Living like a pimp ain’t cheap

For the uninitiated, here’s how housing works in Korea:

Put down a deposit which you get back, and also pay rent. The bigger your deposit the lower your rent is, and if you put down a big enough deposit your rent could be zero depending on how nice the place is and where it’s located. Lately, though, nobody seems to want to do the big deposit/no rent deal, probably because interest rates are so bad. The Korean economy tends to follow the U.S. economy, see.

Here’s a look at some places I’ve checked out. Right now, ₩1 million = about US$885 (₩1,130 = $1)

posted by Michael in Whatever on 1/27/2010 | No Comments