Without a question, living in Spain is a life-changing experience for anyone and if you have decided to join us at Xior Madrid Retiro, it is important to know the cost of living in Madrid. As the capital of the country, the cost of living in Madrid may be a little higher compared to other cities in Spain. However, it’s possible to live in Madrid without spending too much, as it all depends on how you organize and manage your resources.
Although the cost of living in Madrid is reasonably expensive in comparison to other Spanish cities like Seville and Málaga, it’s still more affordable than the other European capitals like Paris or London. In general, without the rent, your monthly expenses will be €720 on average.
Cost of living for students in Madrid
The city of Madrid offers a lot of possibilities for higher education students. That includes a high availability of bachelor and master’s degree such in Spanish as well as in English. Madrid also has a good variety of public and private higher education institutions in Madrid, covering studies in most of the fields.
On average you will need the amounts below in order to be able to cover all your costs depending on your lifestyle:
- If you are a saver and plan on taking the public transport almost all the time, buying groceries and making your own food, then you will need between 250€ to 400€ per month excluding rent;
- If you enjoy going out on the weekends and shopping once or twice a week, then you will need between 400€ to 650€ per month also excluding rent;
- If you are the kind of person that likes to spend, plan on taking taxis to move around the city and enjoy spending nights outside and going to parties, then you probably will need between 650€ to 800€ per month excluding rent.
All in all, the cost of living for students in Madrid is slightly lower than those of Barcelona for example. The same can be said for the cost of living for foreign students in many Western European countries, and much cheaper than almost all programs available in the United States.
Cost of groceries in Madrid
Madrid has a variety of options for your wallet. If you want to save money while buying high-quality products Mercado de la Cebada food market is a really good gem. It’s located in the La Latina street and is open every day except Sundays. We recommend going early in the morning to beat the big crowd and avoid buying fish on Mondays since it’ll likely be from last Friday. There are also discount stores, such as Mercadona or Lidl, and supermarket chains, such as Carrefour or El Corte Inglés.
Other expenses really depend, but you could manage with 200€ for food, even less if you can cook, fresh produce is a quite cheap option. Going out isn’t too expensive if you don’t go to fancy places. A set menu lunch is around 10€, dinner in a nice casual place maybe around 30€. A glass of wine can be around 2.50/3€.
Transportation costs in Madrid
Madrid has an extensive and affordable public transport system. While the cheapest option is a bus (€1.50 for a single-way ticket), the most agreeable option is the metro. You can use the metro by purchasing a card for €2.50 and then buy a multi-zone single ticket for €2. If you know you’ll be using public transport more often, you can buy a 10-trip ticket pack for just €12.20, which you can also share with friends.
Rather, you can also purchase a monthly subscription for both bus and metro. And if you’re under 26, you’ll pay €20 monthly for Abono Joven subscription which allows you to travel all of the zones freely. If you’re 26 or older, you’ll pay for a standard monthly subscription for each zone. The base price, which covers zone A, costs €54.60.
This city also has commuter trains called Cercanías that connect the whole city. It has a different tariff than the metro and bus. Students studying at Madrid region (students of Autonomous University of Cantoblanco, University Carlos III of Madrid, University Rey Juan Carlos and University of Alcalá de Henares) can opt for 3-months student subscription which allows them to use Cercanías on chosen routes. You normally won’t need a car.
Getting a job in Madrid
Despite the fact that Spain has a relatively high unemployment rate in the European Union, the situation in Madrid is much better than in most other Spanish cities. Nonetheless, conditions are not optimal, and most jobs will require you to have a good command of English.
Salaries in Madrid are among the highest in the country, and the same can be said for purchase power. But, costs in Madrid are higher than in most cities in Spain, that is especially the case for real estate, where prices in Madrid can be easily twice as high as in other important cities in Spain such as Granada or Seville.
In summation, if you want an all-inclusive rent without having to worry about the bills at the end of the month, come visit us and depending on the plan you choose you can have even more advantages. That’s why we recommend you to visit us at Xior Madrid Retiro, where you’ll find all the help you need to make a move without surprises.