New York monthly income vs. Seoul, South Korea

Introduction

According to the U.S. Census Bureau, the median household income in New York City is $ 5,587 a month. Now, let's take a look at the median household income in Seoul, South Korea.

Seoul, the capital city of South Korea, has a population of 9.9 million and is ranked the 10th most expensive city in the world by the Worldwide Cost of Living Index. The metropolitan area of Seoul has a population of 25 million, making it the fifth largest metropolitan area globally. Additionally, it boasts the twelfth largest economy in the world.

According to the Minimum Wage Commission of Korea, the current minimum hourly wage is ₩9,161. The unemployment rate in Seoul is 4.6%, and the relative poverty rate is 15.3%. Income tax in South Korea is progressive, ranging from 6% to 45% based on income levels. The tax rate for freelancers stands at 3.3%.

To put the price of some common items in context, a Big Mac costs ₩4,601, a liter of gas is ₩1,881, and a subway ride costs ₩1,251. The median monthly household income in Korea is ₩4.87 million, which, with today's exchange rate, translates to $ 3,737 U.S. dollars.

Keywords

• Median Household Income
• New York City
• Seoul, South Korea
• Minimum Wage
• Worldwide Cost of Living Index
• Unemployment Rate
• Relative Poverty Rate
• Income Tax
• Freelancers
• Big Mac Cost
• Gas Price
• Subway Ride Cost
• Currency Exchange Rate

FAQ

Q: What is the median household income in New York City?
A: The median household income in New York City is $ 5,587 a month.

Q: How expensive is Seoul compared to other cities?
A: Seoul is ranked the 10th most expensive city in the world by the Worldwide Cost of Living Index.

Q: What is the population of Seoul's metropolitan area?
A: Seoul's metropolitan area has a population of 25 million people, making it the fifth largest metropolitan area in the world.

Q: What is the current minimum hourly wage in Seoul?
A: The current minimum hourly wage in Seoul is ₩9,161.

Q: What are some price examples of everyday items in Seoul?
A: A Big Mac costs ₩4,601, a liter of gas is ₩1,881, and a subway ride costs ₩1,251.

Q: What is the median monthly household income in Korea when converted to U.S. dollars?
A: The median monthly household income in Korea is ₩4.87 million, which converts to approximately $ 3,737 U.S. dollars.