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Expat Exchange - Cost of Living in Gimpo 2024
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Cost of Living in Gimpo

By Joshua Wood, LPC

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Summary: If you're moving to Gimpo, understanding the the cost of living in Gimpo helps you know what to expect when it comes to apartment or house hunting, grocery shopping, transportation, dining out, utilities and more.

Category Cost
Apartment Rentals
  • 1-bedroom apartment in city center: 500,000 - 700,000 KRW per month
  • 1-bedroom apartment outside city center: 300,000 - 500,000 KRW per month
  • 3-bedroom apartment in city center: 1,000,000 - 1,500,000 KRW per month
  • 3-bedroom apartment outside city center: 700,000 - 1,000,000 KRW per month
Apartment Purchases
  • Price per square meter in city center: 6,000,000 - 10,000,000 KRW
  • Price per square meter outside city center: 3,000,000 - 6,000,000 KRW
Transportation
  • One-way ticket on local transport: 1,250 KRW
  • Monthly transport pass: 55,000 KRW
  • Taxi starting tariff: 3,000 KRW
  • Taxi 1km tariff: 900 KRW
  • Gasoline (1 liter): 1,500 KRW
Groceries
  • Milk (1 liter): 2,000 KRW
  • Bread (500g): 2,500 KRW
  • Rice (1kg): 4,000 KRW
  • Eggs (12): 2,500 KRW
  • Chicken breasts (1kg): 10,000 KRW
  • Beef round (1kg): 18,000 KRW
  • Apples (1kg): 5,000 KRW
  • Tomatoes (1kg): 4,000 KRW
  • Water (1.5-liter bottle): 1,000 KRW
Restaurants
  • Meal at an inexpensive restaurant: 7,000 KRW
  • Meal for two at a mid-range restaurant: 40,000 KRW
  • McMeal at McDonald's: 6,000 KRW
  • Domestic beer (0.5-liter draught): 4,000 KRW
  • Imported beer (0.33-liter bottle): 5,000 KRW
  • Cappuccino: 4,000 KRW
  • Coke/Pepsi (0.33-liter bottle): 1,500 KRW
  • Water (0.33-liter bottle): 1,000 KRW
Utilities
  • Basic utilities (electricity, heating, cooling, water, garbage) for 85m2 apartment: 100,000 - 200,000 KRW per month
  • Internet (60 Mbps or more, unlimited data, cable/ADSL): 30,000 KRW per month
Private School Tuition
  • Preschool: 500,000 - 1,000,000 KRW per month
  • Elementary School: 10,000,000 - 20,000,000 KRW per year
  • Middle School: 15,000,000 - 25,000,000 KRW per year
  • High School: 20,000,000 - 30,000,000 KRW per year
Please note that the costs provided are approximate and may vary depending on various factors such as location, time of the year, and individual preferences. It is always recommended to research and compare prices before making any decisions.

Monthly Budget for Retirees in Gimpo

"The cost of living in Gimpo is considered moderate compared to other cities in South Korea. Housing is one of the biggest expenses, with rent for a one-bedroom apartment in the city center being relatively high, while outside the city center it is somewhat cheaper. Utilities such as electricity, heating, cooling, and water are also a significant part of the monthly budget. Internet and mobile phone services are quite affordable. The cost of food in Gimpo is reasonable, with a variety of options available from local markets, supermarkets, and restaurants. Eating out at an inexpensive restaurant is fairly affordable, while a three-course meal at a mid-range restaurant can be more expensive. Public transportation in Gimpo is efficient and affordable, with options including buses, taxis, and the subway. Owning a car can be quite expensive, considering the costs of fuel, maintenance, and parking. Healthcare in Gimpo is of high quality and is reasonably priced, with both public and private options available. Education, particularly international schooling, can be quite expensive. Overall, the cost of living in Gimpo is manageable, but it largely depends on an individual's lifestyle and spending habits," said one expat living in Gimpo.

Can I live in Gimpo on $1,500 a month?

"I've been living in Gimpo for a while now, and I can tell you that it's possible to live comfortably on $1,500 a month, but you'll have to make some sacrifices. First, you'll need to find an affordable neighborhood to live in. I recommend looking into areas like Yangcheon or Gochon, which are a bit more budget-friendly compared to more expensive neighborhoods like Ilsan or Gimpo Marina.When it comes to housing, you'll probably have to settle for a smaller one-room apartment or officetel, which can range from $400 to $700 per month, depending on the location and amenities. You might also have to pay a larger deposit upfront, but this is common in Korea.For transportation, the subway and buses are quite affordable, and you can get a monthly pass for around $50 to $60. If you're used to having a car, you might have to give that up, as owning a car and paying for parking can be quite expensive in Gimpo.Eating out can be affordable if you stick to local Korean restaurants and street food, which can cost around $5 to $10 per meal. However, if you're used to eating at fancier restaurants or international cuisine, you'll have to cut back on that, as those can be quite pricey.Groceries can also be a bit expensive, especially if you're looking for imported or specialty items. I recommend shopping at local markets and discount stores like Homeplus or Emart to save on groceries.For entertainment, you might have to cut back on going out to bars, clubs, or movie theaters, as those can be quite expensive. Instead, you can explore the many parks, hiking trails, and cultural sites in and around Gimpo, which are often free or have a low entrance fee.In summary, living comfortably on $1,500 a month in Gimpo is possible, but you'll have to make some sacrifices in terms of housing, transportation, and entertainment. By choosing an affordable neighborhood, cutting back on eating out, and finding low-cost or free activities, you can make it work," commented an expat living in Gimpo.

Can I live in Gimpo on $3,500 a month?

"I've been living in Gimpo for a while 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 might have to make a few sacrifices to make it work. For example, you might need to live in a smaller apartment or share a place with roommates to save on rent. When it comes to choosing a neighborhood, I'd recommend looking into areas like Yangchon-eup or Gochon-eup. These neighborhoods are more affordable and still offer a good quality of life. You'll find plenty of restaurants, shops, and public transportation options nearby. On the other hand, I'd avoid more expensive neighborhoods like Tongjin-eup or Wolgot-dong, as the cost of living there can be significantly higher.Another thing to consider is transportation. If you're willing to use public transportation like buses and subways, you can save a lot on transportation costs. Owning a car in Gimpo can be quite expensive, especially when you factor in parking, insurance, and maintenance costs.Eating out can also add up quickly, so I'd recommend cooking at home as much as possible. There are plenty of local markets where you can buy fresh produce and other groceries at reasonable prices. Of course, you can still treat yourself to a meal out every now and then, but try to stick to more affordable local restaurants instead of high-end establishments.Lastly, be mindful of your entertainment and leisure expenses. There are plenty of free or low-cost activities to enjoy in Gimpo, like visiting parks, hiking, or attending local festivals. Try to take advantage of these options instead of spending a lot on expensive hobbies or nights out.Overall, living in Gimpo on $3,000 a month is doable, but it requires some budgeting and making a few sacrifices. By choosing an affordable neighborhood, using public transportation, cooking at home, and enjoying low-cost leisure activities, you can live comfortably and still enjoy the modern amenities you're used to," said one expat living in Gimpo.

Can I live in Gimpo on $5,000 a month?

"I've been living in Gimpo for a while now, and I can tell you that it's definitely possible to live comfortably on $5,000 a month, even if you're used to modern amenities. Of course, you might have to make some sacrifices, but overall, you can still enjoy a good quality of life.First, let's talk about housing. If you want to save money, I'd recommend looking for an apartment in neighborhoods like Yangchon-eup or Gochon-eup. These areas are more affordable, and you can find a decent one-bedroom apartment for around $500 to $700 a month. On the other hand, if you're looking for something more upscale, you might want to consider neighborhoods like Tongjin-dong or Haseong-dong. However, keep in mind that the rent in these areas can be quite high, sometimes reaching up to $1,500 a month for a one-bedroom apartment.As for transportation, the public transit system in Gimpo is quite efficient and affordable. A monthly subway pass will cost you around $60, and buses are even cheaper. If you prefer to drive, you should know that gas prices and parking fees can add up, so it's something to consider when budgeting.When it comes to food, eating out can be quite affordable if you stick to local restaurants and street food. A meal at a local restaurant will usually cost you around $5 to $10, while street food can be as cheap as $1 to $3. However, if you prefer dining at fancier restaurants or eating Western food, you should expect to pay more. Groceries can also be quite affordable, especially if you shop at local markets and avoid imported products.Entertainment and leisure activities can vary in price, but there are plenty of affordable options. For example, a movie ticket will cost you around $8, and there are many parks and outdoor spaces where you can enjoy nature for free. If you're into fitness, gym memberships can range from $30 to $100 a month, depending on the facilities and location.In terms of sacrifices, you might have to give up some of the luxury items or experiences you're used to, like high-end shopping or frequent trips to fancy restaurants. Additionally, you might need to be more conscious of your spending and budgeting, especially if you want to save money or travel frequently.Overall, living in Gimpo on $5,000 a month is definitely doable, and you can still enjoy a comfortable lifestyle with modern amenities. Just be prepared to make some adjustments and be mindful of your spending," commented an expat living in Gimpo.

About the Author

Joshua Wood Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.


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