South Korea · Asia · Population: 3,400,000
Busan is moderately affordable compared to major global cities, with steady growth in property values. The city has affordable rents compared to global standards. At $320,000 average home price in South Korea, buyers should consider the 9.5x price-to-income ratio when planning a purchase.
| Average Home Price | $320,000 |
| Price per sqm | $6,500 |
| Price-to-Income Ratio | 9.5x |
| Mortgage Rate | 3.8% |
| 1-Year Price Change | +0.8% |
| 1-Bedroom Apartment | $550/mo |
| 3-Bedroom Apartment | $1,000/mo |
| Rent-to-Income Ratio | 15% |
| Median Household Income | $34,000/year |
| Years to Buy (at median income) | 9.5 years |
| Local Currency | KRW |
With a price-to-income ratio of 9.5x, Busan requires significant savings to purchase property. At a mortgage rate of 3.8%, monthly payments could consume a large share of income. Home prices have increased 0.8% in the past year.
Cities worldwide with home prices closest to Busan
Our team analyzes data from OECD, Numbeo & National Statistics to deliver accurate, up-to-date information. All data is verified and cross-referenced with official sources.
Explore the DataPeek Network