| Category | Cost |
|---|---|
| Apartment Rentals | The cost of renting an apartment in Incheon varies depending on the location and size of the apartment. On average, a one-bedroom apartment in the city center costs around 600,000 KRW per month, while the same outside the city center costs around 400,000 KRW. A three-bedroom apartment in the city center costs around 1,200,000 KRW per month, while the same outside the city center costs around 800,000 KRW. |
| Apartment Purchases | The price of buying an apartment in Incheon also varies depending on the location and size of the apartment. On average, the price per square meter in the city center is around 10,000,000 KRW, while the same outside the city center is around 6,000,000 KRW. |
| Transportation | The cost of transportation in Incheon is relatively affordable. A one-way ticket on local transport costs around 1,250 KRW, while a monthly pass costs around 55,000 KRW. The starting tariff for a normal taxi is around 3,000 KRW, with an additional 1,000 KRW per kilometer. |
| Groceries | The cost of groceries in Incheon is reasonable. For example, a liter of milk costs around 2,000 KRW, a loaf of fresh white bread costs around 2,500 KRW, a kilogram of local cheese costs around 15,000 KRW, a dozen eggs cost around 3,000 KRW, and a kilogram of apples costs around 5,000 KRW. |
| Restaurants | The cost of eating out in Incheon varies depending on the type of restaurant. A meal at an inexpensive restaurant costs around 8,000 KRW, while a three-course meal for two people at a mid-range restaurant costs around 40,000 KRW. |
| Utilities | The cost of utilities in Incheon is relatively affordable. For example, basic utilities for an 85m2 apartment, including electricity, heating, cooling, water, and garbage, cost around 150,000 KRW per month. Internet connection costs around 30,000 KRW per month. |
| Private School Tuition | The cost of private school tuition in Incheon varies depending on the level of education. On average, the annual tuition for preschool is around 10,000,000 KRW, for elementary school is around 15,000,000 KRW, for middle school is around 20,000,000 KRW, and for high school is around 25,000,000 KRW. |
Monthly Budget for Retirees in Incheon
“The cost of living in Incheon is considered moderate compared to other major cities in South Korea. Rent for a one-bedroom apartment in the city center can be quite affordable, while a similar apartment outside the city center is even cheaper. The cost of utilities such as electricity, heating, cooling, and water is also relatively low.When it comes to food, local groceries are reasonably priced, and dining out at inexpensive restaurants is also quite affordable. However, dining at mid-range to high-end restaurants can be more expensive. Public transportation in Incheon is efficient and affordable, with options ranging from buses to subways. Taxis are also available but can be more costly.Healthcare in Incheon is of high quality and is relatively affordable, especially with the national health insurance that covers a significant portion of medical costs. Education, particularly international schooling, can be quite expensive.Overall, the cost of living in Incheon is lower than in Seoul, the capital of South Korea, but it can still be considered high compared to other countries in Asia. The cost can also vary greatly depending on one’s lifestyle and spending habits,” said one expat living in Incheon.
Can I live in Incheon on $1,500 a month?
“I’ve been living in Incheon for a few years now and I can tell you that it’s definitely possible to live comfortably on $1,500 a month, but it does require some careful budgeting and lifestyle adjustments. The cost of living in Incheon is relatively lower compared to Seoul, but it’s still a modern city with all the amenities you’d expect. Firstly, housing will be your biggest expense. If you want to live in a modern apartment in a popular area like Songdo, you’re looking at paying around $800 to $1,000 a month. However, if you’re willing to live in an older building or a less popular area, you can find places for around $500 a month. I live in a small but comfortable apartment in Namdong-gu, which is a bit older but still has everything I need and it’s only $500 a month. Food is relatively cheap, especially if you eat local cuisine. I spend around $200 a month on groceries and eating out. Public transportation is also very affordable. I spend around $50 a month on subway and bus fares. As for utilities like electricity, water, and internet, they cost me around $100 a month. I also have a phone plan that costs around $30 a month. The rest of my budget goes to entertainment and miscellaneous expenses. There are plenty of affordable things to do in Incheon, like visiting the parks, museums, and beaches. However, if you’re used to going out to fancy restaurants and bars regularly, you might have to cut back on that. In terms of neighborhoods, I would recommend looking at places in Namdong-gu or Bupyeong-gu. They’re not as flashy as Songdo or Yeonsu-gu, but they’re still nice areas with plenty of amenities and they’re much more affordable. On the other hand, I would avoid looking at places in Songdo or Yeonsu-gu if you’re on a tight budget. These areas are very modern and popular, especially with expats, but the cost of living is significantly higher. Overall, living in Incheon on $1,500 a month is definitely doable, but it requires some sacrifices and careful budgeting. You might not be able to live in the most popular areas or go out to fancy places all the time, but you can still live a comfortable and enjoyable life,” commented an expat living in Incheon.
Can I live in Incheon on $3,500 a month?
“I’ve been living in Incheon for a few years now and I can tell you that it’s definitely possible to live comfortably on $3,000 a month, even if you’re used to modern amenities. However, you’ll need to be smart about your spending. For instance, housing can be quite expensive in certain areas, especially in the more upscale neighborhoods like Songdo and Yeonsu-gu. These areas are known for their high-end apartments and modern facilities, but the cost of living can be quite high. If you’re looking to save money, I’d recommend looking at neighborhoods like Bupyeong or Namdong-gu. These areas are still quite modern and have all the amenities you’d need, but the cost of living is significantly lower. Food can also be quite affordable if you’re willing to eat like a local. Korean food is not only delicious, but it’s also quite cheap. You can get a decent meal for around $5 to $10. However, if you’re constantly eating out at western-style restaurants, your food budget can quickly skyrocket. Transportation is another area where you can save money. The public transportation system in Incheon is excellent and very affordable. A monthly transportation card costs around $50 and you can use it to travel around the entire city. If you’re planning on getting a car, keep in mind that gas and maintenance can be quite expensive. As for other expenses like utilities and entertainment, they’re quite reasonable. Utilities usually cost around $100 to $200 a month, depending on the season. Entertainment can be as cheap or as expensive as you want it to be. There are plenty of free or cheap activities to do in Incheon, like hiking in the local parks or visiting the numerous cultural sites. In terms of sacrifices, you might have to give up certain luxuries like eating out at expensive restaurants or living in a high-end apartment. But in my experience, the cost of living in Incheon is quite reasonable and you can definitely live comfortably on $3,000 a month,” said one expat living in Incheon.
Can I live in Incheon on $5,000 a month?
“I’ve been living in Incheon for a few years now and I can tell you that living on $5,000 a month is definitely doable, even with a taste for modern amenities. In fact, you can live quite comfortably on that budget. The cost of living here is lower than in many Western countries, especially when it comes to housing and food. For instance, a decent one-bedroom apartment in a good neighborhood will cost you around $500 to $700 a month. If you’re looking for more upscale accommodations, you might have to pay up to $1,000 or more, but that’s still within your budget. As for neighborhoods, I’d recommend looking into places like Yeonsu-gu or Namdong-gu. They’re both safe, clean, and have a good mix of local and expat residents. Plus, they’re close to many amenities like shopping centers, restaurants, and parks. On the other hand, I’d avoid neighborhoods like Songdo or Cheongna, as they tend to be more expensive due to their popularity among expats and their proximity to the business district. Food is also quite affordable here. You can get a good meal at a local restaurant for around $5 to $10, and groceries are reasonably priced as well. Of course, if you prefer dining at high-end restaurants or buying imported groceries, you’ll have to budget more for that. Transportation is another area where you can save money. Public transportation is efficient and cheap, with a subway ride costing around $1. Taxis are also affordable, especially compared to Western countries. If you prefer to drive, keep in mind that owning a car can be quite expensive due to the high cost of gas and parking. As for sacrifices, you might have to give up certain Western comforts. For example, Western-style housing is more expensive than Korean-style housing, and imported goods are often pricier than local ones. But overall, I think you’ll find that living in Incheon is quite affordable and comfortable, even on a $5,000 a month budget,” commented an expat living in Incheon.
