Single-person households’ monthly spending averages $1,148 amid high inflation

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The monthly spending of a single-person household in South Korea averaged 1.55 million won ($1,148) last year, with basic living costs such as groceries and rent making up 30 percent of the entire expenditure, data showed Tuesday.

According to the data from Statistics Korea, single-person households spent an average of 1.55 million won per month last year, which is 49.3 percent of what a family of two or more people spent.

Among the expenses, the highest allocations went to food and accommodation at 276,000 won, followed by rent and utility fees, such as water and electricity, at 273,000 won, and groceries and non-alcoholic beverages at 196,000 won.

Basic living costs, including rent, utilities, and groceries, amounted to 469,000 won, making up 30.2 percent of the monthly spending.

Single-person households spent a significant amount for eating out and paying rent fees, which accounted for about half of their total spending at 549,000 won per month.

The high portion of rent fees in the monthly costs of living for those living alone was because single-person households have the lowest rate of homeownership.

Of the total, 36.8 percent are renters, and only 23.1 percent own homes. In contrast, for households with two or more members, homeownership is more common to reach 69 percent.

“Single-person households spend more on housing expenses like rents due to their lower homeownership rate, and they frequently dine out and order delivery,” said an unnamed official from Statistics Korea.

When breaking down grocery expenses, those living alone spent more on items like bread, rice cakes, ready-to-eat and frozen foods, and beverages compared to households with multiple members.

They allocated less of their budget to meat and seafood, likely due to their preference for easy-to-prepare, ready-to-eat meals.

In terms of gender, the average monthly expenditure for male-headed households was 1.65 million won, 184,000 won higher than that of female-headed households at 1.46 million won.

While men spent more on food and accommodation, women allocated more to groceries, non-alcoholic beverages, and healthcare. Young people spent more on food, entertainment, clothing, and education.

The number of single-person households is steadily approaching the 10 million mark amid the rapidly aging population.

According to the Ministry of the Interior and Safety, the number of people living alone in Korea stood at 9.72 million at the end of last year, accounting for 41 percent of the entire household.

The number is expected to surpass 10 million this year or the following year, with a significant portion being seniors living alone.

In terms of age, individuals in their 70s and older made up 19 percent of single-person households, followed by those in their 60s, making up more than one-third of all single-person households. More than half, 53.8 percent, of these households were aged 50 and older.