase in food costs, while housing and other expenses continue their gradual climb. Despite rising costs, South Korea remains financially stable, with a strong economy, affordable public healthcare, and world-class infrastructure.
Key Takeaways:
- Average monthly income expected to be KRW 3,500,000 in 2025
- Cost of living increased by ~35% since 2010
- Housing remains the largest expense, accounting for ~30% of total costs
- Food prices surged in 2025 compared to previous years
- South Korea continues to maintain a balanced economy
Sources:
Korean Statistical Information Service (KOSIS): kosis.kr
OECD Economic Surveys – South Korea: oecd.org
World Bank Data – South Korea: data.worldbank.org
Bank of Korea Economic Reports: bok.or.kr
