Comparing deposits and monthly expenses across Korea’s Silver Towns

Dr. Justin Hanse Lee, Managing Director of YAMADA Consulting & Spire Korea, shares his extensive research and categorization of silver towns in Korea in a weekly column of the Women’s Economic Newspaper, a Korea-based media.

In his column, Dr. Lee, an expert on Korea’s senior care industry, provides valuable insights into the country’s “silver towns”, or comprehensive retirement communities. He outlines five distinct types of silver towns and compares each in terms of the deposit amounts and living costs required for each, as well as the suitability of each type for seniors with different economic means, preferences, and levels of physical and mental health. The article is intended to help readers make informed decisions as they plan for their twilight years ahead.

He shares that the “for-sale” silver towns, established before or around 2015, offer a more affordable option resembling conventional apartments suitable for active seniors who enjoy interaction and cooking. Conversely, “monthly rent” silver towns, one of the latest models, provide care services with slightly higher management fees but offer flexibility in age limits for physically and mentally healthy seniors.

For those with lower economic means, “low-end” silver towns managed by religious or public institutions offer affordable living options with inclusive monthly costs not exceeding 1.5 million won (approximately US$1,100), inclusive of meals. With long waiting lists and restrictions for those over 80, “mid-range” silver towns strike a balance between cost and amenities with monthly costs ranging between 1.5 to 2.5 million won (approximately US$1,100 to US$1,800). Lastly, “high-end” silver towns, operated by large corporations, target seniors with significant financial resources, boasting top-notch facilities and services with deposits for just moving in lying in the range of 400-900 million won (approximately US$0.3 million – US$0.6 million).

For a detailed comparison of different silver towns, including security deposits and monthly costs, click here to read Dr. Lee’s column.

For media enquiries, please contact:

Marie Teo
Manager, Group Marketing Communications
YAMADA Consulting & Spire
Phone: +65 6221 7727
E-mail: [email protected] 

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