Read 3534 times

What is considered a middle class income in seoul?
« on: September 03, 2022, 11:11:17 pm »
I've done the research and have found different numbers for avg and median household incomes, but what i have found vary a great deal. 

We are a family of 3 (1 year old child) and i feel like our household income should be more than satisfactory...but it feels a little tight. I'm admittedly a free spender though. So i have to get that under control.
I'd like to move to a newer apartment, we
currently pay 1.1 million/mth, and lease a car....but it just seems too much. I think it would leave too little for saving/investing and leave us house ridden. No eating out or going on vacations.

Sincerely wondering what most would consider a "decent" household  income for a family of three?


Re: What is considered a middle class income in seoul?
« Reply #1 on: September 04, 2022, 12:22:56 am »
Treefiddy
Beyond Inappropriate


  • gogators!
  • Waygook Lord

    • 6341

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: What is considered a middle class income in seoul?
« Reply #2 on: September 04, 2022, 12:29:16 am »
Leasing a car doesn't usually make sense unless it's for business and can be written off.

Don't forget to include education expenses. Those can really add up.

Average income figures may well not tell the whole story in Korea, where financial help from parents is so common.


  • SPQR
  • Hero of Waygookistan

    • 1421

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: What is considered a middle class income in seoul?
« Reply #3 on: September 04, 2022, 08:48:32 am »
http://koreabizwire.com/s-koreans-define-middle-class-as-households-with-770-mln-won-in-assets/

Here, it states to be middle class you need:

1/ More than 700 million won (US$582,300) in assets.
2/ Four-person households should have a monthly income of about 6.22 million won
3/ Monthly consumption of 3.95 million won

Number one is easy if you bought a property in 2016~2018. You could easily
have doubled your real estate value from that time to now. The 6.22M is
also pretty standard with two working parents. Or it should be. The 3.95M
in consumption seems reasonable. Mortgage will probably be 1.5-2M. Food
and utilities for four for one month 1M. Other items such as insurance,
vacations, car could easily amount to the rest.


Blocked: JonVoightCar


  • Lazio
  • Hero of Waygookistan

    • 1032

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: What is considered a middle class income in seoul?
« Reply #4 on: September 04, 2022, 11:17:13 am »
YMMV, but I would say 2.5 million in the described situation allows a comfortable living. That does not include housing, be it rent, mortgage payments or jeonse loan payments. And car payments. I mean maintaining a car and fuel etc yes, but not monthly payments on the car itself. + ideally some saved. All in all, 4.5-5 million would allow a comfortable lifestyle and at least a million put away every month.

A toddler doesn't cost a lot of money. But then again, it depends on who you're asking. One can buy a single piece of clothing in a department store for 100k or that same amount would buy a large bag of perfectly good second hand clothes.

If anything, you should work towards reducing your rent and not increasing it. Better yet, aim for jeonse. You would qualify for a cheap, newlywed loan. Just guessing but I think you could find one with 3.5% interest these days or perhaps even around 3.
200 million at 3.5% is under 600k a month. And you only pay the interest. You can borrow 80% of the jeonse.
Or even better, get a mortgage. It's a buyer's market now. But for that, you would need a higher amount saved up.
While you are renting, don't live in an apartment. Either jeonse or weolse for the same size, will be significantly cheaper on a villa. Not only that but the maintenance fees are much lower which also allows you to save more.
« Last Edit: September 04, 2022, 12:59:03 pm by Lazio »


  • Lazio
  • Hero of Waygookistan

    • 1032

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: What is considered a middle class income in seoul?
« Reply #5 on: September 04, 2022, 11:21:02 am »
Food
and utilities for four for one month 1M.

I would like to see how someone can manage that. Living in an average sized apartment, utilities (maintenance, water, electricity, heating, cable and internet) are a minimum of 250-300k. In the winter/summer months it can be a 100k higher easily. Add just 2 phones to that and you are near 500k. How on Earth would you feed a family of four from 500k?


  • hangook77
  • Waygook Lord

    • 5607

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: What is considered a middle class income in seoul?
« Reply #6 on: September 04, 2022, 12:31:44 pm »
Sadly, an English teacher's income won't let you live this "middle class" dream in Seoul. 
745sticky, Augustiner, Bakeacake, D.L.Orean, Lazio, Mithras, Renma, Rye are still blocked and I can't see them.


  • Savant
  • The Legend

    • 3603

    • April 07, 2012, 11:35:31 pm
Re: What is considered a middle class income in seoul?
« Reply #7 on: September 04, 2022, 01:14:12 pm »
Itís never too get to get on the property market but it seems that prices now are stagnating or dropping. I could be wrong, havenít really look on Naver Land for a long time.


Re: What is considered a middle class income in seoul?
« Reply #8 on: September 04, 2022, 01:16:13 pm »
As far as I'm concerned, if I can't afford to go to a decent wrestling gym with a good locker room, it's not enough.
Beyond Inappropriate


  • hangook77
  • Waygook Lord

    • 5607

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: What is considered a middle class income in seoul?
« Reply #9 on: September 04, 2022, 01:18:46 pm »
Well jump onto crypto while you can. 
745sticky, Augustiner, Bakeacake, D.L.Orean, Lazio, Mithras, Renma, Rye are still blocked and I can't see them.


Re: What is considered a middle class income in seoul?
« Reply #10 on: September 04, 2022, 01:58:32 pm »
Well jump onto crypto while you can. 


Funny you should say this. I'm involved in crypto and now is certainly the best time to get involved.  Wish i had more money at the end of each month to invest with


  • 745sticky
  • The Legend

    • 2354

    • March 26, 2020, 01:52:57 pm
    • Korea
Re: What is considered a middle class income in seoul?
« Reply #11 on: September 05, 2022, 12:43:04 pm »
Well jump onto crypto while you can.

i've been considering it, but i can't find a way to get it online that doesn't require a US phone number or axe me when it figures out im living overseas. maybe i should try going beyond online brokerages...


  • L I
  • Waygook Lord

    • 7966

    • October 03, 2011, 01:50:58 pm
Re: What is considered a middle class income in seoul?
« Reply #12 on: September 05, 2022, 12:50:31 pm »
Koreans banned foreigners in Korea from investing in crypto. Why? Partly because they were jealous foreigners were making money from arbitrage. Ironically, arbitrage brings down prices for Koreans.


  • L I
  • Waygook Lord

    • 7966

    • October 03, 2011, 01:50:58 pm
Re: What is considered a middle class income in seoul?
« Reply #13 on: September 05, 2022, 12:54:52 pm »
"Foreign exchange transactions aiming to take profits through arbitrage from price differences at cryptocurrency exchanges face are a major violation of the country's foreign exchange regulations," a Seoul Regional Customs official said, adding that the customs office will continue to respond sternly to illegal acts of foreign exchange.

https://m.koreatimes.co.kr/pages/article.amp.asp?newsIdx=335274




  • Renma
  • Super Waygook

    • 496

    • September 01, 2014, 06:09:42 am
Re: What is considered a middle class income in seoul?
« Reply #14 on: September 05, 2022, 02:56:10 pm »
Yeah, rather than it being some violation of an archaic financial regulation, it must have been collective jealousy towards those darn foreigners. That must be why.  :rolleyes:

It's likely that it was Korean nationals moving the large amounts of on-ramped KRW through the different exchanges, not foreigners.
It was lucrative back in 2016-2017, since iirc crypto had something close to a 20% markup on Korean exchanges.


  • hangook77
  • Waygook Lord

    • 5607

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: What is considered a middle class income in seoul?
« Reply #15 on: September 07, 2022, 01:17:40 pm »

Funny you should say this. I'm involved in crypto and now is certainly the best time to get involved.  Wish i had more money at the end of each month to invest with

I have only a tiny amount but am going as strategic as I can.  I know XRP will shoot up again, so I am riding some of the bull coins like XRPBULL for example.  SO, these will shoot up even more when the time comes even though short term they are sinking.  But I like XRP and Shiba Inu.  Bitcoin is something everyone is in already.  Precious metals like silver are supposedly still undervalued.  Inflation will be the risers of these things. 
745sticky, Augustiner, Bakeacake, D.L.Orean, Lazio, Mithras, Renma, Rye are still blocked and I can't see them.


  • hangook77
  • Waygook Lord

    • 5607

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: What is considered a middle class income in seoul?
« Reply #16 on: September 07, 2022, 01:24:23 pm »
Koreans banned foreigners in Korea from investing in crypto. Why? Partly because they were jealous foreigners were making money from arbitrage. Ironically, arbitrage brings down prices for Koreans.

Racists.  Anyways, I just saw that Nonghyup bank wont transfer large amounts if it came from crypto.  SO, maybe it's just as well.  Use Coinsmart from Canada and Coinbase if American.  Coinsmart lets use use Interac transfers in Canada and Coinbase will let you use credit cards if American?  I buy bitcoin via these and send to FTX via bitcoin wallet transfer.  Then, I sell and change to the other curencies or coins I want.  Someday, I will sell them and reconvert back to BTC and then flip over my BTC wallet on Coinsmart.  Then send to my bank.  I would have stayed on the North American exchanges if they had XRP, XRPBULL, and SHIBA INU (and a couple of others).  Sadly, they don't.  So, I have to use a couple of exchanges. 

Glad to be done with Korea and have nothing to do with them, now.  If you are married to a Korean you can fund BTC wallet here and then transfer over to FTX or another offshore one with more coins if you wish.  Can also send those coins directly home when they rise rather than dealing with Korean regulatory nonsense. 
745sticky, Augustiner, Bakeacake, D.L.Orean, Lazio, Mithras, Renma, Rye are still blocked and I can't see them.


Re: What is considered a middle class income in seoul?
« Reply #17 on: September 07, 2022, 01:48:00 pm »
Thankfully I have multiple income streams to push me into the middle class bracket.
1. My published works on teaching websites which pull in a tidy supplementary income that lets me enjoy a good dinner every month at my reserved table at Hannam Pig.
2. My benefits such as my housing and recently they decided to compensate me for gasoline that I use to drive to this one far-out rural school I teach at one day a week.
3. Poker Stars (had to get by the racists who don't want foreigners to make money by gambling)
4. My points on my credit card and other cards, not to mention all of the 10Jangs I have on the various pizza and chicken places I patronize.
5. My stake in my friend's magkeolli exporting business.

I feel sorry for all the suckers out there who aren't in on things and are getting screwed by the Korean govt.
Poker pro (tournament winning). Award-winning English teacher and 1%er. Ranked self-published author.

Original member of the Winner's Circle with the likes of Jordan Peterson, Donald Trump, Candace Owens, Hong Joon-Pyo and Mark Dice.

Diet is 100% soy-free. I'm not a Cuckgookin. AMERICAN.


  • KimDuHan
  • Hero of Waygookistan

    • 1484

    • January 15, 2015, 11:48:59 am
    • Seoul
Re: What is considered a middle class income in seoul?
« Reply #18 on: September 08, 2022, 01:20:41 am »
4.5mil won a month. So about 2x an E2ís wage! Poverty line is like 2.1 mil won


  • VanIslander
  • Moderator LVL 1

    • 4010

    • June 02, 2011, 10:12:19 am
    • South Gyeongsang province for 13 years (with a 7-year Jeju interlude)
    more
Re: What is considered a middle class income in seoul?
« Reply #19 on: September 08, 2022, 03:22:32 am »
Poverty line is like 2.1 mil won
Absurd.

Nearly 5 billion of 7.7 billion humans make less than that, and in South Korea anyone pocketing 1.5 million after housing can live quite well (i have often had a hard time blowing my paycheque: i buy all the expensive fruit i want and have taken repeated taxis on a whim, but unless i travel or make a big onlin purchase, it's hard to crack 2 mill a month.

One could live quite well on 1.0 million won, not including housing. By no means "poor".

However "it is considered".
Life's to live! Live! Breathe. Relax. Enjoy. Animals teach us to focus on family, friends and avoid danger. Get what you need and get along with others. That said, some rock the boat, but they know capsizin' it means they're sunk. Some sink, let's swim! The sea's big, great, but has undercurrents.