Korea Republic of, Incheon

Country Full Name: The Republic of Korea.

Location: The Republic of Korea is in Eastern Asia, in the southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea.

Country Climate: Temperate, with rainfall heavier in summer than winter.

Country Terrain: Mostly hills and mountains; wide coastal plains in west and south.

Major Languages: Korean.

Major Religions: Buddhism, Christianity.

Population: 2.78 Mil (2012 est.).

Country Economy: The economy of South Korea is a developed, largely free-market economy that is the fourth largest in Asia and 15th largest in the world. An extremely competitive education system and a highly skilled and motivated workforce are two key factors driving this knowledge economy that has the world's highest scientific literacy and second highest mathematical literacy.

Currency: South-Korean Won (KRW). Make an international currency transfer to South Korea.

Inflation: 4.2% (2011 est.).

Incheon is Korea?s third most populous city after Seoul and Busan.

Incheon led the economic development of Korea by opening its port to the outside world, issuing in the modernization of Korea as a centre of industrialization. In 2003 Incheon was designated as Korea?s first free economic zone.

The cost of living in Incheon in the Republic of Korea is very high compared to other places. The overall cost of living is determined using the prices for defined quantities of the same goods and services across 13 Basket Groups. Incheon in the Republic of Korea is currently ranked 45 overall out of 780 places (rank 1 is most expensive: rank 780 is least expensive). The cost of living rank for each of the 13 Basket Groups is as follows:

Alcohol & Tobacco costs are very high compared to other places for items such as alcohol at a bar, beer, locally produced spirit, whiskey, wine (where alcohol is legally sold) and tobacco related products. There are 20 places that are more expensive, and 759 places that are less expensive for alcohol and or tobacco.

Clothing costs are very high compared to other places for items such as business suits, casual clothing, children's clothing, coats, evening wear, footwear, hats, shoe repairs and underwear. There are 145 places that are more expensive, and 634 places that are less expensive for clothing.

Communication costs are average compared to other places for various communication costs such as call charges, home telephone rental, internet connection, mobile data costs, mobile phone contract and service provider fees. There are 454 places that are more expensive, and 325 places that are less expensive for communication.

Education costs are low compared to other places for items such as creche / pre-school fees, primary school fees, high school fees and tertiary study fees. There are 599 places that are more expensive, and 180 places that are less expensive for education.

Furniture & Appliance costs are high compared to other places for items such as DVD player, fridge freezer, furniture, household equipment, iron, kettle, light bulbs, microwave, television, toaster, vacuum cleaner and washing machine. There are 205 places that are more expensive, and 574 places that are less expensive for furniture and appliances.

Grocery costs are very high compared to other places for items such as baby consumables, baked goods, baking, canned foods, cheese, cleaning materials, cleaning products, dairy, fresh fruits, fresh vegetables, fruit juices, meat, oil & vinegars, pet food, pre-prepared meals, sauces, seafood, snacks, soft drinks, spices & herbs. There are 11 places that are more expensive, and 768 places that are less expensive for groceries.

Healthcare costs are very high compared to other places for general healthcare, general practitioner consultation rates, healthcare/medical insurance, hospital private ward daily rate and non-prescription medicine. There are 53 places that are more expensive, and 726 places that are less expensive for healthcare.

Household Accommodation costs are very high compared to other places for items such as accommodation, apartment, flat, house, villa, rent, electricity, household fuels, household gas, water, and local property rates / residential taxes / levies. There are 17 places that are more expensive, and 762 places that are less expensive for household accommodation.

Miscellaneous costs are high compared to other places for items such as dry cleaning, general goods, general services, linen, magazines, maid, newspapers, office supplies, postage stamps and stationery. There are 255 places that are more expensive, and 524 places that are less expensive for miscellaneous items.

Personal Care costs are very low compared to other places for items such as cosmetics, hair care, moisturizer, nappies, pain relief tablets, shampoo, soap, sun block, toilet paper and toothpaste. There are 716 places that are more expensive, and 63 places that are less expensive for personal care.

Recreation and Culture costs are low compared to other places for items such as books, camera, cinema tickets, fitness/health club membership, sports goods and theatre tickets. There are 508 places that are more expensive, and 271 places that are less expensive for recreation and culture.

Restaurants, Meals Out and Hotel costs are very high compared to other places for items such as a business dinner, dinner at a family restaurant (non fast food), 4 star and 5 star hotel rates and take away meal (fast food). There are 18 places that are more expensive, and 761 places that are less expensive for restaurants, meals out and hotels.

Transport costs are very low compared to other places for items such as car hire purchase, car insurance, car lease, car maintenance, car rental, car service, diesel, petrol, tyres and public transport. There are 663 places that are more expensive, and 116 places that are less expensive for transport.

Personalized cost of living indexes for Incheon in the Republic of Korea are based on the basket groups and comparison location(s) selected in the Calculators.

In terms of the hardship people are likely to experience, assessed in global terms, Incheon in the Republic of Korea is ranked as high degree of hardship with a hardship index of 30%.

Personalized hardship index premiums for Incheon in the Republic of Korea are based on the comparison location(s) selected in the Calculators.

Note: Xpatulator.com data is updated quarterly. The latest update is as at 1 April 2012. Create a personalized cost of living comparison report using the calculators:
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