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Spain is known for being one of the most affordable countries in Europe, and with coastal views to the Mediterranean Sea, it’s no wonder so many Expats and Digital Nomad choose to move here. In the most recent years however, prices have gone up all across the country, so budgeting ahead of time is now more important than ever before.
Rent will be your biggest expense per month - irrespective of which city you choose to live in. But of course, the more popular the city, the higher the likelihood you will end up paying more. Barcelona is known for being the priciest city in Spain, and has one-bedrooms going for over €,1000 per month, while in a smaller town in the interior, you can find a similar sized apartment for half of the price.
What a lot of young Expats do when moving to Barcelona or Madrid is to rent a room in a shared house. This is not a bad idea as you’ll end up living with other Expats who may be in a similar stage of life with you, and in the best case, you have lower rent and make friends! Renting a room can cost as little as €350 + Bills, but note this will be in the outskirts of the city. You should account for €500-€600 + Bills when considering a room in a major Spanish City.
Spain in general has excellent transportation links - whether you want to move cross cities or within the town you’re in, there’s always a way.
If you want to travel across the country, taking the train might be your best option, as there are fast trains (AVE) which can cost you around €50 for 3+ hour journeys - you can simply look at Renfe for official tickets and times of trains. You can also consider taking Intra-city buses, which although slower, are comfortable and much more affordable, with 3+ hour trips costing as little as €10-€20 - you can find tickets and routes at, for example, FlixBus.
Traveling within the city you’re in is typically more affordable as there are metros, buses and even bicycles you can rent. Depending on how much you travel and your chosen transportation method, you will most likely look at €100-€200 per month. If you choose to drive, then the cost will be higher as you have to account for the cost of insurance, gas, tolls and potentially maintenances. On average people in Spain claim to spend about €240 per month by owning a car, but this heavily depends on how much you drive, and you car financing option.
Food is one of the best things about Spain. The classic jamón, tortilla de patata; and what’s not to love about a good paella in the summer? You can find a lot of great organic options when shopping for food in common supermarkets like Mercadona, as Spain produces a lot of its own food, so rest assured things like fruits and vegetables will be as delicious as you’d expect.
In terms of pricing, the last few years of inflation have taken production costs up, and consumers have felt that. Although most products are still affordable, don’t be surprised to see an indivdual shopping bill per month of around €300 for one person. Of course, this heavily depends on how you eat, if you buy things in bulk, and how many people live in the household, but €250-€350 per person is a good benchmark to have.
There’s a bunch of other things you should think about when calculating your budget, like, going out for tapas with friends - A very important one!
But if you’re an Expat, you may want to remember getting private health insurance, which can always be helpful when you need medical attention - We recommend Feather Insurance - and you can claim a €15 Discount with code MATUTTO!
The best way to estimate your costs when moving to Spain is to use the below calculator. So what are you waiting for? Give it a try below!
While the cost of living in Spain is an important factor to prepare, there’s a lot of Admin involved with moving to this sunny European country. You are also going to have to deal with getting a NIE, creating a Cl@ve account and even registering for Empadronamiento. If you don’t know what any of these things are - don’t worry, because on Matutto, you can find all the information and support you need to move to and settle in Spain - sign up for free and start preparing your move to Spain today!