Whenever you decide to live in a country, one of the most important factors to consider is the price and the cost of living in that place. Living in Spain seems to strike a balance; it is an affordable country to live in with ample amenities and good infrastructure.
Since many people are moving here, Spain has become one of the most preferred countries by expats. According to Mercer’s quality of the living survey, Barcelona ranks forty-third, which ranks ahead of New York, and the country’s capital ranks at forty-six.
Here are some of the main expenses that would help you get a rough estimate of your cost of living in Spain.
Cost of Living in Spain Based on Wages and 5 Costs of Housing
Cost of Living in Madrid
When you compare the cost of living in Madrid, you will find out it is pretty affordable compared to other capital around the world.
The capital also ranks at 67th position on Mercer’s cost of living survey. So, safe to say that Madrid is more affordable than London or New York.
Considering the expenses of food, housing, clothes, transportation, and clothing, here is a comparison of the costs of living in Madrid with other countries.
- More than 50 cheaper than New York
- More than 40 percent cheaper than London
- More than 25 percent cheaper than Munich
- 10 to 20 percent cheaper than Brussels
Cost of Living in Barcelona
The standard of living in Barcelona is arguably similar to that of London as it ranks right below London on Mercer’s standard of living survey. On the other hand, the cost of living is:
- More than 50 percent cheaper than New York
- More than 30 percent cheaper than London
- 20 percent cheaper than Munich
Wages and Salary in Spain
The average disposable income in Spain ranges from €20,686 and €28,965, and the minimum wage in the country is lower than in other European countries at €10,50 per hour.
Cost of Housing in Spain
As with any other country, the cost of housing varies from city to city, as larger metropolitan cities are costlier to live in. For instance, housing in Barcelona, Madrid, and other areas is more expensive.
So, you might be able to find a one-bedroom apartment in Madrid from €660 to €900 whereas a three-bedroom apartment might cost you more than €1,000 to €1,500. The prices depend upon where you choose to live and the more closer you get to the city centre, the more expensive rent becomes.
A single bedroom in Barcelona will cost you €700 to €1,000, and a three-bedroom apartment will set you back €1,200 to €1,600.
But, if you are planning to buy a property, then the property per square meter will cost more than €3,000 to €5,000. So, a typical 50 square meter apartment would cost around €150,000 to €200,000. At the same time, a proper family room can cost €600,000 to €700,000.
Cost of Living in Spain
Depending on the type of house you choose and lifestyle, you would require at least €2,250 to cover all the expenses, but it is best to consider your cost of living in Spain to be about €2,500.
Conclusion
In conclusion, the cost of living in Spain, particularly in cities like Madrid, can vary based on factors such as wages, housing costs, and overall living expenses. It is important to consider the cost of housing when assessing the cost of living in any city, as it typically forms a significant portion of one’s expenses.
Additionally, wages and salaries in Spain play a crucial role in determining one’s ability to afford the cost of living. It is advisable to research and compare the cost of housing, daily expenses, and wages in different regions of Spain to make informed decisions about living arrangements and budgeting. By understanding the cost of living in Spain, individuals can better plan their finances and ensure a comfortable lifestyle in this vibrant country.
