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.
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 .
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.
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.
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.
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
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.
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 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 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
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.
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.
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!
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...
The older gentleman is right. And he is the proof in the pudding. From poverty to upper middle class. Sure, due to inflation and other factor it may be more difficult to buy a home and whatnot, but if people are willing to work hard, save, sacrifice, invest...they will still do well. But instead, many would rather complain. Also, the lady in the food service industry is also correct. An ever rising minimum wage hurts both businesses and workers
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.
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.
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.
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.
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”!
Your sqft conversion is wrong in the captions and can be misleading. The officetel was 8 pyeong. That is NOT 36 sqft. It's 280 sqft. The older gentleman's comment was about a 34-pyeong apartment, which you correctly translated at first to 1210 sqft in the captions, but then the later caption said 36 sqft...
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 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.
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
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.
The urbanization and economy just grew too rapidly (in conjunction with a lack of Singapore style safety nets) to supply housing early on. A lot of people will be able to buy houses outside of the city, but the country is SO dependant on the primate city of Seoul. No incentive workwise to move outside of the Seoul metro area, and even the average salary will still see the average Korean paying off a mortgage the rest of their lives (if what the older gentlemen says is true). One silver lining is that as the economy devolves from its "tiger" status (inevitable with time and their birthrate trajectory) property values will absolutely divebomb.
Maybe they could scatter around the country the university school, business that will force and benefit people not going to a single city and maybe it will help the distribution of competition on market , houses, school , and work
But the market should decide where business go...not the government. You'd get an even worse result if you tried to centrally manage these things(ask Cuba, the old Soviet Union, China before Deng, Pol Pot's Cambodia).
@@garesonc9672 why are you comparing it to the communist leadership country, is SK a communist country ? its not like that , wouldn't be better if the work office , market , school is near on your region so you won't have to travel far away , scattering the service and infrastructure around the country will produce more jobs and the rest will follow , not just in one city 🌆
Lifestyle matters. If survival includes everyday social or solo drinking, then for sure that takes the tiger's share from the salary. Living in an expensive city with a minimum salary is a lifestyle of priorities of needs and not of my boss's or colleagues' want.
this is same issue that happens in other countries and cities. u done alot of videos in sk, but can u do more videos in other countries too like china or japan or SEA?
If you visit Seoul so many apartments are in there..and korean dont think oneroom villa or officetel is the apartment...In korea apartment means so many buildings with big community like swimming pool, park , gym... In seoul new apartment costs 10억(34pyeong) and in southern gangnam costs 25억(34pyeong) and in northern gangnam with han river view costs 34억(34pyeong)
The reason why poor people often buy luxury goods is because oftentimes it feels like their hardwork and effort was completely fruitless. All the weeks, months, years of struggle got them no further than before. Splurging on a luxury good makes them taste "success" for a brief moment even if it's imaginary at best. Basically luxury products are a coping mechanism for the weak minded, chronically poor.
@@josenjinkim7549 yes I believe that its more per SQM in Seoul.. Houses are larger in Australia you also get more land too... I purchased back in 2008 during the GFC crash :).. its all overpriced everywhere these days
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.
$3,800 USD a month is poverty level in USA. I live in one of the poorest states. A small 2 bedroom apartment will cost you $1,400 USD a month to rent. My house is over $500,000 USD. food is crazy high here also $5.00 loaf of bread, $9.00 for gallon of milk, $8.00 for a pound of ground beef. It is bad. So to me Seoul does not sound that bad. I did not work my husband did and brought it about $9,000 a month before he got sick and had to retire. It is crazy out there.
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.
Man, what a rough time to live in this world right now. Seems like being a youtuber for new generation is the way to go or better yet becoming a professional athlete.
Can someone who speaks Korean please confirm if the old man at 2:57 said 36 Pyeong or 36 square ft? To me it only makes sense if he meant 36 Pyeong, which is approx 119 sq meters or 1279 sq ft. It’s really confusing with Pyeong and the Korean sq ft and the subtitle is quite bad with clarifying this. Should have added some background info about Korean sq ft and Pyeong. This makes huge difference in giving perspective since I’m trying to compare prices.
@fecesd5g even if, his old age shows that he worked whole life and it wasn't chilling for sure. He worked for 40+ in difference to young people who just started. Still I'm more than sure, I'm not off in my timing, but you can have your opinion
Wow the discrepancy between the average salary and the cost of real estate is really tough for any young person to afford housing in Seoul unless they have financial help from parents. Its the same here in the States especially in West Coast cities (San Franciso and neighboring Silicon Valley) and New York City. But at least the pay here is much higher so there is at least a striking chance to own a small place if one works for hitech and gets lucky with options/equity.
There is a subtitle error here when the gentleman is saying: 25 py(Korean unit) is about 890 sq ft, not 35 sq ft. - this is about 3million+/- dollars (30억원 내외) in Gangnam.
Its probably keeping up with the trendy life style and the pressure of peers having luxury items and you dont if you live in the city. I would imagine small country life would be beautiful.
Some things about this confuse me. Koreans i know will tell me they won't buy products from other countries even if they're cheaper because they need to buy the Korean one (pretty common with food, especially those from china)
The old man is right, they did have it rough back then. I think the disconnect is that back then, even if it was rough, Korea was on a massive growth trend. Hard work paid off. Today, Korea has one of the most educated populace in the world. Everyone is highly qualified, but there are not enough jobs to go around. Hard work doesn't pay off like it used to. It is true that being poor today in Korea is probably better than being poor 50 years ago, but today, there's less hope of future growth.
@@KrusssH 60 m2 is a *3 rooms home* and has been the default size from 1960 to 1985 over here, when 80 m2 homes started to appear. 90m2 is a XXI century thing. My home (1966) is 65 m2 and has 3 bedrooms for 4 people, the biggest with 14 m2, 1 bathroom, 1 living (22m2), 1 kitchen and a 2.40 x 0.70 metres (1.68 m2) balcony to hang clothing.
Life is more comfortable and cheaper in smaller cities. I work in the big city but move to a smaller one on retirement and I found life is so much better
8 pyeong is actually closer to 280 sq. Feet. Still a lot of money for a tiny space. 24 sq feet is about the size of your average closet or 1/2 bath in the US. You've got a small issue with the subtitles. Your measurement conversions from 평 to feet is wildly inaccurate.
I m from Indonesia, especially living in Jakarta. Plz just imagine or assume 1 IDR = 1 KRW. Many people jakarta have salary average around 2-5 million IDR, but house price in here around 1-3 billion IDR. But I think we re more poor because food price here like Mcdonald around 40.000-60.000 for one single menu.
cost of buying a place in seoul is expensive but rent is surprisingly cheap relative to that you can get a nice studio for like 600-1000 monthly in a nice area
Actually korean dont think oneroom villa officetel is the apartment...in korea apartment means big tall buildings with community like swimming pool gym cafeteria...korean only investigste apartment.. not oneroom or officetel
Living in Seoul costs as much as living in United States, in my opinion - and Seoul metro contains about half of the South Korean population. However, on average, Koreans make about half as much as the Americans.
Money is not meant to control people, rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place.
@@aejbkahn437Same i here, i will praise mr Nelson over and over again because he has great skills, i started with $2000 and after 2week i received a returns of $6,000 then i continue with him ever since he has been delivering.
How exactly do you invest in anything when you can't afford to even survive? When one $100 car emergency is all it takes to put you on the street, investing is not an option. Literally every penny you have you need to get by.
10:30 well there’s relative truth to that statement but the world is very, incredibly, different from what it was 55 years ago. Especially in a country like Korea. After the war people was literally starving (70 years ago) and now they live in an accomplished market economy. The range of opportunities an average person had 55 years ago is starkly different from what they have now.
Are the apartment pricing and size right? 36 square FEET apartment would cost over 2m USD? Are you sure it isn't sq meters? Even in NYC (Manhattan) you can buy a 1800 sq ft apartment for roughly $2.3m so this seems outrageous.
@@aftervision8552most women don't like being called a chick. That's what they are telling you. If someone tells you that the way you're speaking about someone isn't proper, the correct answer isn't to say "I'll talk how I like."
I m Singapore ~ the average salary is comparable ; about USD 4.5k. The private apartments(condo) is about USD 1 million for outskirt regions. Those near orchard road/CBD r about 3-10 millions. There is governmental public house USD 300-450K for 80-100SQM(most young couple would apply, it is called HDB BTO - waiting time 3/4 years. Need occupier status and after completion of 5-10 years, can sell it in open market ~ 1.5-2 times the cost. 1 of those is The Pinnacle ~ those bought then S$500k, currently re-selling > S$1.0 million because of location). So Seoul prices is generally equal to most developed countries.
Prices may seem comparable to cities like Singapore but salaries in Korea are generally lower than the average in Singapore “like for like” jobs. See the statistical data that’s widely available on the net to gauge better.
@@erickzq123 And yet, we - Singaporeans find living expense high vs salary earned. Our economy rice plate of a fish+2 vegetables = USD 10.00 or a loaf of bread(mass factory product) = USD2.50 ~ how is Korea prices??? Singapore cars r the most expensive ~ Hyundai Tucson 1.6 turbo hybrid SUV is USD160,000.00
Do not be conformed or be obsessed with worldly things… Don’t be a slave to mortgage payment… Be a good steward of your hard earned money, know your needs vs wants…eat healthy, take care yourself, know your priorities…be prepare for emergency needs, n don’t be a burden to anyone
I moved out of the capital about 6 years ago. I live 40 minute away but my housing costs are 50% less. So what I used to spend on rent I now spend on my entire monthly budget. I don't buy new clothes unless my old clothes is unusable. I don't care what Russians there think. I know what most of them make. The same or less than me. They are just wearing their salary on their bodies while mine is invested. I have two pairs of shoes. My more " dressy " pair and my sneakers that I use for the gym and when I'm not going anywhere special or work related. As far as eating out. I rarely ever do it. Basically I can buy the best ingredients in my country. Cook my own food and still spend less than half what I would in a restaurant eating ingredients of mush lesser quality. I just look at a dinner option and think " I could buy 3 days of prime beef with that. " I don't care about " fancy " food. It's just food. I buy it for sustenance. Not to be seen at a fancy place spending ungodly sums for some beef or fish. I understand this throw away generation only cares about " experiences " but those experiences won't feed my future kids or pay for their educations or bequeath them a home in my old age. You see. I am just a link in the chain that doesn't end with me. So I must be wise. Your generation is the LAST link in your chain. So you can spend the very last cent on those " designer" jeans. Because your bloodline will end with you. You were just a passing fancy that will be over in a generation. Those that looked past their petty indulgences will live on. The selfishly self centered self indulgent idiots won't. On the balance this isn't a bad thing. After this brain washed generation of suicidal idiots dies out, there will be more of everything for those left. Carry on.
Everything about this comment makes me sad. I don't see any enjoyment to be found in a situation like this. God forbid you enjoy something. And calling an entire generation of people who are crushed by the reality they live in "suicidal idiots" is pretty damn heartless. A lot of these people want to have families and the same experience as everyone else had before them but they just can't afford to, so they're trying to enjoy themselves in the few ways that they can. I don't understand how that makes anyone a self indulgent idiot. If anything that makes the more responsible because they comprehend that they can't afford a child so they didn't put them through the ravages of poverty. And as someone who grew up in that situation and chose to do the same, I respect that. This entire comment reeks of a superiority complex when it really shouldn't. Like, you really seem to think you're better than everybody else and everything you say screams resentment towards other people who are trying to enjoy themselves with what little they have. You should be allowed to own more than two pairs of shoes. You should be allowed to own new clothes that didn't come from a thrift store. You should be allowed to eat out sometime. That's called living. If you don't want to do those things, then that's fine, but that doesn't make them less than because they want basic things like fun in their lives.
This is scary. They all sound defeated. Cant fault them. They are trained from early ages, to think inside the box. Really burn the box and youll be forced to think differently - these people need this lesson.
Im curious if this price is only in Séoul and surrounding cities or other provinces has the same issue ,i get it that because of it being the capital means there’s more opportunities for work and better facilities but still to spend your life dreaming of owning your iwn home is so sad and tragic 😢
To purchase a house in Korea?? It is impo😮ssible in my opinion. It is the same outside of Seoul in other province. Even the province...the cost of purchasing the house was so high than before.. But most of people like to live in Seoul...because many parts can make save money like transportation, buying daily food and necessaries..not every parts of living costs
poor people in Germany already cannot afford food and go to tafel (charity who sells food for symbolic price). And with growing refugee number even tafel can't feed all people who need it. I suppose its hell for poor people everywhere
@@synthraofficial5366 It has a mixed economy with strong socialist leanings(entitlments, social welfare spending) which affect the economy. Nice surface level view you have there. Please think critically.
Whats more expensive Seoul or Downtown Toronto/Vancouver. For me those are the options. Im thinking of studying IR and would love to do a term in East Asia somewhere.
It's the same in every developed country, the younger generation complain about being poor while they waste their money on social activities regularly and other expensive things, like brand new phones every year.
36 square feet for US$2.3m !?!? 36 square meter or 387.5 square feet is more believable. Still, far more expensive than Hong Kong affluent neighbourhoods. And HK is known to the world as the most expensive city in the world. ROFL! Only if you believe that!
Pakistan here vibing we can buy land and build a house in just 2 crore which is just 70k$ My Father House is 3 Stories And Wide House Which is Enough For 10 People To Live Like 6 Rooms
What are they talking about in this vid? They all are lying. I, as a Korean living in Seoul, can say that if people work in whether it is a conglomerate or a small and medium sized company for at least 2-3 years, they can at least purchase an 1 bed 1 bath apartment or a studio. My older brother used to work at Samsung electronics, tho he is working at a university rn. He purchased his own apartment in one of the richest districts of Seoul without our parents help and his wife also purchased an apartment in Gangnam, again without her parents help. They are all in their mid 30s. They spend less on food (they don’t eat out frequently) and on a car (his wife works at a Hyundai affiliated hospital so they purchased a Hyundai car at a great discount. Unlike other young couples, they don’t buy luxurious European cars and bags, etc.). My parents also purchase one apartment in Gangnam, one studio in Seoul, and one apartment in Gyeonggi province, without any help from their own family. I am also living on my own in Seoul btw. Even one of my cousins is a radiologist at a small and medium sized hospital and she is in her late 20s, but she bought an apartment in Gangnam although the apartment is in a less “developed” area of Gangnam but it’s far far cheaper than other counterparts in Gangnam.
To understand why we do street interview like this, check out this message video: th-cam.com/video/7ukfLMmI8XY/w-d-xo.html
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.
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 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
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.
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.
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.
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
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.
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".
Very informative!! Great piece, Thanks☺️
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
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 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.
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.
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.
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!
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...
The older gentleman is right. And he is the proof in the pudding. From poverty to upper middle class. Sure, due to inflation and other factor it may be more difficult to buy a home and whatnot, but if people are willing to work hard, save, sacrifice, invest...they will still do well. But instead, many would rather complain.
Also, the lady in the food service industry is also correct. An ever rising minimum wage hurts both businesses and workers
Move to Ansan is better option
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
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.
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?
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?
Some of the translations related to square footage seemed off?
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!
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.
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.
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”!
Your sqft conversion is wrong in the captions and can be misleading. The officetel was 8 pyeong. That is NOT 36 sqft. It's 280 sqft. The older gentleman's comment was about a 34-pyeong apartment, which you correctly translated at first to 1210 sqft in the captions, but then the later caption said 36 sqft...
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 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.
What i surprised is the cost of grocery in Korea is more expensive than the US.(salery gap is almost double)
The host is so pretty
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
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.
36 sqft for $740K USD & that was 4 years ago. WTF.
The urbanization and economy just grew too rapidly (in conjunction with a lack of Singapore style safety nets) to supply housing early on. A lot of people will be able to buy houses outside of the city, but the country is SO dependant on the primate city of Seoul. No incentive workwise to move outside of the Seoul metro area, and even the average salary will still see the average Korean paying off a mortgage the rest of their lives (if what the older gentlemen says is true). One silver lining is that as the economy devolves from its "tiger" status (inevitable with time and their birthrate trajectory) property values will absolutely divebomb.
Maybe they could scatter around the country the university school, business that will force and benefit people not going to a single city and maybe it will help the distribution of competition on market , houses, school , and work
But the market should decide where business go...not the government. You'd get an even worse result if you tried to centrally manage these things(ask Cuba, the old Soviet Union, China before Deng, Pol Pot's Cambodia).
@@garesonc9672 why are you comparing it to the communist leadership country, is SK a communist country ?
its not like that , wouldn't be better if the work office , market , school is near on your region so you won't have to travel far away , scattering the service and infrastructure around the country will produce more jobs and the rest will follow , not just in one city 🌆
Lifestyle matters. If survival includes everyday social or solo drinking, then for sure that takes the tiger's share from the salary. Living in an expensive city with a minimum salary is a lifestyle of priorities of needs and not of my boss's or colleagues' want.
the prices I'm hearing are just freaking INSANE wtf 😲
this is same issue that happens in other countries and cities. u done alot of videos in sk, but can u do more videos in other countries too like china or japan or SEA?
Thanks for sharing impormision about Korea
If you visit Seoul so many apartments are in there..and korean dont think oneroom villa or officetel is the apartment...In korea apartment means so many buildings with big community like swimming pool, park , gym... In seoul new apartment costs 10억(34pyeong) and in southern gangnam costs 25억(34pyeong) and in northern gangnam with han river view costs 34억(34pyeong)
The reason why poor people often buy luxury goods is because oftentimes it feels like their hardwork and effort was completely fruitless. All the weeks, months, years of struggle got them no further than before.
Splurging on a luxury good makes them taste "success" for a brief moment even if it's imaginary at best. Basically luxury products are a coping mechanism for the weak minded, chronically poor.
Try Sydney Australia! :) Sydney's housing market has been ranked the second least affordable in the world ..
I bought a house in Sydney last year december and i own a house in Seoul in sq meters Seoul is 1.3 more expensive then Sydney
@@josenjinkim7549 yes I believe that its more per SQM in Seoul.. Houses are larger in Australia you also get more land too... I purchased back in 2008 during the GFC crash :).. its all overpriced everywhere these days
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.
Too many wealthy people in Korea own several houses and apartments while the working people can't even own 1 home, sad.
$3,800 USD a month is poverty level in USA. I live in one of the poorest states. A small 2 bedroom apartment will cost you $1,400 USD a month to rent. My house is over $500,000 USD. food is crazy high here also $5.00 loaf of bread, $9.00 for gallon of milk, $8.00 for a pound of ground beef. It is bad. So to me Seoul does not sound that bad. I did not work my husband did and brought it about $9,000 a month before he got sick and had to retire. It is crazy out there.
I live in Seoul and yes it’s expensive here.
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.
Man, what a rough time to live in this world right now. Seems like being a youtuber for new generation is the way to go or better yet becoming a professional athlete.
Can someone who speaks Korean please confirm if the old man at 2:57 said 36 Pyeong or 36 square ft? To me it only makes sense if he meant 36 Pyeong, which is approx 119 sq meters or 1279 sq ft. It’s really confusing with Pyeong and the Korean sq ft and the subtitle is quite bad with clarifying this. Should have added some background info about Korean sq ft and Pyeong. This makes huge difference in giving perspective since I’m trying to compare prices.
He said 25 pyeong
That old man is so 꼰때 lol. "Just have hope bro" "I did it 55 years ago so you should be able to do it now"
he still done it in harsh times. Economic development started in Korea after 90ies, so he didn't have easy life for sure.
Did you miss the part where he said he grew up poor? Are you knowingly and dishonestly omitting that or did you fail to listen to him?
@@tatjana7008you're off by two decades
@fecesd5g even if, his old age shows that he worked whole life and it wasn't chilling for sure. He worked for 40+ in difference to young people who just started.
Still I'm more than sure, I'm not off in my timing, but you can have your opinion
Wow the discrepancy between the average salary and the cost of real estate is really tough for any young person to afford housing in Seoul unless they have financial help from parents. Its the same here in the States especially in West Coast cities (San Franciso and neighboring Silicon Valley) and New York City. But at least the pay here is much higher so there is at least a striking chance to own a small place if one works for hitech and gets lucky with options/equity.
If one looks at S Korea today, it’s like the miracle of Singapore from 1952 to 2000. Everyone is indescribably better off.
There is a subtitle error here when the gentleman is saying: 25 py(Korean unit) is about 890 sq ft, not 35 sq ft. - this is about 3million+/- dollars (30억원 내외) in Gangnam.
Its probably keeping up with the trendy life style and the pressure of peers having luxury items and you dont if you live in the city. I would imagine small country life would be beautiful.
Good points.
Some things about this confuse me. Koreans i know will tell me they won't buy products from other countries even if they're cheaper because they need to buy the Korean one (pretty common with food, especially those from china)
The old man is right, they did have it rough back then. I think the disconnect is that back then, even if it was rough, Korea was on a massive growth trend. Hard work paid off. Today, Korea has one of the most educated populace in the world. Everyone is highly qualified, but there are not enough jobs to go around. Hard work doesn't pay off like it used to. It is true that being poor today in Korea is probably better than being poor 50 years ago, but today, there's less hope of future growth.
Study other languages, a qualified person is wanted by all companies around the world
As a tourist, I think living cost is high. I have notices that.
Catalonia 1990: 3 years of full salary to buy apartment (90m2)
Catalonia 2023: 8,5 years of full salary to buy apartment (90m2)
90m2 is a mansion!!! Normal surface of homes are 50-60 m2
@@BlackHoleSpain house of 2 bedrooms, 2 bathrooms is 90m2.
50-60m2 is 1 room apartment, not for a family
fyi. Seoul’s price income ratio in 2022 is 32
@@KrusssH 60 m2 is a *3 rooms home* and has been the default size from 1960 to 1985 over here, when 80 m2 homes started to appear. 90m2 is a XXI century thing.
My home (1966) is 65 m2 and has 3 bedrooms for 4 people, the biggest with 14 m2, 1 bathroom, 1 living (22m2), 1 kitchen and a 2.40 x 0.70 metres (1.68 m2) balcony to hang clothing.
@@BlackHoleSpain Spain 2020: most common apartment size: 75-90m2 (5.011.900 flats)
The average size of apartments in Spain is 122m2
only americans and two other countries use square feet, pls write in metres squared also. i will waste time now for converting area...
36 square feet, (3.3 m2) cost us 2.3. i guess it is wrong translation, shall be 36 square meter
Life is more comfortable and cheaper in smaller cities. I work in the big city but move to a smaller one on retirement and I found life is so much better
8 pyeong is actually closer to 280 sq. Feet. Still a lot of money for a tiny space. 24 sq feet is about the size of your average closet or 1/2 bath in the US. You've got a small issue with the subtitles. Your measurement conversions from 평 to feet is wildly inaccurate.
I m from Indonesia, especially living in Jakarta. Plz just imagine or assume 1 IDR = 1 KRW. Many people jakarta have salary average around 2-5 million IDR, but house price in here around 1-3 billion IDR. But I think we re more poor because food price here like Mcdonald around 40.000-60.000 for one single menu.
cost of buying a place in seoul is expensive but rent is surprisingly cheap relative to that you can get a nice studio for like 600-1000 monthly in a nice area
The deposit to rent is anywhere from $5000-$20,000 though.
@@popfloralsYes and it is usually the deposit that is the killer.
Actually korean dont think oneroom villa officetel is the apartment...in korea apartment means big tall buildings with community like swimming pool gym cafeteria...korean only investigste apartment.. not oneroom or officetel
Interesting view and personal story at the end from the man in suite and some gray hair.
Living in Seoul costs as much as living in United States, in my opinion - and Seoul metro contains about half of the South Korean population. However, on average, Koreans make about half as much as the Americans.
Money is not meant to control people, rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place.
Wow!!! I thought I was the only beneficiary of Mr Brian trading services. His technique and strategies are the best.
@@aejbkahn437Same i here, i will praise mr Nelson over and over again because he has great skills, i started with $2000 and after 2week i received a returns of $6,000 then i continue with him ever since he has been delivering.
Scam scam scam alert
How exactly do you invest in anything when you can't afford to even survive? When one $100 car emergency is all it takes to put you on the street, investing is not an option. Literally every penny you have you need to get by.
10:30 well there’s relative truth to that statement but the world is very, incredibly, different from what it was 55 years ago. Especially in a country like Korea. After the war people was literally starving (70 years ago) and now they live in an accomplished market economy. The range of opportunities an average person had 55 years ago is starkly different from what they have now.
Are the apartment pricing and size right?
36 square FEET apartment would cost over 2m USD? Are you sure it isn't sq meters?
Even in NYC (Manhattan) you can buy a 1800 sq ft apartment for roughly $2.3m so this seems outrageous.
That chic with the Some shirt is unusually attractive
Pro tip, don’t call random women chick
@@kate_wn I will speak how I speak, it is not a rude thing to say so what are you talking about?
@@aftervision8552most women don't like being called a chick. That's what they are telling you. If someone tells you that the way you're speaking about someone isn't proper, the correct answer isn't to say "I'll talk how I like."
@@synthraofficial5366 I'll talk how I like
I m Singapore ~ the average salary is comparable ; about USD 4.5k. The private apartments(condo) is about USD 1 million for outskirt regions. Those near orchard road/CBD r about 3-10 millions. There is governmental public house USD 300-450K for 80-100SQM(most young couple would apply, it is called HDB BTO - waiting time 3/4 years. Need occupier status and after completion of 5-10 years, can sell it in open market ~ 1.5-2 times the cost. 1 of those is The Pinnacle ~ those bought then S$500k, currently re-selling > S$1.0 million because of location).
So Seoul prices is generally equal to most developed countries.
Prices may seem comparable to cities like Singapore but salaries in Korea are generally lower than the average in Singapore “like for like” jobs. See the statistical data that’s widely available on the net to gauge better.
@@erickzq123
And yet, we - Singaporeans find living expense high vs salary earned. Our economy rice plate of a fish+2 vegetables = USD 10.00 or a loaf of bread(mass factory product) = USD2.50 ~ how is Korea prices???
Singapore cars r the most expensive ~ Hyundai Tucson 1.6 turbo hybrid SUV is USD160,000.00
新加坡的物价跟汉城一样高。可是我羡慕新加坡人挺富裕的，不包括外劳。知足常乐。不要好高务远。
@@お節介じい
当你富有时，你在任何地方都会快乐
Do not be conformed or be obsessed with worldly things… Don’t be a slave to mortgage payment…
Be a good steward of your hard earned money, know your needs vs wants…eat healthy, take care yourself, know your priorities…be prepare for emergency needs, n don’t be a burden to anyone
I moved out of the capital about 6 years ago. I live 40 minute away but my housing costs are 50% less. So what I used to spend on rent I now spend on my entire monthly budget.
I don't buy new clothes unless my old clothes is unusable. I don't care what Russians there think. I know what most of them make. The same or less than me. They are just wearing their salary on their bodies while mine is invested. I have two pairs of shoes. My more " dressy " pair and my sneakers that I use for the gym and when I'm not going anywhere special or work related.
As far as eating out. I rarely ever do it. Basically I can buy the best ingredients in my country. Cook my own food and still spend less than half what I would in a restaurant eating ingredients of mush lesser quality.
I just look at a dinner option and think " I could buy 3 days of prime beef with that. " I don't care about " fancy " food. It's just food. I buy it for sustenance. Not to be seen at a fancy place spending ungodly sums for some beef or fish.
I understand this throw away generation only cares about " experiences " but those experiences won't feed my future kids or pay for their educations or bequeath them a home in my old age. You see. I am just a link in the chain that doesn't end with me. So I must be wise.
Your generation is the LAST link in your chain. So you can spend the very last cent on those " designer" jeans. Because your bloodline will end with you. You were just a passing fancy that will be over in a generation. Those that looked past their petty indulgences will live on. The selfishly self centered self indulgent idiots won't.
On the balance this isn't a bad thing. After this brain washed generation of suicidal idiots dies out, there will be more of everything for those left.
Carry on.
we still need consuming people, so our stock don't go down due to low income of companies
Everything about this comment makes me sad. I don't see any enjoyment to be found in a situation like this. God forbid you enjoy something. And calling an entire generation of people who are crushed by the reality they live in "suicidal idiots" is pretty damn heartless. A lot of these people want to have families and the same experience as everyone else had before them but they just can't afford to, so they're trying to enjoy themselves in the few ways that they can. I don't understand how that makes anyone a self indulgent idiot. If anything that makes the more responsible because they comprehend that they can't afford a child so they didn't put them through the ravages of poverty. And as someone who grew up in that situation and chose to do the same, I respect that.
This entire comment reeks of a superiority complex when it really shouldn't. Like, you really seem to think you're better than everybody else and everything you say screams resentment towards other people who are trying to enjoy themselves with what little they have.
You should be allowed to own more than two pairs of shoes. You should be allowed to own new clothes that didn't come from a thrift store. You should be allowed to eat out sometime. That's called living. If you don't want to do those things, then that's fine, but that doesn't make them less than because they want basic things like fun in their lives.
That's exactly how it is.👍👍
This is scary. They all sound defeated. Cant fault them. They are trained from early ages, to think inside the box. Really burn the box and youll be forced to think differently - these people need this lesson.
Im curious if this price is only in Séoul and surrounding cities or other provinces has the same issue ,i get it that because of it being the capital means there’s more opportunities for work and better facilities but still to spend your life dreaming of owning your iwn home is so sad and tragic 😢
전 부산에 살고있고 15억원 정도 해요.
Only seoul and Big city
To purchase a house in Korea?? It is impo😮ssible in my opinion. It is the same outside of Seoul in other province.
Even the province...the cost of purchasing the house was so high than before..
But most of people like to live in Seoul...because many parts can make save money like transportation, buying daily food and necessaries..not every parts of living costs
Are they talking about salaries before or after taxes? Cuz that makes a difference
I would imagine that the poor suffer greatly there. A studio apartment where I live is two grand. It's insane.
poor people in Germany already cannot afford food and go to tafel (charity who sells food for symbolic price). And with growing refugee number even tafel can't feed all people who need it. I suppose its hell for poor people everywhere
영국의 집값을 아시나요?
@@tatjana7008 It's by design. It's called SOCIALISM!!
@@lehliladevandria5712Germany isn't even a socialist country. Are you just blaming socialism because it's trendy?
@@synthraofficial5366 It has a mixed economy with strong socialist leanings(entitlments, social welfare spending) which affect the economy. Nice surface level view you have there. Please think critically.
It's very easy! Never allow an American or European to buy a house. They come with a lot of money and make difficult life for normal people.
Is this comment for real? You do realize it is people from mainland China that are going to Korea and buying up properties, don't you?
I'm European and cannot even afford a subway trip to the airport.
Whats more expensive Seoul or Downtown Toronto/Vancouver. For me those are the options. Im thinking of studying IR and would love to do a term in East Asia somewhere.
It's the same in every developed country, the younger generation complain about being poor while they waste their money on social activities regularly and other expensive things, like brand new phones every year.
2:08 Extremly bad translation, 8 pyeong is NOT 36 square ft, it is 26.4 aquare meters which would be 284.16 square ft
Cool video
I think it's just similar to other countries, tge difference being when you have kids. Raising kids in Korea is really expensive
36 square feet for US$2.3m !?!? 36 square meter or 387.5 square feet is more believable. Still, far more expensive than Hong Kong affluent neighbourhoods. And HK is known to the world as the most expensive city in the world. ROFL! Only if you believe that!
I'm from Serbia the country that is so far from Korea and we have the same problem here.
So interesting to see the contrast between the young adults and the old dude.
As a Single person with an income of 4000$ you can live like a king in Germany, even if we also have very expensive prices for rent and food.
echt?
26sqm for 750k USD? should've buy a house and lot here in PH for more than 15m-30m PHP w/ pool or w/ Smart Activated
Pakistan here vibing we can buy land and build a house in just 2 crore which is just 70k$ My Father House is 3 Stories And Wide House Which is Enough For 10 People To Live Like 6 Rooms
We may feel like this now but so will the next 10 generations.
What are they talking about in this vid? They all are lying. I, as a Korean living in Seoul, can say that if people work in whether it is a conglomerate or a small and medium sized company for at least 2-3 years, they can at least purchase an 1 bed 1 bath apartment or a studio. My older brother used to work at Samsung electronics, tho he is working at a university rn. He purchased his own apartment in one of the richest districts of Seoul without our parents help and his wife also purchased an apartment in Gangnam, again without her parents help. They are all in their mid 30s. They spend less on food (they don’t eat out frequently) and on a car (his wife works at a Hyundai affiliated hospital so they purchased a Hyundai car at a great discount. Unlike other young couples, they don’t buy luxurious European cars and bags, etc.). My parents also purchase one apartment in Gangnam, one studio in Seoul, and one apartment in Gyeonggi province, without any help from their own family. I am also living on my own in Seoul btw. Even one of my cousins is a radiologist at a small and medium sized hospital and she is in her late 20s, but she bought an apartment in Gangnam although the apartment is in a less “developed” area of Gangnam but it’s far far cheaper than other counterparts in Gangnam.
was interesting to see wasn't just where I am.
To live comfortably in Seoul, you need at least 5 million won is true and also terrifying.
I'm wondering what 🎤 microphone you're using 🤔❓