Cost of Living in South Korea 2026: Official Figures
South Korea publishes what households spend every quarter and how prices move every month. The Ministry of Data and Statistics, whose releases appear on kostat.go.kr, issued the household figures for the second quarter of 2026 on 27 August 2026 and the September 2026 Consumer Price Index on 2 October 2026. This guide sets those next to the legal minimum wage and the government's own estimate of a student budget. Every number was read in those sources on 14 October 2026, and amounts are in Korean won.
Quick answer
The average Korean household spent 3.993 million won a month in the second quarter of 2026, of which 2.932 million won was consumption. Average monthly household income was 5.295 million won. The average household had 2.16 people. Consumer prices in September 2026 were 2.9 percent higher than a year earlier. The 2026 minimum wage is 10,320 won an hour, or 2,156,880 won a month. For a single student, the government's Study in Korea portal estimates 750,000–1,000,000 KRW a month.
What households spend each month
The table shows average monthly consumption expenditure per household in the second quarter of 2026, in thousands of won, with each category's share.
| Category | Amount (1,000 won) | Share (%) |
|---|---|---|
| Restaurants and hotels | 473 | 16.1 |
| Food and non-alcoholic beverages | 434 | 14.8 |
| Housing, water, electricity and other fuels | 357 | 12.2 |
| Transportation | 338 | 11.5 |
| Other miscellaneous goods and services | 257 | 8.8 |
| Health | 229 | 7.8 |
| Recreation and culture | 183 | 6.3 |
| Education | 178 | 6.1 |
| Information and communication | 165 | 5.6 |
| Clothing and footwear | 147 | 5.0 |
| Household equipment and housekeeping services | 135 | 4.6 |
| Alcoholic beverages and tobacco | 36 | 1.2 |
| Consumption expenditure | 2,932 | 100.0 |
On top of consumption, households paid an average of 1.06 million won a month in non-consumption expenditure, which brings total household expenditure to 3.993 million won. Consumption rose 3.4% from a year earlier.
- Household size matters. The average household in the survey had 2.16 people and a head aged 53.7.
- Restaurants and hotels is the largest category. It took 16.1% of consumption, ahead of food and non-alcoholic beverages at 14.8%.
- It varies with income. For the lowest income quintile, food and non-alcoholic beverages had the largest share at 21.1%, followed by housing and utilities at 19.7%.
What households earn
| Average per household, second quarter of 2026 | Monthly amount | Change from a year earlier |
|---|---|---|
| Household income | 5.295 million won | 4.5% |
| Employee income | 3.218 million won | 0.8% |
| Self-employment income | 977 thousand won | 3.8% |
| Transfer income | 931 thousand won | 20.4% |
| Disposable income | 4.235 million won | 5.2% |
| Surplus after consumption | 1.302 million won | 9.6% |
Disposable income is income minus non-consumption expenditure. The average propensity to consume stood at 69.2%.
Prices in 2026
The Consumer Price Index was 120.43 in September 2026, on a 2020 base of 100. It increased 0.3 percent from the preceding month and rose 2.9 percent from the same month of the previous year. The index excluding food and energy rose 2.8 percent over the year.
| Category | Change over a year, September 2026 (%) |
|---|---|
| All items | 2.9 |
| Transport | 7.7 |
| Recreation and culture | 5.8 |
| Miscellaneous goods and services | 4.1 |
| Furnishings, household equipment and routine maintenance | 3.0 |
| Clothing and footwear | 2.8 |
| Restaurants and hotels | 2.8 |
| Communication | 2.0 |
| Housing, water, electricity, gas and other fuels | 1.9 |
| Health | 1.6 |
| Education | 1.6 |
| Food and non-alcoholic beverages | 1.0 |
The year-on-year rate was 3.1 percent in August and 2.8 percent in July.
The wage floor
| Minimum wage | 2025 | 2026 |
|---|---|---|
| Hourly | 10,030 won | 10,320 won |
| Daily, based on 8 hours | 80,240 won | 82,560 won |
| Monthly, based on 209 hours | 2,096,270 won | 2,156,880 won |
The 2026 rate is 290 won an hour higher than in 2025.
A single person's budget: the student estimate
Household averages describe families. For one person, the closest official figure is the estimate that Study in Korea, the government's portal for international students, publishes for monthly living expenses.
| Item | Estimated cost, one month |
|---|---|
| Housing | 500,000–700,000 KRW |
| Food | 200,000–300,000 KRW |
| Transportation | 50,000~100,000 KRW |
| Other, including mobile phone, internet and health insurance | 100,000~200,000 KRW |
| Total | Approx. 750,000–1,000,000 KRW |
The same page lists sample prices in Seoul: ₩11,000 for a regular meal, ₩8,000 for a hamburger set, ₩5,200 for a cappuccino and ₩1,500 for one bus or subway trip.
How to use these numbers
- Scale the household figure. The 2.932 million won of monthly consumption is for a household of 2.16 people on average.
- Check the lines that fit your life. Housing and utilities average 357 thousand won across all households in the survey, so a renter's own figure can differ.
- Compare with pay. The monthly minimum wage on the 209-hour basis is 2,156,880 won.
- Allow for inflation, at 2.9 percent over the year to September 2026.
What this page does not cover
We have not included rents by city, housing deposits, school fees or income tax rates, because we did not read them in an official source on the day of checking. The household survey averages every kind of household, so it is a description of how residents spend, not a price list for a newcomer.
Frequently asked questions
What is the average cost of living in South Korea?
The average household spent 3.993 million won a month in the second quarter of 2026, including 2.932 million won of consumption expenditure. The average household had 2.16 people.
What is the average household income in South Korea?
5.295 million won a month in the second quarter of 2026, up 4.5% from a year earlier.
What is the inflation rate in South Korea?
The Consumer Price Index rose 2.9 percent in the year to September 2026 and 0.3 percent from the preceding month.
What is the minimum wage in South Korea in 2026?
10,320 won an hour, 82,560 won for an 8-hour day and 2,156,880 won a month on the 209-hour basis.
How much does a student need per month in Korea?
Study in Korea estimates average living expenses at approximately 750,000–1,000,000 KRW a month, including 500,000–700,000 KRW for housing.
What do Korean households spend most on?
Restaurants and hotels at 16.1% of consumption, then food and non-alcoholic beverages at 14.8%, housing and utilities at 12.2% and transportation at 11.5%.
Which prices are rising fastest in Korea?
In September 2026 the transport index was 7.7 percent higher than a year earlier, and recreation and culture 5.8 percent higher. Food and non-alcoholic beverages rose 1.0 percent.
Official sources
- Ministry of Data and Statistics — Household income and expenditure trends in the second quarter of 2026 (27 August 2026)
- Ministry of Data and Statistics — Consumer Price Index in September 2026 (2 October 2026)
- Minimum Wage Commission — 2026 minimum wage
- Minimum Wage Commission — Minimum wage by year
- Study in Korea, National Institute for International Education — Living costs and expenses
All figures verified against the official pages above on 14 October 2026. Household figures are averages across all households, and the student budget is Study in Korea's estimate. Information, not financial advice.