High housing costs
Owning a house in South Korea is painfully expensive. For a decent-sized home in Seoul, you’re looking at spending around $800,000 for a place close to the city. So, it’s no wonder why nearly half of the entire working population would rather rent an apartment than think of owning their own home.
But even renting can cost a pretty penny. Some people have to shell out up to $2,000 on rent, not including utilities. Then there’s the cost of food, transportation, entertainment, schooling, and insurance. At the end of the day, the average Korean family of four spends upwards of $4,000 living in Seoul.