Background: South Korea is one of fastest aging countries in the world. Poor balance and falls of the elderly are main health issues. Objects: The goal of this study was to understand the association between the socioeconomical factors and the standing balance of elderly living in the rural and urban area. Methods: One hundred sixty-six elderly participants who were older than 65 and were able to walk without an assistive device were recruited in the city of Gwangju and in the rural area of Jeonnam, South Korea. All participants performed the static and dynamic standing balance tests. Static standing balance was measured with chronometer in seconds while standing on one leg. Dynamic balance was tested with the timed up and go test (TUG), measured in seconds while getting up from a chair and walking 3 meters and back to sit. The static and dynamic standing balance was analyzed using analysis of variance and the Fisher’s Least Significant Difference post hoc test. Results: Male participants from both areas had no difference in one leg standing and TUG. The female elderly living in rural area took shorter in TUG than females living in urban area. Age decreased the one leg standing time in both areas while did not affect the TUG significantly. As the monthly income increased, both of one leg standing and TUG increased in urban area, while the medium monthly income showed best performance (it was not statistically significant) in both of one leg standing and TUG in rural area. Conclusion: Socioeconomical factors affects differently the standing balance of the elderly living in rural and urban South Korea. Female living alone in urban area with low monthly income demonstrated worst standing balance in this study.