Life in Korea-Info regarding housing, food, etiquette and customs

HOUSING-
Key Money(Jeonse in Korean)
The Koreans have an intriguing home rental arrangement called 'Key Money'. The general idea is that you pay the property owner a year's rent as an upfront deposit when you move in, and you don't pay monthly rent. At the end of the contract period, you get the deposit back. Yes, that's right - the owner has the use of your money to earn interest during the contract period, and when you move out he gives you back your deposit.

While it sounds like a very good arrangement for a teacher, remember this is Asia and financial deals don't seem to have that fixed quality that westerners associate with the word 'contract'. The property owner might change his mind or whatever, and assume (probably correctly) that a foreigner won't be able to defend whatever rights he may have. Obviously, your Korean friends should take up the rental because they are in a much petter position to work through any problems.
The actual key money amounts vary enormously, but for instance a small and ordinary flat in the low end of town could be 30-50 million Won and a mid-range 2 bedroom apartment in a more desirable part of town could be 75-100 million Won.

Monthly Rent(Wolse in Korean)
This is a variation of the key money idea, but looks more like a conventional western bond plus rent arrangement. You pay a lower upfront deposit (which you get back when you move out), and you pay a monthly rent as well. Like deposits, the rental amounts can vary widely, but for instance a mid-range flat could be in the range of 2.5-8 million Won per month.

Boarding Houses
It is reasonably common for low end of hotels and boarding houses to rent single rooms. The cost can be in the order of 500,000-750,000 Won per month, and obviously much depends on location. A popular tourist area will be higher than a quiet country town. Services might include some meals and maybe laundry service. Lack of privacy can be an annoyance, and security of your personal effects can be a problem.

Homestay
Sometimes boarding with a local family is an option. This is a wonderful chance to experience Korean life up close, but again the lack of privacy can be a serious problem.