What are the reasons that the cost of living in South Korea is lower than in the United States?

Question

Despite being a capitalist society, South Korea is known to have relatively lower living costs compared to the United States. Notably, the monthly rent and jeonse (a unique rental system) differ significantly from those in the U.S. For instance, even in popular areas like Gangnam or Hongdae, it is often possible to find one-room apartments or officetels at reasonable prices.

In South Korea, the jeonse system allows residents to pay a high deposit instead of monthly rent, which can help save on housing costs. Additionally, the culture of 'jeong' (affection) and a sense of community in South Korea can contribute to keeping living expenses relatively low across society.

I am also curious about your opinions or experiences regarding how various social factors in South Korea influence the reduction of living costs. What do you think?