How Much Does It Cost for People in Their 20s to Get Married in Korea?

How Much Does It Cost for People in Their 20s to Get Married in Korea?

※ Marriage is one of the most significant life events, and in Korea, it comes with considerable financial expectations. From housing and weddings to gifts and planning for the future, the cost of getting married is often a topic of concern, particularly for young couples in their 20s. As Korea’s economy evolves, so do the costs associated with starting a life together. This blog will break down the main expenses couples in their 20s face when getting married in Korea, providing a realistic picture of what it takes to tie the knot.

 

1. Housing: The Biggest Expense

In Korea, securing a home is typically the most expensive part of marriage preparation. Many couples start by buying or renting a home, which can be a substantial financial burden, especially for those in their 20s.

• Jeonse (Key Money Deposit System): Many couples opt for jeonse, a rental system where tenants pay a large deposit upfront (usually 70%–80% of the property’s market value) and do not pay monthly rent. In cities like Seoul, jeonse deposits for small apartments start at 200 million won and can go up to 400 million won for better-located homes.
• Monthly Rent (Wolse): For couples who prefer monthly rent, the average cost for a small apartment ranges from 800,000 to 1.5 million won per month, depending on the location.
• Housing Loans: Many couples take out housing loans to cover the cost of jeonse or a down payment for a mortgage. Monthly payments for housing loans can range from 1 million to 2.5 million won, depending on the loan size and interest rates.

2. Wedding Ceremony Costs

The wedding ceremony itself is another major expense. Traditional Korean weddings often include renting a wedding hall, hiring photographers, and arranging for food and gifts for guests.

• Wedding Hall and Venue: Renting a wedding hall typically costs between 5 million and 10 million won, depending on the venue’s location and prestige. Higher-end venues in Seoul can cost upwards of 20 million won.
• Food and Beverages: Catering for the wedding can range from 25,000 to 100,000 won per guest, with larger weddings involving more significant expenses. On average, catering costs for a 200-guest wedding can amount to 5 million to 10 million won.
• Photography and Videography: Wedding photography packages generally range from 2 million to 5 million won, with videography costing an additional 1 million to 3 million won.
• Wedding Dress and Attire: The cost of renting a wedding dress is usually between 1 million and 3 million won, while the groom’s suit rental costs about 500,000 won to 1 million won.

3. Wedding Gifts and Honeymoon

In Korean culture, it is common for families to exchange significant wedding gifts, including cash and luxury items.

• Gifts for Parents: It is traditional to give gifts to both sets of parents as part of the wedding ceremony. These gifts, which often include cash or jewelry, can cost between 3 million and 10 million won.
• Wedding Gifts from Guests: Guests often give monetary gifts (congratulatory money or 축의금), which can offset some wedding costs. Typical amounts range from 50,000 to 300,000 won per guest, depending on the relationship.
• Honeymoon: Many couples in their 20s choose to travel abroad for their honeymoon. Costs for international honeymoons range from 3 million to 10 million won, depending on the destination and length of stay.

4. Home Furnishing and Setup

Setting up a new home is another cost that newlyweds need to consider. From furniture to appliances, the expenses can quickly add up.

• Furniture: Furnishing a small apartment, including a bed, couch, dining table, and basic furniture, typically costs between 5 million and 10 million won.
• Home Appliances: Essential appliances like a refrigerator, washing machine, and television can cost between 3 million and 7 million won, depending on the brands and models chosen.
• Household Items: Kitchenware, bedding, and other miscellaneous household items can add another 1 million to 2 million won to the total.

5. Additional Costs

There are other miscellaneous costs associated with getting married, such as legal fees, engagement parties, and beauty treatments.

• Legal Fees and Marriage Registration: Registering a marriage in Korea has minimal costs, but couples may choose to hire lawyers for prenuptial agreements, which can range from 1 million to 3 million won.
• Engagement Parties: Some couples throw engagement parties before the wedding, which can cost 2 million to 5 million won depending on the size and venue.
• Beauty and Grooming: Wedding preparation often includes costs for beauty treatments, hair, and makeup. These services typically cost between 500,000 and 1 million won.

6. Financial Support from Families

In many cases, families provide financial support for the wedding, housing, or other associated expenses. However, for couples in their 20s who are just starting out, this support might be limited. Some couples rely on personal savings, loans, or dual incomes to cover these costs.

7. Overall Estimated Costs

For couples in their 20s in Korea, the total cost of getting married, including housing, wedding ceremony, and home setup, can range from 50 million to 150 million won. The following is a breakdown of average expenses:

• Housing (Jeonse Deposit or Rent): 200 million to 400 million won (deposit), or 800,000 to 1.5 million won per month (rent)
• Wedding Ceremony: 10 million to 30 million won
• Gifts for Parents and Guests: 3 million to 10 million won
• Honeymoon: 3 million to 10 million won
• Home Furnishing and Appliances: 8 million to 15 million won
• Miscellaneous Expenses: 3 million to 7 million won

Conclusion

For young couples in their 20s, getting married in Korea involves careful financial planning due to the high costs associated with housing, weddings, and home setup. Understanding these expenses is crucial to prepare for this major life step. By setting realistic financial goals and exploring various options, couples can ensure a smooth transition into married life without unnecessary financial strain.