Comparing between the rest of Europe, the cost of living in Spain seems to be one of the lowest. In general, Spain is not an expensive country to live in, of course, this depends on where you stay and the lifestyle you lead.
As with other EU countries, the official currency in Spain is Euros (€). Some exchange rates include:
- €1 = USD$1.20
- €1 = GBP£0.87
If you are thinking of moving to Spain, knowing more about the cost of living there can help you have a better gauge on how much you may be spending there each month.
Living in larger cities such as Madrid and Barcelona will result in a higher cost of living as compared to living in smaller cities in the suburbs.
Read on to find out more about the cost of living in Spain!
Rental costs in Spain varies, depending on where you decide to reside in. Living in central areas of Spain will result in a higher rental cost as compared to living in the suburbs.
If you intend to stay in the city, a room can cost an average of €600 a month while living in smaller towns can cost an average of €400.
Basic utilities such as gas, electricity and water can cost an average of €113 a month. This also depends on how big your apartment is and how much you use a month.
If you are on a budget, living in areas such as Aragon, Navarre and Castile-La-Mancha can be cheaper as compared to Ibiza and Mallorca.
Buying groceries in Spain is affordable, especially if you opt for local products. Staple foods including milk, bread and cheese are relatively affordable. Some prices include:
- Milk (1L) – €0.80
- Bread – €0.94
- Eggs – €1.60
Dining out in Spain is also relatively affordable. Of course, this depends on what type of restaurant you choose. On average, an inexpensive meal can cost an average of €10. Traditional Spanish food is also affordable.
Spain offers an extensive public transport service, with buses and metros at affordable prices. Depending on the distance you intend to travel, a bus fare can cost up to €2. If you intend to use public transport services to travel everyday, you can also opt for a monthly travel pass. This pass will give you access to Spain’s public transport at a discounted price.
Healthcare services in Spain is free for all residences. To be a resident, you will need to have a Spanish social security number.
Do note that you may need to pay a contribution for particular treatments, depending on which region you reside in. You can also opt for a private health insurance to do away with external healthcare costs.
Healthcare insurance in Spain is rather affordable, averaging around €45 a month for younger people and increasing with age.
Overall, the cost of living in Spain is affordable, as compared to other parts of Europe. If you are living on a budget, there are small changes you can make to save even more costs, such as residing in smaller towns and opting for local produce.