More affordable than Japan, pricier than Southeast Asia
South Korea occupies a middle position in the Asia cost spectrum — developed infrastructure and quality, but significantly cheaper than Japan for most things. Here is the realistic breakdown.
Accommodation
Goshiwon or budget guesthouse in Seoul: ₩30,000-60,000/night ($22-45). Mid-range hotel: ₩80,000-180,000/night. Luxury hotel: ₩250,000-500,000+/night. Outside Seoul (Busan, Gyeongju) accommodation is 20-30% cheaper. The goshiwon and jjimjilbang (Korean sauna/sleeping facility) options make budget accommodation better than many cities.
Food
Local Korean restaurant (bibimbap, kimchi jjigae, doenjang jjigae): ₩7,000-14,000. Street food (tteokbokki, odeng, hotteok): ₩2,000-5,000. Korean BBQ with beef: ₩20,000-40,000 per person. Convenience store meal (GS25, 7-Eleven, CU): ₩3,000-7,000. Korean food is excellent value — a proper meal with unlimited banchan side dishes for ₩9,000 is normal.
Transport
Seoul Metro single journey: ₩1,250-1,850 with T-Money card. T-Money card (Suica-equivalent): rechargeable, works on metro, buses, and convenience stores. KTX high-speed rail Seoul to Busan: ₩59,800 standard, ₩42,600 discounted. City buses: ₩1,200-1,400 per trip.
Daily total
Budget (guesthouse, local food, metro): ₩60,000-100,000/day ($45-75). Mid-range: ₩120,000-200,000/day. South Korea is good value for its level of development.