A Guide to Cost of Living in Madrid | MSM Unify

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A Guide to Cost of Living in Madrid e1644992627467

A Guide to Cost of Living in Madrid

Spain is famous for a lot of things. Food markets, historic buildings, rich culture, unique neighborhoods, its royaltiesโ€”you name it. It is no wonder that the city is also a famous holiday destination, as well as a study destination for many students.ย 

Moreover, Spain has one of the lowest costs of living compared to other countries in Europe. Whether you are a visitor or an international student in Spain, hereโ€™s a quick guide to the cost of living in its capital city, Madrid.ย 

 

About Madrid and Spainย 

Before going through the cost of living in Madrid, here are some things you need to know about this beautiful capital city of Spain.ย 

  • Madrid is an old city, which is originally owned by Moors and is Spainโ€™s capital city since the 16th centuryย 
  • Madrid is home to the oldest existing restaurant in the world, the Sobrino de Botin, which has been around since 1725. The restaurant serves a lot of local Spanish specialties
  • Itโ€™s home to many historical architectures, such as the Convento de la Encarnacion, and the Plaza de la Villa
  • The Royal family of Spain lives in Madrid, at its Zarzuela Palace
  • Madrid has a bustling nightlife, where you can dance, drink, or just have a quiet evening with friends

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The Cost of Living in Madridย 

According to Student Mobility , an education counseling organization, the average cost a student needs to live monthly in Spain is 900 to 1000 euro, including the rent, food, utilities, and leisure.ย 

 

Accommodationย 

Since Madrid is the capital city of Spain, expect a higher price for its housing. You can choose between different types of housing in Madrid, through studio apartments, shared apartments, flats, townhouses, and on-campus accommodation. Just like in other countries, on-campus accommodations are usually cheaper than rentals.ย 

However, if youโ€™re planning to rent an individual room in a shared apartment with other students, the cost would usually cost โ‚ฌ350 to โ‚ฌ700 a month. If youโ€™re planning to rent the whole place to yourself, expect to pay at least โ‚ฌ1,000 per month for a one-bedroom apartment.ย 

 

Public Transportationย 

Spain may be known for its siesta and laid-back culture. However, its public transportation system is actually one of the most efficient in the world. A single ticket in a Metrobus usually costs around โ‚ฌ1.50 to โ‚ฌ2.00, while a 10-journey ticket would cost around โ‚ฌ12.20.ย 

For a suburban train, a single ticket may cost between โ‚ฌ1.65 to โ‚ฌ8.55, while a 10-journey ticket can cost around โ‚ฌ9.85 to โ‚ฌ37.75.ย 

If youโ€™re a student below the age of 26, you can apply for a monthly pass for students, or an Abono Joven, for only โ‚ฌ20, which you can use in different modes of transportation. It usually costs around โ‚ฌ54 for people older than 26.ย 

 

Food and Entertainmentย 

A meal at an inexpensive restaurant in Madrid may cost around โ‚ฌ12.00. However, if you do your own groceries, the monthly average cost may be around โ‚ฌ150 to โ‚ฌ250.ย 

The cost of going out to have fun and do other leisure activities differ. Watching a movie, for example, may cost โ‚ฌ9.00 per ticket. A fitness clubโ€™s monthly fee, on the other hand, may cost around โ‚ฌ39.92.ย 

The cost of living in Madrid is relatively lower than in other bigger cities in Europe, such as London, and Paris. However, for some international students, living in Madrid may still be expensive. If youโ€™re looking for ways to fund your studies and whole stay while in Madrid as a student, check out MSM Unify, overseas education consultancy article on Scholarships in Spain for International Students.ย 

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