Can I Afford to Move Out with 500,000 Won Monthly Rent?
I'm currently living with my parents, but I want to move out and have been looking for a place. A monthly rent of 500,000 won with a deposit of around 10 million won seems doable, but I'm worried my salary of 2.5 million won might make living expenses tight. Including maintenance fees and utilities, it would probably come out to about 700,000 won. How much of your salary do you all spend on rent?
4 answers
I've had similar concerns. With a salary of 2.5 million won and monthly rent of 500,000 won, that's typically around 20–30%, which is reasonable. However, once you add up maintenance fees, utilities, food, and transportation costs, it can be tighter than expected. I earn 2.8 million won and pay 450,000 won in rent, and if I budget strictly, I can save a little each month. I'd recommend simulating a month's expenses to see how it goes.
Honestly, I think 2.5 million won deposit with 500,000 won monthly rent is reasonable. They usually say it's fine if rent is within 30% of your salary. I used to pay 500,000 won when I was earning 2.2 million won, and it was totally doable if I cut back on eating out or shopping. But I'm curious how you'll come up with the 10 million won deposit. Do you have the lump sum ready?
I earn 2.4 million won a month and pay 550,000 won in monthly rent, so it's definitely tight. Since electricity and gas bills vary by season, make sure to set aside some extra funds. Also, once you live independently, unexpected expenses pile up. For example, you need to consider costs like buying furniture, household items, and medical bills. Still, the freedom is really great!
20% of your salary is a reasonable ratio! I also pay 500,000 won out of 2.6 million won and live comfortably without much strain. However, initial settlement costs (furniture, deposit, moving expenses) can be burdensome, so discussing with your parents and getting a little help could be an option. As for the maintenance fee of around 200,000 won, it varies by area, so make sure to check when you actually view the place. Good luck!