If you are thinking of coming to Madrid to live it is very important that you know your cost of living because with that you can get an idea of what you are going to spend month to month and so you will assimilate at the time of your arrival. However, living in Madrid also involves certain costs that vary depending on the lifestyle of each person. In this blog, we will discuss the main aspects of the cost of living in Madrid in 2024, providing a detailed and updated view.
1. Housing
Rent is one of the biggest expenses for any resident in Madrid. Prices vary considerably depending on the area and type of housing.
- Downtown Madrid or within the M30.: Apartments in the center are the most expensive. A one-bedroom apartment can cost between 1,000 and 1,500 euros per month. Three-bedroom apartments can exceed 2,000 euros per month.
-Areas outside the M30: In neighborhoods further away from the center, prices can be more affordable. A one-bedroom apartment can cost between 700 and 900 euros per month and a three-bedroom apartment between 1,200 and 1,600 euros per month.
2. Transportation
Madrid has an efficient and relatively affordable public transport system.
- Monthly pass: The monthly pass for zone A, which covers most of the city, costs around 55 euros in normal price, currently there is a government discount of 60% and costs 21.80 euros. There are reduced rates for students and the over 65s, with prices starting at 20 euros for students, currently 8 euros and free for senior citizens.
- Bicimad: The public bicycle service has an annual fee of 25 euros ,plus 0.50 € per trip offering an ecological and economical alternative for getting around the city.
3. Food
The cost of food in Madrid can vary according to the supermarket
- Supermarkets: The monthly cost of food for one person is usually between 150 and 300 euros, depending on preferences and place of purchase. Supermarkets such as Mercadona, Ahorramas, Lidl tend to be cheaper, while Carrefour, Día and El Corte Inglés tend to be more expensive.
- Eating out: A menú del día in an inexpensive restaurant costs between 10 and 15 euros. A dinner for two in a mid-range restaurant can be around 40-60 euros.
4. Leisure and Entertainment
Madrid offers a wide range of leisure and entertainment options, from museums and theaters to bars and nightclubs.
- Cinema and theater: A movie ticket costs around 9 euros, while a theater ticket can vary between 20 and 50 euros, depending on the play and the place. If you want to save on these two there is the Abonoteatro which is a pass that costs around 30 euros per year and allows you to have a wide variety of cultural activities and you only have to pay the management fees which are usually around 3.50 so you know it's a good tip if you are a lover of cinema, theater and some museums.
- Nightlife: Going out for a drink can cost between 2.50 and 6 euros for a beer and between 8 and 15 euros for a cocktail in bars and nightclubs downtown.
5. Additional expenses
Other expenses to consider include utilities.
- Utilities: Basic utilities (electricity, water, heating, garbage) for an 85 m² apartment usually cost between 100 and 150 euros per month. High speed internet costs approximately 30-50 euros per month .
Conclusion:
Living in Madrid can get expensive, especially in terms of rent and leisure, but the cost of living can be manageable with a good budget and smart choices. Madrid offers a high quality of life with many cultural and entertainment options that can fit different budgets. When planning your move, it is essential to consider all of these factors to ensure a pleasant living experience without financial surprises.
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