I lived in Korea for a couple of months, and yes it is true that many things are expensive in the country, but many Korean people are obsessed with luxury. I had the opportunity to hang out with Koreans who complained about inflation, salaries, and house prices. Still, they spent a lot of their money on eating out in fancy, trendy places, buying expensive clothes, and keeping that lifestyle even if there were less costly options, no wonder they couldn't save money.
Since they're aware that they cannot afford a house. They'd rather spend savings on luxury items they otherwise will never buy. I don't think that's a difficult concept to grasp.
@@moshiacid6673I don’t think you understand how bad it can get though. We’re talking people sometimes getting loans to buy something they obviously don’t need. It’s not rational to buy an expensive bag and then complain that you don’t have enough to eat properly. The convo is quite nuanced…
Korea's economic growth was very fast, so many people in their 50s and older now bought houses in Seoul at relatively low prices. Parents' generation could buy houses like this Therefore, young people now want to buy houses and Korea likes houses because stocks and other assets are small
Out of touch old people think like this everywhere. Costs were so much cheaper back then. Life was harder physically for sure but it was a real goal to work hard and eventually be able to buy a house. Today you can work hard your entire life and still not have enough.
@@SL-jn8cz the question is, is there work outside of urban areas? Specially well paying jobs. There’s a reason ghost towns are surging everywhere(that includes the western world, but Korea and Japan are even more poignant examples, as their population sizes have always been small because of territory). It’s easy to say houses outside big urban centers are cheaper when you already made it and can easily commute from job to residence. I’m sure many dormitory cities exist around Seoul, but it’s not the girl working in food service that’s gonna be able to live in such places. Low paying job workers still need to essentially live near where they work or take grueling commute to said low paying job, all of that drains resources that could otherwise go towards a future residence.
@@SL-jn8cz There's no work out there, people don't want to commute over an hour, not many hagwon options & etc if you have kids, and so on. If you're childfree and work online, then yea, you can save and live well out there.. and some do do that.
I also want to comment on what the guy said at the end. In many ways he's right. It's true that in his time the poor were A LOT worse off than people who are poor today. But also keep in mind that back then the poor didn't have television, internet and smart phones that rubbed their poverty in their faces 24/7. It's been shown that humans are happier with less if everyone they see around them has relatively the same amount. But thanks to technology, nowdays many are seeing people with 5 to 10 times their wealth paraded on their screens all of the time. Of course they're going to feel hurt and dissatisfied. Of course they're going to feel left behind, and less happy (even if they technically have more food and resources than the poor of previous generations). I'm not sure the solution to this. I'm just pointing out that it's an issue I think gets forgotten in the discussion.
Korean TV is awful...it's 90% just filled with young beautiful rich people .....while they ignore the majority of korean population who are old, middle to low income living just normal average lives.
@@garesonc9672brother I’ve been living in that motto and to be honest it’s easy when you’re single I’m a guy for reference it’s hard in a relationship .
As a young adult myself, I felt a deep connection with the individuals you interviewed and their struggles with the increasing costs of living. It's thought-provoking to see the impact of inflation on the daily lives of young Koreans. It raises questions about the broader economic landscape, income disparity, and the challenges faced by the younger generation striving for a secure and fulfilling future.
@@garesonc9672 Thank you for your input and perspective. While the man in his 50s certainly has valuable life experience, it's crucial to acknowledge that the challenges faced by young people today are unique to our current time. By understanding the struggles of the younger generation, we can work towards addressing their needs and shaping a better future for all. It's essential to have a diverse range of perspectives to gain a comprehensive understanding of the issues at hand. By listening to the voices of young people, we can bridge generational gaps, foster empathy, and collectively work towards meaningful solutions.
In Denmark, grocery items rose like 50-100% in price and the stores all blamed COVID and corn/grain crisis due to Ukraine war, but now that both COVID is over and the corn/grain solved, prices has not gone down again like in other countries, and we're all really angry at the grocery stores for taking advantage of the world situation like that. Some people can't afford to buy essentials like...
You voted for those idiots. They wanted to have you commit suicide for their war of avarice against Russia. Now they want to kill all your cows. You in Europe will be forced to eat bugs by the end of this decade.
I thought it is happening only in my country😅. During covid they reduce the number of people to be seated in long distance sharing taxi and increased the price, which was justified. But now covid is over and the passanger seating has gone beck to full pre-covid seating but price has not come down.
The concept of work hard and you wont be poor is deeply flawed. If the government says that 71,419,751KRW is a poverty yearly salary for example, and companies refuse to pay more, the fault is with employers. You can't save your way out of poverty while considering all the other cost of living factors without having to work more than 1 job.
Your generation's perspective is skewed by entitlement and idleness. You look at older people and assume it was given to them. My wife and I ate frozen dinners and packaged Ramen noodles in our two bedroom apartment when were first married. Now we have a nice home and three sons...two of which are successful adults likely in your age group. It wasn't magic...it was years of work, perseverance and living within our means. You only see the end result...not the toil.
@@garesonc9672so because you suffered, everyone else has to as well ? wonderful thinking, really empathetic . wanting to live life while working 40+ hours a week and not just to scrape by isn't entitlement, its common sense. but for people who only see success through their job and not being a good human being is hard to explain.
It's definitely tough for the young generation. It's hard to stay motivated for some who earn enough to get by...it's like being in an endless cycle of working just to pay bills. If a house can cost $2 million and above, I don't know how any single person working hard can save up enough to even get that started. This is happening to so many countries around the world.
If maybe some big companies relocate their businesses in some rural areas,where they can provide sustainable housing for their employees. Maybe lives can change. Being flocked into urban places is unhealthy in every aspects
Bingo. The government should move facilities to daegu, and the president should live in Busan. Hello, make the legislature move to Daejeon. Spread out.
as someone who's from the Netherlands and who lives in Korea, apartment prices are crazy. For a decent place of 84m2, which is still considered small in my country (although you get 2 bathrooms here haha), where I live it starts at 1 million USD
@@mandy11254 that is when you want to "lease" it, the jeonsae system. For a million dollar apartment then the jeonsae would most likely be around 6-700.000 USD and yes you get that back in full. But if you want to actually buy it starts at 1 million USD, at least the area where I live.
@@mandy11254 the problem with Jeonsae is that, although it sounds okay on paper, after 2 years you either have to find a new place or you can extend your lease, but the homeowner is allowed to raise the jeonsae by 4-5%? (dont quote me on that) so basically in those 2 years you're working to save up for that raise in jeonsae.
@@mandy11254 Also, jeonse is not guaranteed to be fully insured. If the landlord dies or flees the country or something you are not guaranteed to get any of the rest back
@@thanGacao The raise honestly doesn't seem that bad if you're getting all or most back anyways since you add a small portion more to extend. I honestly thought the issue (not too sure) was that paying the jeonsae initially was extremely difficult for many people bc it's usually a large sum of money if I'm right. According to my parents jeonsae is usually 50% of the total price of that apartment room, so in your case jeonsae would be like $500,000. Looks like for Seoul this goes up to 70~80% according to the user below. In either case, it's pretty extreme if you don't have the money, which most people won't have. For those with the money tho, it's prob the best system they can ask for since you don't waste money on a monthly rent. They are incorporating some rent system as well so not sure what the future will hold.
There are plenty of nice place that are much more affordable once you get out of the CBD areas or what may be considered "cool" areas of Seoul, and even more so once you get further away from Seoul all together. You may have to commute to CBD area (probably by subway), if you work in it. The cost of living is much cheaper, and it's quieter, and less crowded, once you get out of the center of Seoul. You just have to be willing to live in an area that is not considered cool or as an educational hub.
So true and it is like that in the US too. I live in the SF Bay Area and certain cities and areas are more expensive, but once you leave those expensive areas, things get a lot cheaper.
It is good to live in a small city with a salary of a big city. The problem is that usually people don't have it. This is the reason why lots of young people move to big cities.
I would rather live in a more expensive area than in a cheaper one if my work is in the city. The commute is brutal and as someone that already did that for years i can say it is definitely not the solution.
it is always cheaper on rural areas. The problem? You get less income in rural areas, basically you spent the same amount of percentage of your income relative to your expense. an example: in a city, you get $2000, you spent a glass of coffee for $5 in a rural area, you get $500, you spent a glass of coffee for $1.25
Polular places in Seouls is quite expensive, however, if you are willing to venture out of Seoul area, perhaps in rural areas such as the bordering villages near North Korea, homes can become quite affordable.
Young people prefer the big city life to village living, plus in the big cities is where big companies and major govt/economy facilities are centralized. The Korean govt will have to spread out facilities and get companies like LG and Samsung to invest in remote areas, it'd create more jobs and uncrowd places like Seoul
It's an unfortunate global event now. I remember making around 1400 USD / month and I always thought making at least 100k would do my quite well, but now that I am here, making a bit over that, saving for a house, paying into retirement, and paying all your bills (student loan, rent, etc) the money does not go very far. 100k in 2023 is literally making 75k in 2011 and at this rate, one would need to make 200k-250k to even be able to afford a house.
Here in Spain average salary for blue-collar jobs is still 18k, while white-collar jobs struggle to get over 29k. However, it's very easy to get out of the market because of the huge ageism. I used to be an IT Systems & Networking administrator, and my biggest salary was 24k when I was 35. Got fired in 2007, just before the 2008-2015 Global Financial Crisis, and this is my 16th year being unemployed. Haven't got a single job interview after applying to 800+ offers in all these years. 😕 Hint: the Prime Minister salary is 88k 😰
Actually, there is very little correlation. People have relatively more disposable income these days. But like that young woman said, they are more interested in fashion and hanging out than in raising families.
@@bellei365 belle, Please read a history book. What percentage of humans in all of history lived all their lives in a home they owned? . Learn from the past, believe in Jesus, and hope for the future.
@@earlysdaalso incorrect in this instance. There is absolutely a correlation between cost of living and children. Not to mention the fact that you could Google this and find out that that is exactly the reason in addition to how severely unfair is to have a child in a country like Korea or Japan. The system is very skewed against women especially after they have kids.
@@earlysdaThey don't literally mean purchasing home, they mean having a roof over their heads. And I severely doubt that their religion has anything to do with either of those things. It's not very polite to assume someone's religious beliefs, if they have any at all to start with.
Good work. Korea is gettin very expensive these days, I see the prices of potatoes even gone up by 50-100% in the past 2 years. Any meat is also crazy expensive. The old man living in Gangnam is very articulate, but he would be in the 1% in Korea, most business people in Gangnam would (it's pretty much the richest area in all Korea). If you're living comfortably there you're living a different life to the average Korean. He should also be at retirement age, but most people in Korea can't. Asian Boss REALLY needs to do an interview with Construction Workers. They're all 50-60+ . Noone wants to do that work anymore and it doesn't pay well enough, yet it's sorely needed in Korea. I think that many will see the salaries quoted, like $3,000 a month etc, and think oh, that's quite low, but that's actually a decent paying job in Korea. The average salary for the average worker is not that high. A new incoming teacher will be offered $2,000 - $2,500 . Then you need to see the house prices which are just impossible to afford as mentioned. They're not houses either. It's an 2-3 room standard apartment, no garden etc. You're looking at $700k - 3 million. The further you go outside of Seoul, the cheaper it gets. There are 20 million people in the greater Seoul/Gyeongi area, so there are always enough cheap workers to fill most positions.
yeah its crazy how expensive seoul is yet their wages are way worse than americas. In the US you can not go to college, not graduate highschool and still make 3-4k a month
@@nathancasey7712 Tbf the US is quite literally one of the best places to live for normal people besides their gun and insurance issues. Korea's wages are actually not that bad compared to other big nations like JP and China as well solely based on minimum wage. At the very least, according to a 50 yr old Korean guy I know who recently went back to Korea and works at a Samsung factory, makes $5k (up to $8k if he chooses overttime), along with a dorm that he doesn't pay for. He doesn't hold a special position and this benefit applies to most workers. Ofc it's prob diff because Samsung is HUGE but this is just from someone I know and I believe I read minimum wage is rising in SK.
2:57 Hey Asian Boss, you need a subtitle correction regarding the unit of Pyeong to Square foot. 1 Pyeong is 3.3 square meters and 1 square meter is 10.764 square feet. So 1 Pyeng is about 35 square feet. So, when the gentleman said 25 Pyeong it is about 900 square ft, not 36.
@@Poetic_Justice_YC There is no such thing as a korean square foot... I was right you went to korea for 2 weeks and now you feel you are an expert. SMH They screwed up in the video. You cant just start making up measurements that dont exist because your feelings are that the video should be correct. A square foot is a square foot a 평 is a 평. Stop being the guy that goes to a country and next thing you know they think they are a lost soul from that country and know everything about it.
Honestly, I think Korea is one of the cheapest developed countries around. Transparency and low tax (Yes, it is) and low rent prices (YES) makes it possible to save money, afford brand new car and parking (cheap residential parking). Lived there (Seoul, Mapo gu) 7 years till 2023. Just learn to cook, learn to save, that's it. People can afford travel, eat delicious food and coffee etc. You cant find such country, although everyone hates to admit this. There are problems always like min wage etc but hey, look around.
As someone who grew up in South Africa but who has lived in a few developed countries like the UK and US I found life in Korea super easy and very affordable. The taxes are lower than SA, everything worked. What makes life hard for Koreans is their unrealistic expectations especially from family and the obsession with status and luxury items. Met many Koreans that made life unnecessarily difficult for themselves trying to keep up with the Jones.
@@jw841I’m from South Africa too, just came back from traveling round Asia haven’t been there since 2017 and man Singapore is crazy expensive…to do my eyelashes and nails cost over 300 SD that’s like almost R7000 which is literally someone’s monthly salary here in SA. For a Japanese pancake on Panda Express cost me 68SD wtffff I was just gobsmacked at the intense price increase since the last time traveling through Asia, it’s even more expensive that Europe’s luxury hubs - and I convert everything to Rands in my mind and I’m like man the world has gone crazyyyyyyy😂
I know right? As a North African who used to work in Korea but left for " a better work offer" in Canada and I was surprised the taxes here r crazy the food is expensive you can't have good food outside, the transportation is another story and a car it a need not like Korea, the houses in Toronto are crazy I suffered to find a good place with a good price and without sharing it with house mates, parking here is way expensive than Korea veggies and meat here are way expensive with a low quality like I don't know if it's just me but my salary here is twice better than in Korea but guess what i can't save at all like I was in Korea, life in Korea was so easy i used to travel easily with the money i save but now? I can't Yes there are some negative things in Korea but in general it's way better I'm working so hard to go back to Korea
I live in Paris, France and it's the same problem. Inflation hits very hard big cities and when you live in countryside, your salary is often not enough to live correctly. This world goes mad everywhere.
@@beot-kkot Well Korea is not worse for sure. But there are just places that are more or less suffering because of inflation. Being a French living in Korea I d say that since average salary is higher in France my friends are less annoyed by prices going up than my korean friends. Less preoccupied I d say. But in my case I d say it is probably similar. However I m just impressed how it can be hard to raise kids in this economy
@@1239Elc it’s all relative. Raising a child is a big expense almost anywhere in the world, but Korean families have some advantages: 1. Unlike many European countries, most Korean grandparents take care of their grandchildren, which means free childcare (and peace of mind). 2. Thanks to universal healthcare, having a child in Korea doesn’t leave you with a hefty bill, like it happens in the USA. 3. Postpartum support for baby and mom is a thing in Korea: it’s affordable and available, either at home, or in postpartum centers. On the other hand, only 1 in 4 Korean mothers breastfeed their children: baby formula adds up to their expenses, while breast milk is free. Unless you have no milk at all, opting for the most natural option would be a way to save money. Another thing that I have noticed is the amount of gizmos and gadgets that Korean babies “need”. There is no way a newborn needs 50 books and 20 games. Once the children reach school age, they are enrolled in endless extracurricular activities and lessons, which are expensive, too. I understand that every parent wants the best for their child, but children should be allowed to be children and play freely. Honestly, I don’t know how effective English hagwon are, since few Koreans can speak English, as compared to other non-English speaking countries. It’s not my place to tell people how to raise their child, nor how to live their lives, but maths don’t lie: if you spend more money than you make, it will never be “enough”, no matter how much you earn.
@@beot-kkot Yeah I heard about the post partum from one friend that gave birth! That looks quite good. For the grandparents thing, it does exist in France but yeah with the city life it s not very often. I think it will become same with time unfortunately. I also think it s a good thing to have grandparents taking care of children. I think Korean education is very VERY GOOD. But when I compare the amount my friends had to pay VS the amount my French friends and I had to pay... it s way more than times 3. And I didnt do the cheapest education either. (From elementary school to university-scientific courses).
$740,000 for 36 sq feet is straight up robbery, smh. But I'm in the bay area and it's more or less the same, probably even worse. I'll never be able to buy a house either. 😭
I dont think you have any idea what 36 sq feet is bc neither the bay area nor Korea has prices like this... Btw the translation was wrong. They meant 284 square feet.
As a Korean that has lived in the states his whole life, and has traveled extensively I can tell you this thing is happening everywhere. The middle class is being abolished everywhere, especially in developed nations. I am now looking to save enough money to move to a developing country and buy a decent house, and have money that can use for a small business there.
Unsure where you lived but middle class in the US are the main house buyers. There is more affordable houses and locations in a single US State than Korea. The issue with Korea is that anything outside the major cities less developed and job opportunities in those areas are scarce so it's driving up cost of living in the cities jobs are available.
As a citizen of a developing country, you're effectively trying to displace our working class. Australians bought our properties and jacked up the price so much that locals have a hard time to catch up. Just move to a rural part of your country ffs
These people are so surprisingly intelligent and down-to-earth. They know so much about the environment they life in, it's impressive. On the contrary, the average people around me...
yeah even then being so intelligent they are still living an average life. This just goes to show that just being intelligent isn't gonna be enough for you to be rich or well off in your life. Sad really.
@@Tirlex At least they have perspective though which gives some comfort. The average low income worker in America: "Just raise wages and it will fix all our problems".
Honestly I agree with the older man that people have to keep maintaining effort to go by. However, situation has slightly changed. For an equivalent salary (even when taking into account inflation etc) it is impossible to buy an appartment etc for the same "price" as before. Also the issue is that there are a lot more monopoles than before + heritage. If you dont get a good start in life it is actually difficult to improve nowadays. This is what happens when just a few people possess everything. Also urbanization:/ (I want to add that I am not complaining and that I am very grateful/respectful for what elders did. It wasn't easy for them. Even my father had a life that I would consider way harder than mine)
he spoke like a true boomer tbh. he has enjoyed the economic boom as Korea's economy took off. However, as in any capitalist society, assets appreciate faster than wages and wages become stagnant once the country's economy reaches a certain level. So while it may have worked for him while he bought his fancy apartment in Gangnam for only 300k while he was making 100k a year, people can't possibly afford the same apartment now worth 3 mil making 150k doing what he used to do. The same success formula is not gonna work for millennial and gen z.
There were more opportunities during the old mans era, the war had probably ended etc, everything was much much cheaper less people etc, today its harder both social pressure and expectations like never before, people want to hire you as cheap as possible but the workload is for two people.
"If you dont get a good start in life it is actually difficult to improve nowadays"....he literally established that he was poor when he was younger. So much for you 'good start' theory.
@@garesonc9672 ? I said nowadays (I was not talking about him, read again) And it is well documented. At least in Europe. Maybe it is not exactly the same in Korea I agree that I should have check. But I think it s similar. And I am not saying it is impossible. Our generation just have other challenges
@@0xyGen_2.p0 It aint the same, Less people more buildings = much cheaper to buy a house even where I come from people could buy a whole house 200k and salaries and taxes was much lower so it was easier to accumulate that sum of money, you had more chances of getting a job because everyone was building creating companies and stores, everything is already built today and you gotto compete with everyone to get a job, back in the days there was no waiting no degrees, if you were hungry enough you had a decent job. Just look at the T-Ford factory in the US they built a whole city around it more or less, but Detroit without those factories which kept it alive made it to what it is today, no opportunities = poverty and decay.
In a country where the majority of people can't afford a house, government should intervine and help make housing more affordable through measures such as subsidies, affordable housing programs, rent control, housing cooperatives etc, and also what MOST miss is proper urban planning policies. The primary cause of housing issues for instance, in the United States, can be attributed to large corporations treating houses as investment assets. These companies purchase properties in an area and either rent them out or sell them at significantly inflated prices. Rather than constructing larger housing complexes, they focus on building small single-family houses on individual plots of land. Lack of/Not proper Zoning and Land rules hurt average folks the most there.
8 pyeong is not 36 square feet nor is it 36 square meter. It's around 26.4 square meter or 284 square feet. How do you not convert this properly when the whole vid is about prices XD. It'll prob get harder and harder in the future because Korea's already so small and almost everything is concentrated around Seoul. Really hope the other cities see some more growth as well.
Don't you get it? This entire generation isn't procreating. There will be much less people in a generation and maybe that generation won't be useless like yours.
I’m thankful that singapore government allows the citizen to buy subsidized flat (apartment) and most of the case, you don’t even need to take out a single cent to buy it. I just bought a flat myself and it’s big enough for me to live comfortably.
Not a lot of talk about rent prices, only the cost of buying. Rent in Korea is actually quite affordable compared to the west. I know someone who pays 600 usd /month for a nice studio right on the beach in Busan. And even a part time service worker can at least afford a goshiwon even in a nice area of seoul.
Usually comes with high deposit though. For a monthly rent of $500, you are usually expected to pay deposit for 8k~10k. I know you get it back, but still.
So basically younger generations are stuck in what the older generations built for them, yet the older generation think that their life at the same age is comparable with today’s world and claim they have the same opportunities? LOL, I am not Korean or live in Korea but looking at it from afar it seem ridiculous. Didn’t this country had an incredible economic growth it the past decades due to variety of factors and didn’t the population became richer in general with many opportunities along the way to be successful due to this? How can they compare today’s life in Korea to this. Crazy. I really feel for these young people
Well said! I hate how that older man said "put the energy you use to complain into finding a way to work hard and become successful," as if there aren't millions of hardworking people who are poor. If a job is needed (like maintaining clean streets, getting rid of trash, teaching students, serving food/working at a grocery store, transportation services like taxis, etc.), it should come with good pay and resources for the worker. Those kind of people always want to say "you can find a way to become successful and rich if you look hard enough," but that's such a nonsense message. If everyone abandons their low-paying jobs to try to be rich, what would our cities look like? They would be terrible to live in! I respect the everyday worker who works hard with little thanks. I really want our world to change and realize the bottom of the pyramid is more important than the top.
@@hannesRSA yes, I want a higher minimum wage. A minimum wage should be enough for people to live fully. What we have now is a wage that people are always scrapping and struggling to get by on. They struggle just to rent housing, get cheap foods that wreck their body, and live hard lives that wreck their mental health and happiness. I’m not saying everyone should be paid a million dollars; I’m saying it’s common sense and a basic right that any full-time worker should earn wages that allow for a full life. Home ownership, health, decent food- these things should not only be available to the wealthy. Can you say you go even a week without depending on the services of a low-paid worker in some capacity? No, you can’t. Then what makes you think that low-paid worker doesn’t deserve basic stability in their lives?
@@harashe1000 Good point! I'm sure the old man is a Baby Boomer. Baby Boomers all over the world have this message to the subsequent generations - find a way, work hard, stop complaining etc. I think the main problem for some Gen X-ers, and more so, millennials and Gen-Zers is the fact that all over the world, Baby Boomers are just not quitting their jobs. They want to hold onto their cushy, stable jobs till their last breath, with many of them working well through their 70s. How will the next generation get a chance when these oldies would just not budge from their seats?
@@harashe1000They don't think it matters because it's not their problem as far as they're concerned. As long as it's not happening to them and they can benefit from the suffering caused to others, then they don't care.
I work n live in Seoul, housing in Seoul is extremely expensive compare to Singapore, I work in my family business which expand in Korea, my parents got me an apartment in Gangnam Area around 2021, during corona housing price were not expensive compare to now, nowadays everything is already increasing, now I had to increased wages for my employees to be able for them to survive n working hours sufficient enough for them
@@melmelexplores Singapore house is really expensive, especially if lived in orchard back when around 2005 it wasn’t really expensive compare to nowadays n now it’s not worth to buy it
We have the same problem with raising min wage here. It really doesn't solve the problem because businesses either automate, hire less people, or find other ways to get around it. The smaller business sometimes can't deal and go out of business. Either way, more people are without an income and in the end no one is really helped. We need a better solution to fix the issue.
@@animalsarebeautifulpeople3094 It is worse than that. People always complain about there being no middle class, raising minimum wage is a great way to destroy the middle class and everybody is to slow to understand why. Raising minimum wage doesn't make poor people richer, the poor people stay at the same level of poverty but it does do something to the middle class...
Its smart to just live without spending too much and paying rent while saving for retirement. For emergencies or anything worth living for. May not get what you want all the time but will live less stressful.
I think the Korean Times reported that most apartment purchases were being made by young people and that alot of them were single person occupations. Because of the restriction on how many properties a person can have in Korea, many parents buy two or three apartments in their children's names thus avoiding property taxes.
Am a Ugandan, and have been to Seoul and Busan recently.. it is true that stuff is definitely more expensive there, I could see how harder it'd be to achieve my financial goals living in Seoul with my $4000 monthly salary here in Uganda had I lived there permanently. At any rate, a beautiful experience it was in S-Korea and I got the chance to put the little Korean I've learnt over the years to practice... will definitely go back:)
Really stuff in korea is more expensive than uganda??? Who would have ever thought that? You are in a third world country vs one that is first. Your comparison is next to useless and why on earth would you be learning korean?
4000 you live like a king in your country.. you will be average in Korea or China.. you will be poor in America unless you live in crappy states such as deep South..
Ever try living in Laos, Ghana, Burundi? I know life in Korea can be difficult but I’ve lived there for a while and I can tell it’s much much much easier compare to those countries above. If you live on a well managed budget, not eating out changing you clothes every collection, partying and drinking like crazy
You’re talking as a foreigner, not a Korean living in Korea. A lot of the money an average Korean spends is to comply with social pressure and show off on social media.
@@garesonc9672 then the business isn’t successful and should shut down. But nah most of the time if not all the time they can afford to pay more. Cost of production, living wage for the owner, living wages for the workers. Don’t care about “profits” until those things are met. Profits are extra: check your privilege, thinking you deserve profits when the needs aren’t met yet
I want to be friends with tattooed unnie! It seems like her convos with friends are a lot similar with my circle but yet she still seems optimistic and cheerful :) Its quite depressing to think your salary will never be enough but I like her outlook on it. I hope she and her friends get a salary raise soon!
As the older man said: Prices are determined by supply and demand. South Korea is currently undergoing the biggest demographic crisis in the world. This will rapidly decrease demand for housing and thus price of houses in the short/medium run. It's also worthwhile to note that house prices for appartments are showing steady and slow decrease from their peak levels in 2021 in the entire country and seoul inner metropolitan area (korean statistical office). Therefore in my opinions as someone studying economics. It's not the question if house prices will go down but when.
I agree, but Kangnam will be exception as there is limited space and high demand, so the money will always flock there. Other areas of Seoul though should go down. (Another hot area right now is Songdo in Incheon. Prices there are in the same demand cycle as Kangnam.)
Korea indeed have some disastrous demographic crisis ongoing however less ppl does not mean ppl desire less to live in Gangnam or central part. Also need to remember that single household is rapidly increasing which still bump up the competition to get location in the central part. so each apt unit what 4+ ppl used to live is now slowly being replaced by 1~2 ppl. also there was a rapid decrease in price early this yr like 20~30% in Gangnam however it rapidly recovered to like 90% of the peak and some bougiest part of Gangnam hasn't even experienced decline at all (ex: Apgujeong).
@@Kindapple Fair point about the changing composition of households. I couldnt find any peer reviewed study investigating south koreans elasticity to move out of their parental homes to a decrease in house prices in english. So far studies only stated this elasticity is likely low due to deeply ingrained confucianism family values. but if young south koreans indeed respond strongly to house price decreases than small house price decreases undoubtedly will increase the demand pool for housing by a relatively large amount, stabilizing demand overall and ultimately prices too.. from what i understand, the government is aware of these housing price issues and its effect on fertility levels so im curious what policies they will implement to tackle these problems in the future.
When this generation of throw away finally leaves the capital. Home prices go up because rent prices go up first. Take out all the renters and prices will go down because buying multiple properties isn't as lucrative anymore. Wealthy people buy up all the real estate to then rent it back to all the poor and middle class. This will go on as long as these idiots stay in the capital trying to make ends meet.
@@Chris-fk6ch I mean living with their parents are actually on the rise in any 1st world countries because of insane property prices but still ppl obviously move out or at least try to whether they get old enough or get married. there is a # of household statistics from Korean gov't which I'm too lazy to find but its on steady rise every single year. in this age even marriage became a very questionable life choice and divorced ppl created another household too. There have already been numerous policies by Korean gov't(previous, by liberal party) to tackle property price increase however also happen to be the time that had the most insane price increase lol my take on this is that this is purely a result of a ongoing trend that stems deeply from our model of capitalism that any humans share globally at the moment that cannot be solved by gov't policies whatnot. Same thing is ongoing in London, Paris, etc
Inflation is the worst. Here in the U.S. the govt increased the money supply extremely rapidly in 2020. But whenever more money is printed, the value of the money goes down and prices go up as a result. Most govts did the same as the U.S. by inflating their currencies
Living in Korea for 5.5 years, I sent 92% of my salary home every month. I keep a bit more than enough for food only since i’m not the materialistic type. I spent less than 200$ on food, 100$ rent ( i don’t live in Seoul ) and i have my own room but shared the living room and kitchen with 2 others people and it’s a pain 🤧. I never eat outside since i’m a plants eaters, so i cook my own food.
@@inwenc don’t live in Korea, they has no mercy for plants eaters. Fruits is ridiculously expensive and there weren’t many to begin with. I am quite underweight and suffer dearly because of it, vegan restaurants are no where to be found. But like people say, when you witness the horror of the meat industry, you could never go back.
@@Hoang-88 ive told a Korean that I'm vegan and she's like "I can't imagine myself without meat". So Korea doesn't sound like an attractive destination to me. krakow, Poland is so vegan friendly.
@@inwenc oh those are fine, it’s cheap enough , as long as it’s not fruits 🍎. And i live on those from day to day, veggies and potatoes 🥔. I heard because of the weather, they can’t grow a lot of plants, and so they has to import the fruits from other nations, that’s why it’s expensive. Whatever it is, i’m not paying 20$ for a watermelon 🍉😵💫. And yeah; the concept of someone not eating meat is very new in Korea 🇰🇷, I often get asked about the reason why I don’t eat meat, and when I explain it, they couldn’t understand it 😭, so i will just say i am a monk 😊. They told me I wouldn’t last long in Korea if I refuse to eat meat. And Poland is great, I never have the luck to go anywhere but Korea. But i heard it’s very peaceful in Poland except the war is going on in the east. But not a lot of immigrants, no riots and vegan friendly places 👍
It depends on how you live. Korea can be very cheap or expensive. I lived in a small town 1 hour outside of Seoul. I paid only $200-$300 for rent. Internet $30, Phone plan $40, Electricity $50 / month, Gas/hot water $30, Food $500 a month, car insurance about $300 per year, Gas $80 bucks a month, bought a used car for just $950 and used it for 3 years. In total I only needed to spend around $1k to $1.5k a month to live comfortably. I was able to save up to $25,000-$30,000 a year from my job(s). Prices have been going up where dinners used to cost me $5-$7 now it is up to around $8-$12.
I think this is the same for lots of countries, housing is just not affordable. Lots of people I know have degrees but are still working for minimum wage and even living with their parents and saving every penny they can't keep up with how much house prices go up by every few months. Even buying a small flat comes with added maintenance charges which can be as much each month as a house loan. And wherever I've lived, all the smaller, cheaper places have been bought by people to rent out because it's so lucrative. It's just a no win situation. Wages here quoted here seem decent by comparison tho.
Koreans have a herd mentality, the culture is similar to Japan and it is also competitive with peer pressure. If your friend has a branded bag, you would want to keep up so you can blend into the group, even though you know you have to starve to get that bag. It is a stark contrast to Americans who are individualistic and independant minded.
In the states I live outside of one of the prominent cities. Living within driving distance of the exact amenities while paying lower taxes and buying a smaller house has made all the difference. The younger people need to change their mindset of always eating at the hippest new places and wearing so call expensive clothing. Pooling their monies and buying buildings as a group. Eating out / drinking should not be considered an everyday thing. The saying that applies here is “ Spending money you don’t have to impress people you don’t even like”!
It's same everywhere. I don't think I'll be ever able to buy a place on my own with my current job. Food, transport, health every thing is so expensive
I would love if you guys could do a interview on how people with debt deal with it. Do creditors go after their families too or is it more like the US where you. Can legally clear your debt via Chapter 7 bankruptcy. It would be interesting to find out what goes on other countries.
If major metropolis' world wide are pricing everyone out then do what the boomer generations did and buy an affordable house in an area that has good potential to become a second boom city in 20-30 years by the time you pay off your mortgage. People priced out will have to go somewhere where they will eventually cluster and investment will follow. You don't want to be at the mercy of landlords when you're old and in retirement.
seoul is expensive in certain popular areas which are usually nightlife hotspots. if you go to cheaper areas which will have a lot of the same stores the prices are way cheaper than the U.S. When these interviews pop up and people complain about prices its always high prices in Hongdae or Gangnam, places with a lot of foreigners and wealthy individuals. For instance, Kwanak-gu, a 15 minute subway ride from Gangnam, still in Seoul, apartments are around $500-800. Another issue is korean people will not renovate and buy in an older building which could be a lot cheaper, they all want the brand new shiny building to impress their family and builders are ripping people off that way by charging 2-3 million these days.
In my experience the older and crappier the building (especially if it's in a good school district) people will actually pay insane prices for a property there because it is likely that it will be redeveloped and they will be offered 1.5x - 3x what they put into the house to leave. People pay for the land the building is on not the building itself
The $500-800 is assuming you can leverage $25k-50k in capital for the deposit. The less you can come up with, the steeper the rent. If landlords in LA or SF started asking for a sum like that as the security deposit upfront the homeless population would grow 10x overnight even if it's in return for lowering the rent by 60%.
Just came back from a 2 week holiday from Korea. I can confirm some of these prices are slightly over-exaggerated. Such as the man at 6:16 said buckwheat noodle is 13k won, I can confirm this is definitely at the higher end of the scale for buckwheat noodles, they are mostly in the range of approximately 8k-10k won, for example the famous Myeongdong buckwheat noodle is 10k, and same for many places I’ve been to. Also at 6:43 when she said cafe cost minimum 30k, that is also not true, it depends on what you order, a coffee is around 3-5k won, you can definitely spend under 10k per person. Brunch for 50k is ridiculous, unless you’re eating fancy of course. A good meal can cost under 20k per person, I’d argue even 10k is enough.
Food such as fried chicken is around 24-26k won, we had it at 3 different restaurants and this is the range for all 3. This gets you more than enough quantity for 2 adults to finish. For Korean bbq, it costs around 40-50k won, sample size is 4 restaurants. This is 2 adults with 1 drink.
@@ggggg-n7f I just been in Korea for 2 weeks, eating out 3 meals per day that’s enough sample size buddy. And I was picking highly rated restaurants. I said nothing about China or whatever political issue, just being objective here with the prices.
2:00 Maybe she was looking for a luxury office unit. With less than $700.000, You can still get an old but decent 2-3 bedroom apts in a residential apartment in Seoul.
I feel like to even afford a house these days, you would almost have to gather some people you trust that makes as much as you do or more and just pay for all the expenses for it all together. Because to even get a house alone is near impossible for the average salaries person. Even in places where they make houses decently priced.
I appreciate how everyone in my generation is screwed globally. Like, what happened to us having any quality of life and being able to do something besides just survive? And everyone just expects us to be okay with this and just accepted and go back to making money for them? Like, how. No.
한국 집은 아파트랑 빌라가 있는데 빌라는 서울에서 방3개 24평형이 새집이 3억원 대 정도 밖에 안해요. 아파트는 서울평균 7~10억원 정도 합니다. 서울내 주거형태로는 빌라가 40~50%정도 있고 아파트가 60%정도 있습니다. 마치 사람들과 미디어에서는 아파트만 집으로 생각하고 말합니다. 빌라도 집이에요. 불과 10~20년전만 해도 빌라가 아파트보다 많았어요. 지금도 서울 주거형태 빌라가 40%정도 되구요. 근데 미디어나 사람들이 빌라 이야기는 절대 하지 않아요. 웃기죠?ㅋㅋㅋ 그리고 혼자 사는 사람 기준. 7~10평 방1 사는데 월세가 1000만원/50~60만원 정도 합니다. 전세로하면 1억5~7천정도 합니다. 전세대출 이자의 경우 3~4%대로 잡으면 월세보다 쌉니다. 공과금관리비는 10만원 내외입니다. 평당1~2만원 입니다. 먹는것은 보통 집에서 해먹거나 밖에서 먹거나 비슷합니다. 집에서 먹을경우 아끼면 20~30만원이면 먹습니다. 밖에서 먹을경우 30~50만원정도 합니다. 하루 2끼 식사 기준, 월세 60 + 식사비 30~40 + 공과금 10 + 생활소모비용(휴지,샴푸 등) 10 +교통비,인터넷비,폰요금 10 = 1인당 서울 7~10평 기준 생활비 120~130정도 내며 삽니다. 식사비를 아끼면 100만원보다 적게 나오는 사람도 있습니다. 최저임금이 200만원입니다. 4대보험 세금 다 뺴고 180만원 받습니다. 이 가격은 2030초반 회사원 사회초년생 기준이고, 경력이 쌓이면 300~500정도 받습니다.(중소기업) 대기업은 중소기업보다 몇배 더 받습니다. 자영업이나 개인사업의 경우는 회사원과 비슷합니다. 대부분 200~300 적은 임금을 받고, 실력이 좋은 사람의 경우 500~1000만원 이상 버는 사람도 꽤 있습니다. 즉 서울 새집 빌라가 3억~4억으로 잡았을때(3인 거주 기준) 평범하게 돈을 벌며 살면 집 사는데 무리가 없습니다. 물론 20~30년간 꾸준히 갚아 나가야 합니다. 이는 한국뿐만 아니라 세계 여러나라 대도시들도 비슷합니다. 그래서 대출받아서 집을 사서 평생 갚아나갑니다. 빌라가 아닌 아파트는 비쌉니다. 왜냐하면 투기용으로 전락해버려서 투자금들이 많이 투입되서 가격이 비쌉니다. 빌라보다 x 3~4 비쌉니다.
Covid and supply chain issues are the major factors re: world economies. People in the US are saying many of the same things as these folks. Pre covid I could get bacon, eggs, fried potatoes, toast and coffee for around $7. I paid $13.49 the other day - not incl. the tip.
@@earlysdathere's literally nothing wrong with eating any of those things. Eggs are one of the best things for you. Bread has been keeping human beings alive for centuries. So if potatoes.
@@synthraofficial5366 synth, the eggs are fried in oil, the potatoes have been skinned and fried in oil too. The coffee has caffeine. . Please start taking better care of this body that Jesus Christ has created for you.
Seoul is really quite expensive, At the old days like 5-10years ago it was cheaper than Japan. But compared to my travel expenses of this two this year, it rise pretty much and far more expensive than Tokyo/Osaka
Sure times are different, but these people lived through the aftermath of war and economic crisis, they had it hard too and had their own challenges that shaped their way of thinking. Whatever the older generation says might not be applicable or doable today like it was before but they didn't have it easier than us.
It was sad that he doesn't get that hard work isn't going to get you ahead like it did 50 years ago. Sure the super lucky who can get into Seoul National University can get out of poverty, but for the average Korean, it isn't happening no matter how hard they work. Him and his age group are the ones who keep voting in governments who make policies that don't address the reality of the poverty situation in Korea.
Yeah he had it really easy living on a peninsula that had endured Japanese occupation, the Korean War and difficult economic conditions of the 70's that all occurred in Korea just before he was born or when he was young. Did you miss the part where he grew up poor????????
I am from New York, U.S.A. Inflation is real. As a child, I used to eat dried pork buns from Fayda Bakery. Back in the day dried pork buns from Fayda Bakery used to cost $1 each. Today it cost $2.25 each. I am talking about US dollars. In downstate New York , public transportation fees will raise from $2.75 to $2.90 after Labor Day (9/4).
I guess this is the one reason why many Koreans chose to live and study in the Philippines. My Korean friend told me how expensive to live and study in South Korea. But for me as a Filipino I salute and kudos to the system of your Government because the economy of your country is quite good and very competitive. 😊
I ived in Korea for 14 years and the average teaching wage never got higher. In essence foreigners earned less per year given inflation. I can't imagine how difficult it is now for South Korean s. When your life is judged by your wage maybe it's time to reassess your life.
it is not just restricted in south korea. people in japan, china, hong kong and taiwan are sharing the growing pain for owning their dream home. it is so expensive to own a home with their meager salaries.
Everyone in Korea wants to live in a new apartment built within 10 years in the central area. Guro-gu, Gwanak-gu, Geumcheon-gu, Eunpyeong-gu, Jungnang-gu, Nowon-gu, Dobong-gu, and Gangbuk-gu(They are well known as 8 poop districts in seoul) are famous for being cheaper than some Gyeonggi-do areas. However, Koreans refuse to buy homes in the area due to poor academic conditions, poor security, or long commuting time to Gangnam CBD
@@nathancasey7712 Yes, but the problem is most occupations and opportunities are in Seoul so unless you're retiring it's not recommended to reside there, at least for now. Really hope to see growth in other cities.
@@nathancasey7712 There are plenty of nice apartments in these areas too, and there are also ppl living in these areas because of the cheaper price of the apartments/houses. They just have to commute to the CBD area everyday, mostly by subway, for work. My parents owned a house in one of those areas, and my dad had to commute to work far away by subway(although not to the CBD area) everyday for many years. It's much cheaper to live in these areas and it's quieter and less crowded too. It's just some ppl preferring what is considered as "cool" areas of Seoul or some parents preferring to buy a house/apartments in more "academic" areas of Seoul (some sort of educational hub type areas). More practical ppl, like my family, see all of this phenomenon as being vein rather than being practical. It all depends on each individual's priority or preference.
there needs to be a fundamental shift in certain aspects of the Korean culture, namely the focus on appearances and "keeping with the joneses" mentality. too many people who really don't have the income still go out and have their 10,000won coffees daily, wear nice clothes, buy brand/name luxury goods, drive expensive cars... not only for their own enjoyment, but to give off the "perception" they are well off in front of their friends, colleagues, family. it's just sad... super competitive atmosphere, and unnecessary shaming of those who can't keep up.
Absolutely agree. I live in Korea, and see it every day. People are obsessed with looks (appearance, clothes, bags, cars..). From a European aristocratic perspective it looks kind of gross, especially because you can immediately see the people who are in debt and just pretend to be rich. The mentality really needs to change, however I suspect it’s the parents pushing for a lot of these old fashioned behaviours, and I know for a fact that people in their 30s are still too influenced by the old mentality to change.
I instinctively came to the comment section out of pure instinct, and I’ve actually never seen so many people requesting ideas! You guys really thought through this haven’t you? I’ve been subscribed for years and never saw so many suggestions for video ideas LoL.
Korea young people must have a new paradigm shift in their thoughts pattern. 1. Do not have a "face value". That is dressed in branded clothes and handbags and shoes, beautifully make up, drive branded cars but in the pockets..... living in debts. Just to portray a rich image. Don't living that kind of life. Just dress cheaply and comfortable. In Malaysia where I live, the super rich dress in tee shirt and shorts without any brands, wear flip flop slippers, drive an average car. But when they go to the banks dressed like that, the bank manager comes out to serve them. No need to have a false image.... just dress simply. Only the bank manager and your closest friends know you are rich and humble, that's good enough. Who cares how other people judge you? 2. Buy a piece of land far far away from Seoul.... in the tiny villages.... where land is still affordable. And plan your retirement there. 3. Life is not about wearing expensive stuff, having expensive house or condo that you cannot really afford. Life is actually very simple. A walk at the beach, a park, talking to close friends, having a cup of hot tea and these enjoyment are free and cheap. Make life as simple as possible. Enjoy the free things and enjoy friendship. These are free and so valuable. May God bless all the young people of Korea. Change your thinking, change your life.
Oh please do you know anything about South Korea? I'm sure you're not. Probably korean are not in a position to be preached by southeastern asian. And although the name of this channel is Asian Boss, it is actually a Chinese propaganda channel run by China, so they NEVER ask to Chinese people anything about China's freedom, standard of living, democracy, Xi's dictatorship, discrimination, diplomacy, income etc. of China. Such sensitive and aggressive questions are limited to Korea. People here all need know the root of this kind of information.
@@SuperAceguy , are you a Korean? Please share the truth with us then. Asian Boss is interviewing Koreans on the streets. Are you telling me that they are all fake and not Koreans? Although I have a Chinese surname, I am not a pure Chinese. I am a mixed blood and not a preacher. I am genuinely interested in Korea because since 1990s, I grew up watching Korean Kdrama and I feel closer to them. And I am not preaching and definitely you are not Asian. For all Asians are very helpful to one another. So please be caring to other Asian countries. And don't be so anti Chinese. If you go for an ancestry blood test, you may find you have Chinese blood too. I did an ancestry blood test and I have Scottish blood up to 20% in my body. And I don't go blaming the Scots. I am proud of my rainbow bloodline. So please be nice.
I'm from Kolkata, India. And my head is spinning right now (If you know, how the costs are here) 🙂 PS:- I know comparison in terms of cost between these two countries is vague, but still wanted to share this.
Yeah it’s hard to compare apples to oranges - South Korea’s minimum wage is ₩9,620 per hour, which is around $7.50 USD, and it is one of the highest in Asia..
@@kimaduh1937So ?? ..our currency holds more value than their currency..plus we are happy with our things ..and India is the only country in the world in 2023 that has 0% chances of recession.
I've been in Tokyo and Seoul and yes they are both expensive. 😅Although for me, Seoul is much milder compared to Tokyo in terms of being expensive. There are much more cheap alternatives in Seoul compared to Tokyo. Like in food, there are a lot of local restaurants in Seoul that are affordable and we cook less. Unlike in Tokyo, some of our meals are from convenience store and we cook more to save money. We do local restaurants for one to two meals per day.
This isn't just Korea or the United States, the price of living is going up all over the world in every single country. This points to our currencies being devalued all over the world.
Wow. I never realized buying a house in Korea was that expensive. I’m from Houston, Texas, USA and I’m looking to buy a 2700 sq ft town house for 430k and I thought that was reasonable since the area was nice. But holy cow, it is def not the same in another country.
4600 a month in LA is barely getting by because you NEED a car that’s like almost 1k a month with insurance and payment. Rent is like 2400 and then all the bills and groceries and than your basically broke lmao
@@BlackHoleSpain that’s so low for an IT engineer. And yea yes I know about that high tax I live in Los Angeles lol we have 25% federal tax plus the state tax and local tax and sales tax 😂💀
My DH is currently earning a monthly take home pay of 6.5 Mil KRW, but still we are only left with little disposable cash by the end of the month, 😅. We spent most of our money on the upkeeping of our 2 houses and family allowances because lots of our family members depend on us to live by. What I am trying to say is the true high monthly net salary in South Korea should be any numbers ABOVE 10 Mil KRW. Net monthly salary of 5-6 Mil KRW is actually just a middle class salary.
The average starting cab fare in South Korea is around 5 bucks. So you're telling me that the reason people can't afford million dollar closet size departments is because they decided to spend 25 bucks on breakfast every once in awhile? What an eye-opening conclusion! Maybe if I just forego all basic luxury that makes life worth living I'll be able to afford a down payment on a tiny home and 50 years.
Hmm, I live in Korea after spending many years in the USA. Almost nobody is able to afford a home in the US either if they are paying cash full or need to put 40%+ down to get a loan, etc. like Korea. Housing being unaffordable is nothing new in big cities such as Seoul, Tokyo, SF, NY, London, Paris, etc. As for a comfortable wage, I think if you are in Korea and married with 2 kids you need at least 10m/month after taxes to cover education and various costs which is possible if both parents work or if the main breadwinner is at a large company. But of course this is tough so that's why we see the low birthrate that we do...
If the interviewees lower their idealistic standards, they can buy a 102 square meter apartment in the outskirts of Seoul with two subway lines at 422K USD and a 69 square meter apartment in the outskirts very adjacent to the subway to connected to Gangnam with 303K USD. Houses in the area are relatively inexpensive due to their relatively low investment value because they are apartments with a high floor area ratio built in the mid and late 1990s, let alone their location.
So basically if they agree to live in a closet and pay half a million dollars for it because they don't deserve space or any kind of basic standards, they'll be better off? Unless to say nothing of the much longer commutes to even get to work to make the money to spend on the home?
When it comes to housing in comparison to developed countries in Asia, Singapore is probably one of the countries (if not, the only one) that solve this society problem. Not perfect but kudos to the government.
Korea is a 180 compared to 40 years ago! The 1988 Seoul Olympics woke the ROK up to the world economically! And it grew quickly, to quickly I have always said! My family is Korean, wife and I retired last year and decided not to move back to the ROK! We prefer and enjoy living in rural southern Illinois! With our pensions we live like very comfortably! In US cities and the ROK, we would be poor!!!
Raising the minimum wage wouldn't solve anything, you're just adding fuel to the fire by forcing companies to adjust by marking up prices and reducing staff. You can't combat inflation by devaluing the currency, which is essentially what imposing a higher minimum wage would achieve.
Maybe they should reduce the minimum wage down to almost nothing then. That’ll help the economy for sure. Who cares how bad it’ll be for the minimum wage workers.
@@garesonc9672 What I said is not hyperbole, it's sarcasm. You've got quite a thick skull if you can't see how I'm showing the extreme example of something to show how flawed the argument is.
![How Much Do Foreigners In Korea Make? [Seoul] | Street Interview](http://i.ytimg.com/vi/nfrgOeb1AHY/mqdefault.jpg)
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Survival cost is so high these days , forget about wealth creation, I will be grateful if I could save enough for my old age.
Exactly!
Relatable!
Blame South Korea, they caused this mess
I think about this a lot. But we'll also be lucky if the earth is still livable by the time we're old.
Nowadays we can't dream big. So we send on the short term. Like the girl said it's impossible to buy a house here
I lived in Korea for a couple of months, and yes it is true that many things are expensive in the country, but many Korean people are obsessed with luxury. I had the opportunity to hang out with Koreans who complained about inflation, salaries, and house prices. Still, they spent a lot of their money on eating out in fancy, trendy places, buying expensive clothes, and keeping that lifestyle even if there were less costly options, no wonder they couldn't save money.
Yeah South Koreans seems like extremely shallow people, perhaps the most shallow of all peoples. Surgeries to enhance appearance is normal.
Since they're aware that they cannot afford a house. They'd rather spend savings on luxury items they otherwise will never buy. I don't think that's a difficult concept to grasp.
@@moshiacid6673I don’t think you understand how bad it can get though. We’re talking people sometimes getting loans to buy something they obviously don’t need. It’s not rational to buy an expensive bag and then complain that you don’t have enough to eat properly. The convo is quite nuanced…
럭셔리에 집착하는 사람들이 있는 반면 엄청난 절약으로 재테크 돈을 모으는 젊은 사람들도 있습니다. 투자에 대한 공부도 많이 합니다.
@@fislen-e1d 님의 의견에 동의해서 맨 마지막에 "this convo is quite nuanced"라고 썼습니다
Korea's economic growth was very fast, so many people in their 50s and older now bought houses in Seoul at relatively low prices. Parents' generation could buy houses like this Therefore, young people now want to buy houses and Korea likes houses because stocks and other assets are small
And it'll get tougher bc there's only so much landmass available.
Out of touch old people think like this everywhere. Costs were so much cheaper back then. Life was harder physically for sure but it was a real goal to work hard and eventually be able to buy a house. Today you can work hard your entire life and still not have enough.
So, Generation conflict is a big issue in Korea.
@@SL-jn8cz the question is, is there work outside of urban areas? Specially well paying jobs. There’s a reason ghost towns are surging everywhere(that includes the western world, but Korea and Japan are even more poignant examples, as their population sizes have always been small because of territory).
It’s easy to say houses outside big urban centers are cheaper when you already made it and can easily commute from job to residence. I’m sure many dormitory cities exist around Seoul, but it’s not the girl working in food service that’s gonna be able to live in such places. Low paying job workers still need to essentially live near where they work or take grueling commute to said low paying job, all of that drains resources that could otherwise go towards a future residence.
@@SL-jn8cz There's no work out there, people don't want to commute over an hour, not many hagwon options & etc if you have kids, and so on. If you're childfree and work online, then yea, you can save and live well out there.. and some do do that.
I also want to comment on what the guy said at the end. In many ways he's right. It's true that in his time the poor were A LOT worse off than people who are poor today. But also keep in mind that back then the poor didn't have television, internet and smart phones that rubbed their poverty in their faces 24/7. It's been shown that humans are happier with less if everyone they see around them has relatively the same amount. But thanks to technology, nowdays many are seeing people with 5 to 10 times their wealth paraded on their screens all of the time. Of course they're going to feel hurt and dissatisfied. Of course they're going to feel left behind, and less happy (even if they technically have more food and resources than the poor of previous generations). I'm not sure the solution to this. I'm just pointing out that it's an issue I think gets forgotten in the discussion.
Korean TV is awful...it's 90% just filled with young beautiful rich people .....while they ignore the majority of korean population who are old, middle to low income living just normal average lives.
The saying "work more or desire less" fits here...
@@garesonc9672brother I’ve been living in that motto and to be honest it’s easy when you’re single I’m a guy for reference it’s hard in a relationship .
@@linooliva3965 I've been married 30 years and we have three sons...it still applies to me, applies to them...and will still be true in the future.
I wonder at what point people really just start seeing people as people nothing more nothing less
As a young adult myself, I felt a deep connection with the individuals you interviewed and their struggles with the increasing costs of living.
It's thought-provoking to see the impact of inflation on the daily lives of young Koreans. It raises questions about the broader economic landscape, income disparity, and the challenges faced by the younger generation striving for a secure and fulfilling future.
in mexico the inflation is going down ...the korean people need to learn spanish
Well inflation is happening all around the globe. And the war between russia and ukraine is to thank for that.
Thoughtful comment, GreenWaifu. Corporate profiteering, while paying little or no tax, burdens the 99%.
I'd suggest you pay more attention the man in his 50's....sounds like you need his perspective not that of peers.
@@garesonc9672 Thank you for your input and perspective. While the man in his 50s certainly has valuable life experience, it's crucial to acknowledge that the challenges faced by young people today are unique to our current time. By understanding the struggles of the younger generation, we can work towards addressing their needs and shaping a better future for all.
It's essential to have a diverse range of perspectives to gain a comprehensive understanding of the issues at hand. By listening to the voices of young people, we can bridge generational gaps, foster empathy, and collectively work towards meaningful solutions.
In Denmark, grocery items rose like 50-100% in price and the stores all blamed COVID and corn/grain crisis due to Ukraine war, but now that both COVID is over and the corn/grain solved, prices has not gone down again like in other countries, and we're all really angry at the grocery stores for taking advantage of the world situation like that. Some people can't afford to buy essentials like...
You voted for those idiots. They wanted to have you commit suicide for their war of avarice against Russia. Now they want to kill all your cows. You in Europe will be forced to eat bugs by the end of this decade.
Which country the prices have gone down ?? 😂😂😂 There no country the prices is down it just growth slower 😂😂😂
I thought it is happening only in my country😅. During covid they reduce the number of people to be seated in long distance sharing taxi and increased the price, which was justified. But now covid is over and the passanger seating has gone beck to full pre-covid seating but price has not come down.
Prices certainly have not gone down in the US!
@@ucchau173 Apparently some other countries in Europe, the prices went down a bit again I heard. Maybe it's not true. Either way it's ridiculous
The concept of work hard and you wont be poor is deeply flawed. If the government says that 71,419,751KRW is a poverty yearly salary for example, and companies refuse to pay more, the fault is with employers. You can't save your way out of poverty while considering all the other cost of living factors without having to work more than 1 job.
Lol were did u get that number. That numbr itself is already like the top 7~8%of earners
For young generation everywhere, we are so screwed. It is getting so difficult even just to survive within our own means
no.
@@jugramhaschwalth4846Yes.
Your generation's perspective is skewed by entitlement and idleness. You look at older people and assume it was given to them. My wife and I ate frozen dinners and packaged Ramen noodles in our two bedroom apartment when were first married. Now we have a nice home and three sons...two of which are successful adults likely in your age group. It wasn't magic...it was years of work, perseverance and living within our means. You only see the end result...not the toil.
@@garesonc9672so because you suffered, everyone else has to as well ? wonderful thinking, really empathetic . wanting to live life while working 40+ hours a week and not just to scrape by isn't entitlement, its common sense. but for people who only see success through their job and not being a good human being is hard to explain.
@@jugramhaschwalth4846 dun change the narrative, the answer is YES.
It's definitely tough for the young generation. It's hard to stay motivated for some who earn enough to get by...it's like being in an endless cycle of working just to pay bills. If a house can cost $2 million and above, I don't know how any single person working hard can save up enough to even get that started. This is happening to so many countries around the world.
If maybe some big companies relocate their businesses in some rural areas,where they can provide sustainable housing for their employees. Maybe lives can change. Being flocked into urban places is unhealthy in every aspects
If only they won't destroy the nature even more 🥲
nice, your commen is very true.
Bingo. The government should move facilities to daegu, and the president should live in Busan. Hello, make the legislature move to Daejeon. Spread out.
@@DefBroadcasting is that a joke? 😅
as someone who's from the Netherlands and who lives in Korea, apartment prices are crazy. For a decent place of 84m2, which is still considered small in my country (although you get 2 bathrooms here haha), where I live it starts at 1 million USD
You get most of it back when you leave tho right? Heard they're slowly incorporating a rent system but not sure. Or do you mean you bought the place?
@@mandy11254 that is when you want to "lease" it, the jeonsae system. For a million dollar apartment then the jeonsae would most likely be around 6-700.000 USD and yes you get that back in full. But if you want to actually buy it starts at 1 million USD, at least the area where I live.
@@mandy11254 the problem with Jeonsae is that, although it sounds okay on paper, after 2 years you either have to find a new place or you can extend your lease, but the homeowner is allowed to raise the jeonsae by 4-5%? (dont quote me on that) so basically in those 2 years you're working to save up for that raise in jeonsae.
@@mandy11254 Also, jeonse is not guaranteed to be fully insured. If the landlord dies or flees the country or something you are not guaranteed to get any of the rest back
@@thanGacao The raise honestly doesn't seem that bad if you're getting all or most back anyways since you add a small portion more to extend. I honestly thought the issue (not too sure) was that paying the jeonsae initially was extremely difficult for many people bc it's usually a large sum of money if I'm right. According to my parents jeonsae is usually 50% of the total price of that apartment room, so in your case jeonsae would be like $500,000. Looks like for Seoul this goes up to 70~80% according to the user below. In either case, it's pretty extreme if you don't have the money, which most people won't have. For those with the money tho, it's prob the best system they can ask for since you don't waste money on a monthly rent. They are incorporating some rent system as well so not sure what the future will hold.
There are plenty of nice place that are much more affordable once you get out of the CBD areas or what may be considered "cool" areas of Seoul, and even more so once you get further away from Seoul all together. You may have to commute to CBD area (probably by subway), if you work in it. The cost of living is much cheaper, and it's quieter, and less crowded, once you get out of the center of Seoul. You just have to be willing to live in an area that is not considered cool or as an educational hub.
So true and it is like that in the US too. I live in the SF Bay Area and certain cities and areas are more expensive, but once you leave those expensive areas, things get a lot cheaper.
It is good to live in a small city with a salary of a big city. The problem is that usually people don't have it. This is the reason why lots of young people move to big cities.
@@TrinhNguyen-sh4fj Sadly the US have less public transportation than South Korea
I would rather live in a more expensive area than in a cheaper one if my work is in the city. The commute is brutal and as someone that already did that for years i can say it is definitely not the solution.
Seoul itself is extremely expensive but if you go live in the rural areas in Korea, the price of housing is quite affordable.
Near Seoul is also much cheaper. The place they said is the center of Seoul
That’s everywhere. Usually rural areas are cheaper than urban areas
@@deyoungyoung3059Yup that is how it is worldwide.
If only this generator idiots understood that.
it is always cheaper on rural areas.
The problem? You get less income in rural areas, basically you spent the same amount of percentage of your income relative to your expense.
an example:
in a city, you get $2000, you spent a glass of coffee for $5
in a rural area, you get $500, you spent a glass of coffee for $1.25
Polular places in Seouls is quite expensive, however, if you are willing to venture out of Seoul area, perhaps in rural areas such as the bordering villages near North Korea, homes can become quite affordable.
대신 일자리를 찾기 힘들죠
Young people prefer the big city life to village living, plus in the big cities is where big companies and major govt/economy facilities are centralized. The Korean govt will have to spread out facilities and get companies like LG and Samsung to invest in remote areas, it'd create more jobs and uncrowd places like Seoul
It's an unfortunate global event now. I remember making around 1400 USD / month and I always thought making at least 100k would do my quite well, but now that I am here, making a bit over that, saving for a house, paying into retirement, and paying all your bills (student loan, rent, etc) the money does not go very far. 100k in 2023 is literally making 75k in 2011 and at this rate, one would need to make 200k-250k to even be able to afford a house.
Here in Spain average salary for blue-collar jobs is still 18k, while white-collar jobs struggle to get over 29k. However, it's very easy to get out of the market because of the huge ageism.
I used to be an IT Systems & Networking administrator, and my biggest salary was 24k when I was 35. Got fired in 2007, just before the 2008-2015 Global Financial Crisis, and this is my 16th year being unemployed. Haven't got a single job interview after applying to 800+ offers in all these years. 😕
Hint: the Prime Minister salary is 88k 😰
Its not an "unfortunate event" lol its the greed that was unleashed during the last 3 years
@@dwade3202 You are correct! To add, the greed though............ started long before the pandemic.
Its disheartening yet a little bit comforting to see/listen everybody everywhere practically going through the same thing.
Considering the high living cost and the house pricing of Korea especially Seoul, it makes sense that the birthrate of Korea is very low.
Actually, there is very little correlation.
People have relatively more disposable income these days.
But like that young woman said, they are more interested in fashion and hanging out than in raising families.
@@earlysdabut why have a family when you know you can never afford a house to raise the children in?
@@bellei365 belle, Please read a history book. What percentage of humans in all of history lived all their lives in a home they owned?
.
Learn from the past, believe in Jesus, and hope for the future.
@@earlysdaalso incorrect in this instance. There is absolutely a correlation between cost of living and children. Not to mention the fact that you could Google this and find out that that is exactly the reason in addition to how severely unfair is to have a child in a country like Korea or Japan. The system is very skewed against women especially after they have kids.
@@earlysdaThey don't literally mean purchasing home, they mean having a roof over their heads. And I severely doubt that their religion has anything to do with either of those things. It's not very polite to assume someone's religious beliefs, if they have any at all to start with.
Good work. Korea is gettin very expensive these days, I see the prices of potatoes even gone up by 50-100% in the past 2 years.
Any meat is also crazy expensive.
The old man living in Gangnam is very articulate, but he would be in the 1% in Korea, most business people in Gangnam would (it's pretty much the richest area in all Korea). If you're living comfortably there you're living a different life to the average Korean. He should also be at retirement age, but most people in Korea can't. Asian Boss REALLY needs to do an interview with Construction Workers. They're all 50-60+ . Noone wants to do that work anymore and it doesn't pay well enough, yet it's sorely needed in Korea.
I think that many will see the salaries quoted, like $3,000 a month etc, and think oh, that's quite low, but that's actually a decent paying job in Korea. The average salary for the average worker is not that high. A new incoming teacher will be offered $2,000 - $2,500 . Then you need to see the house prices which are just impossible to afford as mentioned. They're not houses either. It's an 2-3 room standard apartment, no garden etc. You're looking at $700k - 3 million. The further you go outside of Seoul, the cheaper it gets.
There are 20 million people in the greater Seoul/Gyeongi area, so there are always enough cheap workers to fill most positions.
yeah its crazy how expensive seoul is yet their wages are way worse than americas. In the US you can not go to college, not graduate highschool and still make 3-4k a month
@@nathancasey7712 Tbf the US is quite literally one of the best places to live for normal people besides their gun and insurance issues. Korea's wages are actually not that bad compared to other big nations like JP and China as well solely based on minimum wage. At the very least, according to a 50 yr old Korean guy I know who recently went back to Korea and works at a Samsung factory, makes $5k (up to $8k if he chooses overttime), along with a dorm that he doesn't pay for. He doesn't hold a special position and this benefit applies to most workers. Ofc it's prob diff because Samsung is HUGE but this is just from someone I know and I believe I read minimum wage is rising in SK.
@@nathancasey7712Prices are much cheaper in Seoul than in New York la. Four dollars for a cup of coffee. Ten dollars for a meal
@@nathancasey7712The studio rental fee is also less than $600, which is expensive in the center of Seoul.
@@nathancasey7712 And like the other user said, prices are indeed cheaper and it's not rlly accurate to base wages off of conversion to USD.
2:57 Hey Asian Boss, you need a subtitle correction regarding the unit of Pyeong to Square foot. 1 Pyeong is 3.3 square meters and 1 square meter is 10.764 square feet. So 1 Pyeng is about 35 square feet. So, when the gentleman said 25 Pyeong it is about 900 square ft, not 36.
Just googled Pyeong, I think by sq ft they mean “Korean sq ft”. So 1 Pyeong = 36 square Korean ft.
@@Poetic_Justice_YC There is no such thing as a korean square foot... I was right you went to korea for 2 weeks and now you feel you are an expert. SMH
They screwed up in the video. You cant just start making up measurements that dont exist because your feelings are that the video should be correct. A square foot is a square foot a 평 is a 평. Stop being the guy that goes to a country and next thing you know they think they are a lost soul from that country and know everything about it.
Honestly, I think Korea is one of the cheapest developed countries around. Transparency and low tax (Yes, it is) and low rent prices (YES) makes it possible to save money, afford brand new car and parking (cheap residential parking). Lived there (Seoul, Mapo gu) 7 years till 2023. Just learn to cook, learn to save, that's it. People can afford travel, eat delicious food and coffee etc. You cant find such country, although everyone hates to admit this. There are problems always like min wage etc but hey, look around.
As someone who grew up in South Africa but who has lived in a few developed countries like the UK and US I found life in Korea super easy and very affordable. The taxes are lower than SA, everything worked. What makes life hard for Koreans is their unrealistic expectations especially from family and the obsession with status and luxury items. Met many Koreans that made life unnecessarily difficult for themselves trying to keep up with the Jones.
Yes true
@@jw841I’m from South Africa too, just came back from traveling round Asia haven’t been there since 2017 and man Singapore is crazy expensive…to do my eyelashes and nails cost over 300 SD that’s like almost R7000 which is literally someone’s monthly salary here in SA. For a Japanese pancake on Panda Express cost me 68SD wtffff I was just gobsmacked at the intense price increase since the last time traveling through Asia, it’s even more expensive that Europe’s luxury hubs - and I convert everything to Rands in my mind and I’m like man the world has gone crazyyyyyyy😂
I know right? As a North African who used to work in Korea but left for " a better work offer" in Canada and I was surprised the taxes here r crazy the food is expensive you can't have good food outside, the transportation is another story and a car it a need not like Korea, the houses in Toronto are crazy I suffered to find a good place with a good price and without sharing it with house mates, parking here is way expensive than Korea veggies and meat here are way expensive with a low quality like I don't know if it's just me but my salary here is twice better than in Korea but guess what i can't save at all like I was in Korea, life in Korea was so easy i used to travel easily with the money i save but now? I can't
Yes there are some negative things in Korea but in general it's way better I'm working so hard to go back to Korea
I live in Paris, France and it's the same problem. Inflation hits very hard big cities and when you live in countryside, your salary is often not enough to live correctly. This world goes mad everywhere.
Thank you. Some people are living in a bubble and think Korea is the worst. It’s actually not the case. Cheers!
@@beot-kkot Well Korea is not worse for sure. But there are just places that are more or less suffering because of inflation. Being a French living in Korea I d say that since average salary is higher in France my friends are less annoyed by prices going up than my korean friends. Less preoccupied I d say. But in my case I d say it is probably similar.
However I m just impressed how it can be hard to raise kids in this economy
@@1239Elc it’s all relative. Raising a child is a big expense almost anywhere in the world, but Korean families have some advantages:
1. Unlike many European countries, most Korean grandparents take care of their grandchildren, which means free childcare (and peace of mind). 2. Thanks to universal healthcare, having a child in Korea doesn’t leave you with a hefty bill, like it happens in the USA. 3. Postpartum support for baby and mom is a thing in Korea: it’s affordable and available, either at home, or in postpartum centers.
On the other hand, only 1 in 4 Korean mothers breastfeed their children: baby formula adds up to their expenses, while breast milk is free. Unless you have no milk at all, opting for the most natural option would be a way to save money. Another thing that I have noticed is the amount of gizmos and gadgets that Korean babies “need”. There is no way a newborn needs 50 books and 20 games.
Once the children reach school age, they are enrolled in endless extracurricular activities and lessons, which are expensive, too. I understand that every parent wants the best for their child, but children should be allowed to be children and play freely. Honestly, I don’t know how effective English hagwon are, since few Koreans can speak English, as compared to other non-English speaking countries.
It’s not my place to tell people how to raise their child, nor how to live their lives, but maths don’t lie: if you spend more money than you make, it will never be “enough”, no matter how much you earn.
@@beot-kkot Yeah I heard about the post partum from one friend that gave birth! That looks quite good.
For the grandparents thing, it does exist in France but yeah with the city life it s not very often. I think it will become same with time unfortunately. I also think it s a good thing to have grandparents taking care of children.
I think Korean education is very VERY GOOD.
But when I compare the amount my friends had to pay VS the amount my French friends and I had to pay... it s way more than times 3. And I didnt do the cheapest education either. (From elementary school to university-scientific courses).
@@1239Elc People want to live in the big cities, then complain about life in the big cities.
$740,000 for 36 sq feet is straight up robbery, smh. But I'm in the bay area and it's more or less the same, probably even worse. I'll never be able to buy a house either. 😭
you can in some state like Mississippi or Alabama
I think they made a mistake. They mean square METERS and not feet.
asian boss should do an interview here lol, eating out in sf bay area is WAYYY more expensive than seoul.
They did make a typo. 1 pyeong = 36 sq ft. They forgot to multiply by 8 pyeong (approx 285 sq ft)...still straight up robbery.
I dont think you have any idea what 36 sq feet is bc neither the bay area nor Korea has prices like this... Btw the translation was wrong. They meant 284 square feet.
As a Korean that has lived in the states his whole life, and has traveled extensively I can tell you this thing is happening everywhere. The middle class is being abolished everywhere, especially in developed nations. I am now looking to save enough money to move to a developing country and buy a decent house, and have money that can use for a small business there.
We going through the same thing in developing countries tho...
Unsure where you lived but middle class in the US are the main house buyers. There is more affordable houses and locations in a single US State than Korea. The issue with Korea is that anything outside the major cities less developed and job opportunities in those areas are scarce so it's driving up cost of living in the cities jobs are available.
As a citizen of a developing country, you're effectively trying to displace our working class. Australians bought our properties and jacked up the price so much that locals have a hard time to catch up. Just move to a rural part of your country ffs
Which less developed countries are you contemplating?
@@yelissarodriguez3010 exactly!😂 I mean if he's working in dollars get a house could work but life ain't getting easier here in South Africa.
These people are so surprisingly intelligent and down-to-earth. They know so much about the environment they life in, it's impressive. On the contrary, the average people around me...
South Koreans are among the highest IQ people in the world. Most of them are smart.
yeah even then being so intelligent they are still living an average life. This just goes to show that just being intelligent isn't gonna be enough for you to be rich or well off in your life. Sad really.
@@Tirlex At least they have perspective though which gives some comfort. The average low income worker in America: "Just raise wages and it will fix all our problems".
Honestly I agree with the older man that people have to keep maintaining effort to go by. However, situation has slightly changed. For an equivalent salary (even when taking into account inflation etc) it is impossible to buy an appartment etc for the same "price" as before. Also the issue is that there are a lot more monopoles than before + heritage. If you dont get a good start in life it is actually difficult to improve nowadays. This is what happens when just a few people possess everything.
Also urbanization:/
(I want to add that I am not complaining and that I am very grateful/respectful for what elders did. It wasn't easy for them. Even my father had a life that I would consider way harder than mine)
he spoke like a true boomer tbh. he has enjoyed the economic boom as Korea's economy took off. However, as in any capitalist society, assets appreciate faster than wages and wages become stagnant once the country's economy reaches a certain level. So while it may have worked for him while he bought his fancy apartment in Gangnam for only 300k while he was making 100k a year, people can't possibly afford the same apartment now worth 3 mil making 150k doing what he used to do. The same success formula is not gonna work for millennial and gen z.
There were more opportunities during the old mans era, the war had probably ended etc, everything was much much cheaper less people etc, today its harder both social pressure and expectations like never before, people want to hire you as cheap as possible but the workload is for two people.
"If you dont get a good start in life it is actually difficult to improve nowadays"....he literally established that he was poor when he was younger. So much for you 'good start' theory.
@@garesonc9672 ? I said nowadays (I was not talking about him, read again)
And it is well documented. At least in Europe. Maybe it is not exactly the same in Korea I agree that I should have check. But I think it s similar.
And I am not saying it is impossible. Our generation just have other challenges
@@0xyGen_2.p0 It aint the same, Less people more buildings = much cheaper to buy a house even where I come from people could buy a whole house 200k and salaries and taxes was much lower so it was easier to accumulate that sum of money, you had more chances of getting a job because everyone was building creating companies and stores, everything is already built today and you gotto compete with everyone to get a job, back in the days there was no waiting no degrees, if you were hungry enough you had a decent job. Just look at the T-Ford factory in the US they built a whole city around it more or less, but Detroit without those factories which kept it alive made it to what it is today, no opportunities = poverty and decay.
In a country where the majority of people can't afford a house, government should intervine and help make housing more affordable through measures such as subsidies, affordable housing programs, rent control, housing cooperatives etc, and also what MOST miss is proper urban planning policies.
The primary cause of housing issues for instance, in the United States, can be attributed to large corporations treating houses as investment assets. These companies purchase properties in an area and either rent them out or sell them at significantly inflated prices. Rather than constructing larger housing complexes, they focus on building small single-family houses on individual plots of land. Lack of/Not proper Zoning and Land rules hurt average folks the most there.
8 pyeong is not 36 square feet nor is it 36 square meter. It's around 26.4 square meter or 284 square feet. How do you not convert this properly when the whole vid is about prices XD. It'll prob get harder and harder in the future because Korea's already so small and almost everything is concentrated around Seoul. Really hope the other cities see some more growth as well.
Don't you get it? This entire generation isn't procreating. There will be much less people in a generation and maybe that generation won't be useless like yours.
Just bought a 1200 sqft house in rural area in Malaysia for my retirement. USD50k. House in urban area at least 6 times more expensive.
I’m thankful that singapore government allows the citizen to buy subsidized flat (apartment) and most of the case, you don’t even need to take out a single cent to buy it. I just bought a flat myself and it’s big enough for me to live comfortably.
Very informative!! Great piece, Thanks☺️
Not a lot of talk about rent prices, only the cost of buying. Rent in Korea is actually quite affordable compared to the west. I know someone who pays 600 usd /month for a nice studio right on the beach in Busan. And even a part time service worker can at least afford a goshiwon even in a nice area of seoul.
anything outside of Seoul doesn't compare at all to Seoul. It's like comparing Manhattan to North Carolina.
@@AntoineGrondin There are plenty of people paying $600/month in seoul as well, but not on the beach of course. Some pay even less.
Exactly!!
Usually comes with high deposit though. For a monthly rent of $500, you are usually expected to pay deposit for 8k~10k. I know you get it back, but still.
So basically younger generations are stuck in what the older generations built for them, yet the older generation think that their life at the same age is comparable with today’s world and claim they have the same opportunities? LOL, I am not Korean or live in Korea but looking at it from afar it seem ridiculous. Didn’t this country had an incredible economic growth it the past decades due to variety of factors and didn’t the population became richer in general with many opportunities along the way to be successful due to this? How can they compare today’s life in Korea to this. Crazy. I really feel for these young people
Well said! I hate how that older man said "put the energy you use to complain into finding a way to work hard and become successful," as if there aren't millions of hardworking people who are poor. If a job is needed (like maintaining clean streets, getting rid of trash, teaching students, serving food/working at a grocery store, transportation services like taxis, etc.), it should come with good pay and resources for the worker. Those kind of people always want to say "you can find a way to become successful and rich if you look hard enough," but that's such a nonsense message. If everyone abandons their low-paying jobs to try to be rich, what would our cities look like? They would be terrible to live in!
I respect the everyday worker who works hard with little thanks. I really want our world to change and realize the bottom of the pyramid is more important than the top.
@@hannesRSA yes, I want a higher minimum wage. A minimum wage should be enough for people to live fully. What we have now is a wage that people are always scrapping and struggling to get by on. They struggle just to rent housing, get cheap foods that wreck their body, and live hard lives that wreck their mental health and happiness. I’m not saying everyone should be paid a million dollars; I’m saying it’s common sense and a basic right that any full-time worker should earn wages that allow for a full life. Home ownership, health, decent food- these things should not only be available to the wealthy. Can you say you go even a week without depending on the services of a low-paid worker in some capacity? No, you can’t. Then what makes you think that low-paid worker doesn’t deserve basic stability in their lives?
@@harashe1000 Good point! I'm sure the old man is a Baby Boomer. Baby Boomers all over the world have this message to the subsequent generations - find a way, work hard, stop complaining etc. I think the main problem for some Gen X-ers, and more so, millennials and Gen-Zers is the fact that all over the world, Baby Boomers are just not quitting their jobs. They want to hold onto their cushy, stable jobs till their last breath, with many of them working well through their 70s. How will the next generation get a chance when these oldies would just not budge from their seats?
@@harashe1000They don't think it matters because it's not their problem as far as they're concerned. As long as it's not happening to them and they can benefit from the suffering caused to others, then they don't care.
I work n live in Seoul, housing in Seoul is extremely expensive compare to Singapore, I work in my family business which expand in Korea, my parents got me an apartment in Gangnam Area around 2021, during corona housing price were not expensive compare to now, nowadays everything is already increasing, now I had to increased wages for my employees to be able for them to survive n working hours sufficient enough for them
And I thought singapore houses were expensive enough…
@@melmelexplores Singapore house is really expensive, especially if lived in orchard back when around 2005 it wasn’t really expensive compare to nowadays n now it’s not worth to buy it
@@melmelexplores very if you are looking for a house, prepare $5 mill. At $1 mill you are looking at an apartment.
@@minyaksayur haha yes I’m from singapore 🇸🇬
I am shocked that Seoul is even more expensive than Singapore.
We have the same problem with raising min wage here. It really doesn't solve the problem because businesses either automate, hire less people, or find other ways to get around it. The smaller business sometimes can't deal and go out of business. Either way, more people are without an income and in the end no one is really helped. We need a better solution to fix the issue.
yes, raising minimum wage kills small businesses and actually makes wealth gap worse bc only huge cooperations can afford to pay higher wages
Tell that to the Democrats....raising minimum wage is always their "go to"....and its kills the very people who vote them into office.
@@animalsarebeautifulpeople3094 It is worse than that. People always complain about there being no middle class, raising minimum wage is a great way to destroy the middle class and everybody is to slow to understand why. Raising minimum wage doesn't make poor people richer, the poor people stay at the same level of poverty but it does do something to the middle class...
Australia has a housing crisis ,as well as cost of living,it's like that all around the world😢🙏🏻
In Korea if you don’t make around 3500 usd a month, has no car, own place to stay, expect no stable relationship. It’s sad
Its smart to just live without spending too much and paying rent while saving for retirement. For emergencies or anything worth living for. May not get what you want all the time but will live less stressful.
Well said...live within your means.
I think the Korean Times reported that most apartment purchases were being made by young people and that alot of them were single person occupations. Because of the restriction on how many properties a person can have in Korea, many parents buy two or three apartments in their children's names thus avoiding property taxes.
May I see the official finger for it. I do understand that there are some cases, but it is very a few... please do search..
Am a Ugandan, and have been to Seoul and Busan recently.. it is true that stuff is definitely more expensive there, I could see how harder it'd be to achieve my financial goals living in Seoul with my $4000 monthly salary here in Uganda had I lived there permanently. At any rate, a beautiful experience it was in S-Korea and I got the chance to put the little Korean I've learnt over the years to practice... will definitely go back:)
I loved being in Korea as well. also helped to put my Korean to good use.
Really stuff in korea is more expensive than uganda??? Who would have ever thought that? You are in a third world country vs one that is first. Your comparison is next to useless and why on earth would you be learning korean?
I am so sorry you’re from a homophobic country
4000 you live like a king in your country.. you will be average in Korea or China.. you will be poor in America unless you live in crappy states such as deep South..
Ever try living in Laos, Ghana, Burundi? I know life in Korea can be difficult but I’ve lived there for a while and I can tell it’s much much much easier compare to those countries above. If you live on a well managed budget, not eating out changing you clothes every collection, partying and drinking like crazy
You’re talking as a foreigner, not a Korean living in Korea. A lot of the money an average Korean spends is to comply with social pressure and show off on social media.
9:30 reminder that if you can’t pay your employees a livable wage you don’t deserve a business with employees
Right! Employers are not entitled to employees.
Exactly, this man just admitted that he doesn't want to pay above minimum wage lol.
Reminder that if a business can't make a profit due to high wages...those workers are now unemployed.
@@garesonc9672 then the business isn’t successful and should shut down. But nah most of the time if not all the time they can afford to pay more. Cost of production, living wage for the owner, living wages for the workers. Don’t care about “profits” until those things are met. Profits are extra: check your privilege, thinking you deserve profits when the needs aren’t met yet
I want to be friends with tattooed unnie! It seems like her convos with friends are a lot similar with my circle but yet she still seems optimistic and cheerful :) Its quite depressing to think your salary will never be enough but I like her outlook on it. I hope she and her friends get a salary raise soon!
Thank you for your report.
As the older man said: Prices are determined by supply and demand.
South Korea is currently undergoing the biggest demographic crisis in the world. This will rapidly decrease demand for housing and thus price of houses in the short/medium run.
It's also worthwhile to note that house prices for appartments are showing steady and slow decrease from their peak levels in 2021 in the entire country and seoul inner metropolitan area (korean statistical office). Therefore in my opinions as someone studying economics. It's not the question if house prices will go down but when.
I agree, but Kangnam will be exception as there is limited space and high demand, so the money will always flock there. Other areas of Seoul though should go down. (Another hot area right now is Songdo in Incheon. Prices there are in the same demand cycle as Kangnam.)
Korea indeed have some disastrous demographic crisis ongoing however less ppl does not mean ppl desire less to live in Gangnam or central part.
Also need to remember that single household is rapidly increasing which still bump up the competition to get location in the central part. so each apt unit what 4+ ppl used to live is now slowly being replaced by 1~2 ppl.
also there was a rapid decrease in price early this yr like 20~30% in Gangnam however it rapidly recovered to like 90% of the peak and some bougiest part of Gangnam hasn't even experienced decline at all (ex: Apgujeong).
@@Kindapple Fair point about the changing composition of households. I couldnt find any peer reviewed study investigating south koreans elasticity to move out of their parental homes to a decrease in house prices in english. So far studies only stated this elasticity is likely low due to deeply ingrained confucianism family values.
but if young south koreans indeed respond strongly to house price decreases than small house price decreases undoubtedly will increase the demand pool for housing by a relatively large amount, stabilizing demand overall and ultimately prices too..
from what i understand, the government is aware of these housing price issues and its effect on fertility levels so im curious what policies they will implement to tackle these problems in the future.
When this generation of throw away finally leaves the capital. Home prices go up because rent prices go up first.
Take out all the renters and prices will go down because buying multiple properties isn't as lucrative anymore. Wealthy people buy up all the real estate to then rent it back to all the poor and middle class. This will go on as long as these idiots stay in the capital trying to make ends meet.
@@Chris-fk6ch I mean living with their parents are actually on the rise in any 1st world countries because of insane property prices but still ppl obviously move out or at least try to whether they get old enough or get married. there is a # of household statistics from Korean gov't which I'm too lazy to find but its on steady rise every single year. in this age even marriage became a very questionable life choice and divorced ppl created another household too.
There have already been numerous policies by Korean gov't(previous, by liberal party) to tackle property price increase however also happen to be the time that had the most insane price increase lol my take on this is that this is purely a result of a ongoing trend that stems deeply from our model of capitalism that any humans share globally at the moment that cannot be solved by gov't policies whatnot. Same thing is ongoing in London, Paris, etc
Inflation is the worst. Here in the U.S. the govt increased the money supply extremely rapidly in 2020. But whenever more money is printed, the value of the money goes down and prices go up as a result. Most govts did the same as the U.S. by inflating their currencies
Living in Korea for 5.5 years, I sent 92% of my salary home every month. I keep a bit more than enough for food only since i’m not the materialistic type. I spent less than 200$ on food, 100$ rent ( i don’t live in Seoul ) and i have my own room but shared the living room and kitchen with 2 others people and it’s a pain 🤧. I never eat outside since i’m a plants eaters, so i cook my own food.
nice, a plant eater as myself :D
@@inwenc don’t live in Korea, they has no mercy for plants eaters. Fruits is ridiculously expensive and there weren’t many to begin with. I am quite underweight and suffer dearly because of it, vegan restaurants are no where to be found. But like people say, when you witness the horror of the meat industry, you could never go back.
@@Hoang-88 ive told a Korean that I'm vegan and she's like "I can't imagine myself without meat". So Korea doesn't sound like an attractive destination to me. krakow, Poland is so vegan friendly.
@@Hoang-88 how about lentils and chickpeas prices?
@@inwenc oh those are fine, it’s cheap enough , as long as it’s not fruits 🍎. And i live on those from day to day, veggies and potatoes 🥔. I heard because of the weather, they can’t grow a lot of plants, and so they has to import the fruits from other nations, that’s why it’s expensive. Whatever it is, i’m not paying 20$ for a watermelon 🍉😵💫. And yeah; the concept of someone not eating meat is very new in Korea 🇰🇷, I often get asked about the reason why I don’t eat meat, and when I explain it, they couldn’t understand it 😭, so i will just say i am a monk 😊. They told me I wouldn’t last long in Korea if I refuse to eat meat.
And Poland is great, I never have the luck to go anywhere but Korea. But i heard it’s very peaceful in Poland except the war is going on in the east. But not a lot of immigrants, no riots and vegan friendly places 👍
It depends on how you live. Korea can be very cheap or expensive. I lived in a small town 1 hour outside of Seoul. I paid only $200-$300 for rent. Internet $30, Phone plan $40, Electricity $50 / month, Gas/hot water $30, Food $500 a month, car insurance about $300 per year, Gas $80 bucks a month, bought a used car for just $950 and used it for 3 years. In total I only needed to spend around $1k to $1.5k a month to live comfortably. I was able to save up to $25,000-$30,000 a year from my job(s).
Prices have been going up where dinners used to cost me $5-$7 now it is up to around $8-$12.
Which town?
Ditto
I think this is the same for lots of countries, housing is just not affordable. Lots of people I know have degrees but are still working for minimum wage and even living with their parents and saving every penny they can't keep up with how much house prices go up by every few months. Even buying a small flat comes with added maintenance charges which can be as much each month as a house loan. And wherever I've lived, all the smaller, cheaper places have been bought by people to rent out because it's so lucrative. It's just a no win situation. Wages here quoted here seem decent by comparison tho.
Koreans have a herd mentality, the culture is similar to Japan and it is also competitive with peer pressure. If your friend has a branded bag, you would want to keep up so you can blend into the group, even though you know you have to starve to get that bag. It is a stark contrast to Americans who are individualistic and independant minded.
In the states I live outside of one of the prominent cities. Living within driving distance of the exact amenities while paying lower taxes and buying a smaller house has made all the difference.
The younger people need to change their mindset of always eating at the hippest new places and wearing so call expensive clothing. Pooling their monies and buying buildings as a group.
Eating out / drinking should not be considered an everyday thing.
The saying that applies here is “ Spending money you don’t have to impress people you don’t even like”!
It's same everywhere. I don't think I'll be ever able to buy a place on my own with my current job. Food, transport, health every thing is so expensive
6:06 That guy's hair is legendary.
Kept thinking he wearing a beanie
Move to Ansan is better option
The way I dread even buying groceries because everything has become soo expensive 😩
The old man when young was concerned to have food to eat, the current ones are concerned about having a house. I would say they have improved a lot .
I would love if you guys could do a interview on how people with debt deal with it. Do creditors go after their families too or is it more like the US where you. Can legally clear your debt via Chapter 7 bankruptcy. It would be interesting to find out what goes on other countries.
제가 알기엔 미국이나 다른 나라들과 비슷합니다. 한국제도는 다른 나라들과 동떨어져 있지는 않습니다.
드라마에서는 가장 최악의 불법적인 경우만을 다루지만 대부분의 사람들은 다른 유럽 미국 나라들과 비슷한 대출제도 아래에서 생활합니다.
The housing crisis is there almost all over the world. Even in India it is extremely difficult to buy a new house in a good locality.
If major metropolis' world wide are pricing everyone out then do what the boomer generations did and buy an affordable house in an area that has good potential to become a second boom city in 20-30 years by the time you pay off your mortgage. People priced out will have to go somewhere where they will eventually cluster and investment will follow. You don't want to be at the mercy of landlords when you're old and in retirement.
Please do an episode on NewJeans K-pop group. They seem to be very popular
There are lots of new groups every month.
seoul is expensive in certain popular areas which are usually nightlife hotspots. if you go to cheaper areas which will have a lot of the same stores the prices are way cheaper than the U.S. When these interviews pop up and people complain about prices its always high prices in Hongdae or Gangnam, places with a lot of foreigners and wealthy individuals. For instance, Kwanak-gu, a 15 minute subway ride from Gangnam, still in Seoul, apartments are around $500-800. Another issue is korean people will not renovate and buy in an older building which could be a lot cheaper, they all want the brand new shiny building to impress their family and builders are ripping people off that way by charging 2-3 million these days.
spotted on....korea one of most cheapest country to living if compare to Japan
Good points and it same here in the US or anywhere which is the area where you live in. It depends on the area regardless of where you are at.
In my experience the older and crappier the building (especially if it's in a good school district) people will actually pay insane prices for a property there because it is likely that it will be redeveloped and they will be offered 1.5x - 3x what they put into the house to leave. People pay for the land the building is on not the building itself
The $500-800 is assuming you can leverage $25k-50k in capital for the deposit. The less you can come up with, the steeper the rent. If landlords in LA or SF started asking for a sum like that as the security deposit upfront the homeless population would grow 10x overnight even if it's in return for lowering the rent by 60%.
people can not buy apartment anywhere in Korea with $500-800. You mean rent per month?
I honestly think they mean 36 square METERS and not feet.
Yeah it's meter square not ft2
Just came back from a 2 week holiday from Korea. I can confirm some of these prices are slightly over-exaggerated. Such as the man at 6:16 said buckwheat noodle is 13k won, I can confirm this is definitely at the higher end of the scale for buckwheat noodles, they are mostly in the range of approximately 8k-10k won, for example the famous Myeongdong buckwheat noodle is 10k, and same for many places I’ve been to. Also at 6:43 when she said cafe cost minimum 30k, that is also not true, it depends on what you order, a coffee is around 3-5k won, you can definitely spend under 10k per person. Brunch for 50k is ridiculous, unless you’re eating fancy of course. A good meal can cost under 20k per person, I’d argue even 10k is enough.
Food such as fried chicken is around 24-26k won, we had it at 3 different restaurants and this is the range for all 3. This gets you more than enough quantity for 2 adults to finish. For Korean bbq, it costs around 40-50k won, sample size is 4 restaurants. This is 2 adults with 1 drink.
공산주의 중국도 아니고, 민주주의 국가 한국 사람이 별로 반대하지 않는다는 것은 당신이 방문했던 가게가 일반적이지 않았을 가능성이 있음을 의미합니다. 당신은 한국인들이 세계에서 가장 불평하기를 좋아한다는 사실을 인정해야 할 것입니다😅
@@ggggg-n7f I just been in Korea for 2 weeks, eating out 3 meals per day that’s enough sample size buddy. And I was picking highly rated restaurants. I said nothing about China or whatever political issue, just being objective here with the prices.
cooking at home costs even less
@@Poetic_Justice_YC Dude 2 adults with drinks??? When you are replying to somebody that is talking about per a person? How disingenuous are you?
2:00 Maybe she was looking for a luxury office unit. With less than $700.000, You can still get an old but decent 2-3 bedroom apts in a residential apartment in Seoul.
Inflation is kicking everyone’s ass. I’m so tired of it
I feel like to even afford a house these days, you would almost have to gather some people you trust that makes as much as you do or more and just pay for all the expenses for it all together. Because to even get a house alone is near impossible for the average salaries person. Even in places where they make houses decently priced.
I appreciate how everyone in my generation is screwed globally. Like, what happened to us having any quality of life and being able to do something besides just survive? And everyone just expects us to be okay with this and just accepted and go back to making money for them? Like, how. No.
The host is so pretty
한국 집은 아파트랑 빌라가 있는데 빌라는 서울에서 방3개 24평형이 새집이 3억원 대 정도 밖에 안해요. 아파트는 서울평균 7~10억원 정도 합니다.
서울내 주거형태로는 빌라가 40~50%정도 있고 아파트가 60%정도 있습니다.
마치 사람들과 미디어에서는 아파트만 집으로 생각하고 말합니다.
빌라도 집이에요. 불과 10~20년전만 해도 빌라가 아파트보다 많았어요.
지금도 서울 주거형태 빌라가 40%정도 되구요.
근데 미디어나 사람들이 빌라 이야기는 절대 하지 않아요.
웃기죠?ㅋㅋㅋ
그리고 혼자 사는 사람 기준.
7~10평 방1 사는데 월세가 1000만원/50~60만원 정도 합니다.
전세로하면 1억5~7천정도 합니다. 전세대출 이자의 경우 3~4%대로 잡으면 월세보다 쌉니다.
공과금관리비는 10만원 내외입니다. 평당1~2만원 입니다.
먹는것은 보통 집에서 해먹거나 밖에서 먹거나 비슷합니다.
집에서 먹을경우 아끼면 20~30만원이면 먹습니다. 밖에서 먹을경우 30~50만원정도 합니다. 하루 2끼 식사 기준,
월세 60 + 식사비 30~40 + 공과금 10 + 생활소모비용(휴지,샴푸 등) 10 +교통비,인터넷비,폰요금 10
= 1인당 서울 7~10평 기준 생활비 120~130정도 내며 삽니다.
식사비를 아끼면 100만원보다 적게 나오는 사람도 있습니다.
최저임금이 200만원입니다. 4대보험 세금 다 뺴고 180만원 받습니다.
이 가격은 2030초반 회사원 사회초년생 기준이고, 경력이 쌓이면 300~500정도 받습니다.(중소기업)
대기업은 중소기업보다 몇배 더 받습니다.
자영업이나 개인사업의 경우는 회사원과 비슷합니다.
대부분 200~300 적은 임금을 받고, 실력이 좋은 사람의 경우 500~1000만원 이상 버는 사람도 꽤 있습니다.
즉 서울 새집 빌라가 3억~4억으로 잡았을때(3인 거주 기준)
평범하게 돈을 벌며 살면 집 사는데 무리가 없습니다.
물론 20~30년간 꾸준히 갚아 나가야 합니다.
이는 한국뿐만 아니라 세계 여러나라 대도시들도 비슷합니다.
그래서 대출받아서 집을 사서 평생 갚아나갑니다.
빌라가 아닌 아파트는 비쌉니다.
왜냐하면 투기용으로 전락해버려서 투자금들이 많이 투입되서 가격이 비쌉니다.
빌라보다 x 3~4 비쌉니다.
This is awful but I'm not surprised sadly.
What i surprised is the cost of grocery in Korea is more expensive than the US.(salery gap is almost double)
Covid and supply chain issues are the major factors re: world economies. People in the US are saying many of the same things as these folks. Pre covid I could get bacon, eggs, fried potatoes, toast and coffee for around $7. I paid $13.49 the other day - not incl. the tip.
ronb, I advise you to stop eating those things, and start eating healthy, or you will have big medical issues soon.
@@earlysda haha thanks for the advice. My philosophy is you can enjoy all kinds of foods, provided you do so in moderation.
@@ronb.8920This is correct.
@@earlysdathere's literally nothing wrong with eating any of those things. Eggs are one of the best things for you. Bread has been keeping human beings alive for centuries. So if potatoes.
@@synthraofficial5366 synth, the eggs are fried in oil, the potatoes have been skinned and fried in oil too. The coffee has caffeine.
.
Please start taking better care of this body that Jesus Christ has created for you.
Seoul is really quite expensive,
At the old days like 5-10years ago it was cheaper than Japan.
But compared to my travel expenses of this two this year, it rise pretty much and far more expensive than Tokyo/Osaka
The old man says the most boomer stuff. Not understanding that times are different now.
Yes it’s waaay more competitive now and many businesses in many industries have already been established so there’s more workers than bosses/leaders
Sure times are different, but these people lived through the aftermath of war and economic crisis, they had it hard too and had their own challenges that shaped their way of thinking.
Whatever the older generation says might not be applicable or doable today like it was before but they didn't have it easier than us.
It was sad that he doesn't get that hard work isn't going to get you ahead like it did 50 years ago. Sure the super lucky who can get into Seoul National University can get out of poverty, but for the average Korean, it isn't happening no matter how hard they work. Him and his age group are the ones who keep voting in governments who make policies that don't address the reality of the poverty situation in Korea.
전 부산에 살지만 15억원정도해요😢
Yeah he had it really easy living on a peninsula that had endured Japanese occupation, the Korean War and difficult economic conditions of the 70's that all occurred in Korea just before he was born or when he was young. Did you miss the part where he grew up poor????????
I am from New York, U.S.A. Inflation is real. As a child, I used to eat dried pork buns from Fayda Bakery. Back in the day dried pork buns from Fayda Bakery used to cost $1 each. Today it cost $2.25 each. I am talking about US dollars. In downstate New York , public transportation fees will raise from $2.75 to $2.90 after Labor Day (9/4).
Tai pan bakery!!
I guess this is the one reason why many Koreans chose to live and study in the Philippines. My Korean friend told me how expensive to live and study in South Korea. But for me as a Filipino I salute and kudos to the system of your Government because the economy of your country is quite good and very competitive. 😊
성장하는 모든 국가가 겪게될 문제입니다
I ived in Korea for 14 years and the average teaching wage never got higher. In essence foreigners earned less per year given inflation. I can't imagine how difficult it is now for South Korean s. When your life is judged by your wage maybe it's time to reassess your life.
it is not just restricted in south korea. people in japan, china, hong kong and taiwan are sharing the growing pain for owning their dream home. it is so expensive to own a home with their meager salaries.
There is a clear contrast between the opinions of the older generation vs younger generation
Everyone in Korea wants to live in a new apartment built within 10 years in the central area. Guro-gu, Gwanak-gu, Geumcheon-gu, Eunpyeong-gu, Jungnang-gu, Nowon-gu, Dobong-gu, and Gangbuk-gu(They are well known as 8 poop districts in seoul) are famous for being cheaper than some Gyeonggi-do areas. However, Koreans refuse to buy homes in the area due to poor academic conditions, poor security, or long commuting time to Gangnam CBD
are there nice apartments in these areas?
@@nathancasey7712There are so many apartments there. They are much cheaper and more affordable than they think.
@@nathancasey7712 Yes, but the problem is most occupations and opportunities are in Seoul so unless you're retiring it's not recommended to reside there, at least for now. Really hope to see growth in other cities.
@@nathancasey7712 There are plenty of nice apartments in these areas too, and there are also ppl living in these areas because of the cheaper price of the apartments/houses. They just have to commute to the CBD area everyday, mostly by subway, for work. My parents owned a house in one of those areas, and my dad had to commute to work far away by subway(although not to the CBD area) everyday for many years.
It's much cheaper to live in these areas and it's quieter and less crowded too. It's just some ppl preferring what is considered as "cool" areas of Seoul or some parents preferring to buy a house/apartments in more "academic" areas of Seoul (some sort of educational hub type areas). More practical ppl, like my family, see all of this phenomenon as being vein rather than being practical. It all depends on each individual's priority or preference.
@@musicbkimGood points many are being vain and want to show off rather than being practical.
the prices I'm hearing are just freaking INSANE wtf 😲
there needs to be a fundamental shift in certain aspects of the Korean culture, namely the focus on appearances and "keeping with the joneses" mentality. too many people who really don't have the income still go out and have their 10,000won coffees daily, wear nice clothes, buy brand/name luxury goods, drive expensive cars... not only for their own enjoyment, but to give off the "perception" they are well off in front of their friends, colleagues, family. it's just sad... super competitive atmosphere, and unnecessary shaming of those who can't keep up.
Absolutely agree. I live in Korea, and see it every day. People are obsessed with looks (appearance, clothes, bags, cars..). From a European aristocratic perspective it looks kind of gross, especially because you can immediately see the people who are in debt and just pretend to be rich. The mentality really needs to change, however I suspect it’s the parents pushing for a lot of these old fashioned behaviours, and I know for a fact that people in their 30s are still too influenced by the old mentality to change.
That was a great topic.
I instinctively came to the comment section out of pure instinct, and I’ve actually never seen so many people requesting ideas! You guys really thought through this haven’t you? I’ve been subscribed for years and never saw so many suggestions for video ideas LoL.
Bro I see like 2
Korea young people must have a new paradigm shift in their thoughts pattern.
1. Do not have a "face value". That is dressed in branded clothes and handbags and shoes, beautifully make up, drive branded cars but in the pockets..... living in debts. Just to portray a rich image.
Don't living that kind of life. Just dress cheaply and comfortable.
In Malaysia where I live, the super rich dress in tee shirt and shorts without any brands, wear flip flop slippers, drive an average car.
But when they go to the banks dressed like that, the bank manager comes out to serve them. No need to have a false image.... just dress simply. Only the bank manager and your closest friends know you are rich and humble, that's good enough. Who cares how other people judge you?
2. Buy a piece of land far far away from Seoul.... in the tiny villages.... where land is still affordable. And plan your retirement there.
3. Life is not about wearing expensive stuff, having expensive house or condo that you cannot really afford. Life is actually very simple. A walk at the beach, a park, talking to close friends, having a cup of hot tea and these enjoyment are free and cheap.
Make life as simple as possible. Enjoy the free things and enjoy friendship. These are free and so valuable.
May God bless all the young people of Korea. Change your thinking, change your life.
Oh please do you know anything about South Korea? I'm sure you're not. Probably korean are not in a position to be preached by southeastern asian.
And although the name of this channel is Asian Boss, it is actually a Chinese propaganda channel run by China,
so they NEVER ask to Chinese people anything about China's freedom, standard of living, democracy, Xi's dictatorship, discrimination, diplomacy, income etc. of China.
Such sensitive and aggressive questions are limited to Korea.
People here all need know the root of this kind of information.
@@SuperAceguy , are you a Korean? Please share the truth with us then.
Asian Boss is interviewing Koreans on the streets. Are you telling me that they are all fake and not Koreans?
Although I have a Chinese surname, I am not a pure Chinese. I am a mixed blood and not a preacher. I am genuinely interested in Korea because since 1990s, I grew up watching Korean Kdrama and I feel closer to them.
And I am not preaching and definitely you are not Asian. For all Asians are very helpful to one another.
So please be caring to other Asian countries. And don't be so anti Chinese.
If you go for an ancestry blood test, you may find you have Chinese blood too. I did an ancestry blood test and I have Scottish blood up to 20% in my body.
And I don't go blaming the Scots. I am proud of my rainbow bloodline. So please be nice.
I'm from Kolkata, India. And my head is spinning right now (If you know, how the costs are here) 🙂
PS:- I know comparison in terms of cost between these two countries is vague, but still wanted to share this.
Yeah it’s hard to compare apples to oranges - South Korea’s minimum wage is ₩9,620 per hour, which is around $7.50 USD, and it is one of the highest in Asia..
😂 oh please India and Korea are like first class wine vs old rum
@@kimaduh1937So ?? ..our currency holds more value than their currency..plus we are happy with our things ..and India is the only country in the world in 2023 that has 0% chances of recession.
I think the most interesting and impotant part is 10:29 ! No matter what happens you gotta be strong!
저말mz들이제일기겁하는말ㅋㅋ그때랑지금이랑같냐고
무식한애들이공무원하던때개나소나대기업가던때그래놓고라때는~
@@jajiteol I'm sorry i don't understand korean language!
I've been in Tokyo and Seoul and yes they are both expensive. 😅Although for me, Seoul is much milder compared to Tokyo in terms of being expensive. There are much more cheap alternatives in Seoul compared to Tokyo. Like in food, there are a lot of local restaurants in Seoul that are affordable and we cook less. Unlike in Tokyo, some of our meals are from convenience store and we cook more to save money. We do local restaurants for one to two meals per day.
Wealthier country doesn’t guarantee a wealthy lifestyle.
This isn't just Korea or the United States, the price of living is going up all over the world in every single country. This points to our currencies being devalued all over the world.
Wow. I never realized buying a house in Korea was that expensive. I’m from Houston, Texas, USA and I’m looking to buy a 2700 sq ft town house for 430k and I thought that was reasonable since the area was nice. But holy cow, it is def not the same in another country.
4600 a month in LA is barely getting by because you NEED a car that’s like almost 1k a month with insurance and payment. Rent is like 2400 and then all the bills and groceries and than your basically broke lmao
LA, SF,New York,etc.. are extremely expensive.
Just be a homebody and don't go out. No need for a car then 😂
@@ID_iKONIC_VIP bruh you need a car to go to work lmao if I don’t work I ain’t got no home 😂
Imagine getting 2500 euros as an IT engineer before taxes, and having to pay 37% of taxes for that salary!!!!!
@@BlackHoleSpain that’s so low for an IT engineer. And yea yes I know about that high tax I live in Los Angeles lol we have 25% federal tax plus the state tax and local tax and sales tax 😂💀
My DH is currently earning a monthly take home pay of 6.5 Mil KRW, but still we are only left with little disposable cash by the end of the month, 😅. We spent most of our money on the upkeeping of our 2 houses and family allowances because lots of our family members depend on us to live by. What I am trying to say is the true high monthly net salary in South Korea should be any numbers ABOVE 10 Mil KRW. Net monthly salary of 5-6 Mil KRW is actually just a middle class salary.
택시로 출퇴근하고 카페 브런치 즐길거 다 즐기면서 집 너무 비싸다 하는건 좀...
어차피 주택 구매가 불가능하다는 걸 아니까 생활의 즐거움에 쓰는거죠. 주택 구매 비용을 빼고 저축한다고 생각하면 충분히 이해되는 소비라고 생각합니다.
The average starting cab fare in South Korea is around 5 bucks. So you're telling me that the reason people can't afford million dollar closet size departments is because they decided to spend 25 bucks on breakfast every once in awhile? What an eye-opening conclusion! Maybe if I just forego all basic luxury that makes life worth living I'll be able to afford a down payment on a tiny home and 50 years.
@@nuu-n7u yes. You're supposed to spend your money on something you enjoy. Being poor doesn't mean you aren't supposed to enjoy yourself!
Hmm, I live in Korea after spending many years in the USA. Almost nobody is able to afford a home in the US either if they are paying cash full or need to put 40%+ down to get a loan, etc. like Korea. Housing being unaffordable is nothing new in big cities such as Seoul, Tokyo, SF, NY, London, Paris, etc.
As for a comfortable wage, I think if you are in Korea and married with 2 kids you need at least 10m/month after taxes to cover education and various costs which is possible if both parents work or if the main breadwinner is at a large company. But of course this is tough so that's why we see the low birthrate that we do...
If the interviewees lower their idealistic standards, they can buy a 102 square meter apartment in the outskirts of Seoul with two subway lines at 422K USD and a 69 square meter apartment in the outskirts very adjacent to the subway to connected to Gangnam with 303K USD. Houses in the area are relatively inexpensive due to their relatively low investment value because they are apartments with a high floor area ratio built in the mid and late 1990s, let alone their location.
So basically if they agree to live in a closet and pay half a million dollars for it because they don't deserve space or any kind of basic standards, they'll be better off? Unless to say nothing of the much longer commutes to even get to work to make the money to spend on the home?
@@eramahmed2718Ikr. That's what I'm saying. I don't understand how paying half a million dollars for a closet has become a thing.
When it comes to housing in comparison to developed countries in Asia, Singapore is probably one of the countries (if not, the only one) that solve this society problem. Not perfect but kudos to the government.
I don't think the house price is correct. 36 square feet is only equal to 2 tatami size.
they meant square meter
36pyeong = 119.008 square meters = 1280sq ft
not sq meter
not sq ft
@@user-mi3km6qt6e That makes sense, Taiwan and Japan also use pyeong(坪) as a unit to measure the size of a house or land.
Korea is a 180 compared to 40 years ago! The 1988 Seoul Olympics woke the ROK up to the world economically! And it grew quickly, to quickly I have always said! My family is Korean, wife and I retired last year and decided not to move back to the ROK! We prefer and enjoy living in rural southern Illinois! With our pensions we live like very comfortably! In US cities and the ROK, we would be poor!!!
Raising the minimum wage wouldn't solve anything, you're just adding fuel to the fire by forcing companies to adjust by marking up prices and reducing staff. You can't combat inflation by devaluing the currency, which is essentially what imposing a higher minimum wage would achieve.
Maybe they should reduce the minimum wage down to almost nothing then. That’ll help the economy for sure. Who cares how bad it’ll be for the minimum wage workers.
Razear, while your comment has some merit, it is sorely lacking in overall scope.
@@ChinnuWoW LOL you offered no actual rebuttal other than hyperbole.
@@garesonc9672 What I said is not hyperbole, it's sarcasm. You've got quite a thick skull if you can't see how I'm showing the extreme example of something to show how flawed the argument is.
Thanks for sharing impormision about Korea