Madrid Cost of Living Calculator

Madrid is one of the favourite destinations for Expats who are looking to start a new life in Spain. As the capital, there are a lot of job opportunities, communities of people from all over the world, shows, exhibitions, museums, places to party and so much more. However, the biggest question people ask is “How much will it actually cost me to live in Madrid?”. Although this highly depends on your lifestyle, we’re going to be breaking down the key costs of Madrid in this article. And to get a more accurate estimation of the budget you need to live in Madrid, you can try our cost of living calculator below.

Like anywhere in the world, your housing costs are most likely going to be your biggest expense, so it’s natural that this is the first question most Expats have.

Renting in Madrid is not as expensive as Barcelona, but it’s still the biggest city in Spain, with a lot of demand for housing; so naturally prices are significantly higher than in other areas. Here’s what average rents look like at the moment in Madrid:

• A Room to rent costs €450 per month, on average, but can also cost more in the popular locations in the centre of Madrid
• A studio or 1 bedroom can cost you something between €700 and €1100, although highly demanded areas in the centre can go up to €1300 per month
• A two-bedroom apartment costs €1100 monthly, on average
• A three to four bedroom apartment costs between €1300 and €1500 per month
• A house with more than four bedrooms will cosy you over €1800 a month to rent depending on the area and size of the home

According the surveys on Statista, a salary of over €30,000 per year is considered good for living comfortably in the city of Madrid. This equals to about €2,500 per month, minus taxes. For a single person, that should allow room for leisure activities and savings.

The average salary in Madrid is reported to be €38,400 per year, so anything above is will be considered optimal by most Madrid residents.

The short answer is yes, you can. But it really comes down to how you manage your finances, and whether you share some of the costs with someone else (for example your partner) or not. Let’s take a look at the main categories of expenses, assuming you live alone:

• Renting an apartment in Madrid can range from €700 to €1200 + Bills, depending on the location you choose, size and quality of building you choose.
• Transportation expenses can stay under €200 if you choose to take public transport often
• Groceries should cost you anywhere near €200 and €400 per month. Are you the type of person who likes organic food, or are you ok with white label brands? That will be the main influence on your monthly costs in food.
• Eating out / partying can cost you from €0 to €200 - Madrid has a great nightilfe culture, and a varied restaurant scene. You can choose to go to free entry bars, or pay €30 for a nicer club. The same goes for the type of restaurants you visit - How much you spend in leisure is up to you!
• Your subscription based habits such as the Gym, Movistar and others can be somewhere between €50 to €120 per month
• You also have other costs such as Private Health Insurance, which for some Expats is compulsory (if that’s the case, we recommend Feather Insurance - claim a €15 Discount with code MATUTTO!)

These are rough approximations to have in mind, but for a much better estimation, we recommend you to try the below cost of living calculator for Madrid. Based on your lifestyle preferences, it will allow you to budget for your life in the city.