How Much Does It Cost for a Person in Their 30s to Get Married in Korea?

How Much Does It Cost for a Person in Their 30s to Get Married in Korea?

※ For many Koreans in their 30s, marriage is a significant life milestone. However, the financial reality of tying the knot can be daunting. As individuals in their 30s tend to have more established careers and savings compared to those in their 20s, expectations and costs associated with marriage can also rise. This blog will provide a comprehensive breakdown of the major expenses faced by people in their 30s who are planning to get married in Korea, offering insights into how to navigate the financial commitments required for this important life event.

 

1. Housing: The Largest Financial Commitment

Securing housing is often the most substantial cost for couples getting married in Korea. Most couples in their 30s prioritize having a home ready before or soon after the wedding, and this decision usually revolves around two options: jeonse (key money deposit) or purchasing a home.

• Jeonse (Key Money Deposit): The jeonse system is one of the most popular ways to rent a home in Korea. It requires a lump sum deposit that can be returned at the end of the lease, but the cost is steep. For a couple in their 30s, the average jeonse deposit in Seoul or metropolitan areas is between 300 million and 500 million won, depending on the size and location of the apartment.
• Purchasing a Home: Some couples prefer to buy a home outright, especially if they’ve accumulated savings over time. However, property prices in Seoul can be very high, with apartments starting at 600 million won for modest homes and going well beyond 1 billion won in popular areas.
• Monthly Rent (Wolse): For those opting for monthly rent, payments range from 1 million to 2 million won per month for small to medium-sized apartments, in addition to a security deposit of 10 million to 50 million won.

2. Wedding Ceremony: Balancing Tradition and Modernity

Weddings in Korea are often lavish, but couples in their 30s may choose to either go all out or opt for more intimate and cost-effective celebrations, depending on their financial situation and lifestyle.

• Wedding Hall and Venue: Renting a wedding hall remains a significant cost. Depending on the venue's reputation and location, couples can expect to pay between 10 million and 30 million won for a wedding hall. Popular luxury venues in Seoul, such as hotels, can charge 50 million won or more.
• Food and Beverage Costs: Catering is another considerable expense. Food and beverage costs typically range from 40,000 to 100,000 won per guest, with larger weddings requiring a more significant investment. For a wedding with 200 guests, the food bill alone could be between 8 million and 20 million won.
• Photography and Videography: Capturing the memories of the big day is crucial for many couples. Professional wedding photographers charge anywhere from 3 million to 7 million won, with videography costing an additional 1 million to 5 million won.
• Wedding Attire: Many couples in their 30s tend to spend more on their wedding attire compared to their younger counterparts. Renting a wedding dress costs between 2 million and 5 million won, while the groom’s suit rental can range from 1 million to 2 million won.

3. Gifts and Honeymoon

Gift exchanges and the honeymoon are important aspects of Korean weddings and come with their own set of costs.

• Gifts for Parents: As part of the tradition, couples often present gifts to their parents. These can be in the form of cash or luxury items like jewelry, typically costing between 5 million and 15 million won per family.
• Congratulatory Gifts (축의금): Wedding guests usually give monetary gifts, which can help offset some of the wedding expenses. The average guest gift ranges from 50,000 to 300,000 won, depending on the relationship with the couple.
• Honeymoon: Couples in their 30s often prefer more luxurious and extended honeymoon trips. Depending on the destination, a honeymoon can cost anywhere from 5 million to 20 million won. Popular destinations include Europe, Southeast Asia, and the Maldives.

4. Home Furnishing and Appliances

Setting up a new home requires additional spending on furniture, appliances, and other household items.

• Furniture: Furnishing a two-bedroom apartment with quality furniture typically costs between 10 million and 20 million won. This includes a bed, dining table, couch, and other essential items.
• Home Appliances: Couples also need to budget for appliances such as a refrigerator, washing machine, television, and air conditioning. The average cost for new home appliances ranges from 5 million to 10 million won.
• Household Essentials: Kitchenware, bedding, and other everyday necessities can add another 2 million to 5 million won to the overall setup costs.

5. Legal and Miscellaneous Costs

Aside from the major expenses listed above, there are several smaller but important costs associated with getting married in Korea.

• Legal Fees: Registering a marriage is straightforward, but some couples may opt for prenuptial agreements, which can cost around 1 million to 3 million won, depending on the complexity.
• Engagement Parties: Some couples also host engagement parties or smaller gatherings before the wedding, which can add another 2 million to 5 million won to their budget.
• Beauty and Grooming: Preparing for the big day often involves hair, makeup, and skincare treatments. These can cost 500,000 to 1.5 million won, depending on the services chosen.

6. Financial Support and Savings

Couples in their 30s are often better positioned financially compared to those in their 20s. They may have higher savings and more stable jobs, allowing them to shoulder more of the wedding and housing expenses themselves. However, family support is still a common source of financial assistance, especially for major costs like housing deposits.

7. Total Estimated Costs

For a couple in their 30s, the overall cost of getting married, including housing, wedding, and home setup, can vary greatly based on lifestyle choices and location. Below is a summary of the average costs:

• Housing (Jeonse Deposit or Purchase): 300 million to 1 billion won (deposit or purchase price)
• Wedding Ceremony: 15 million to 50 million won
• Gifts for Parents and Guests: 5 million to 20 million won
• Honeymoon: 5 million to 20 million won
• Home Furnishing and Appliances: 15 million to 30 million won
• Miscellaneous Expenses: 3 million to 8 million won

Conclusion

The financial commitment of getting married in Korea is substantial, especially for individuals in their 30s. However, with careful planning and budgeting, it is possible to balance tradition with personal preferences, ensuring that the wedding and future home are set up in a financially responsible way. Couples in their 30s are often better positioned to make long-term financial decisions, allowing them to plan for a stable and successful married life.