Singapore is very famous for its modern infrastructure, robust economy, and multicultural society. But at the same time, it is known for having one of the highest costs of living. For individuals or families, mainly Indians, understanding the financial landscape is an important part of proper planning.
This in-depth guide by MSM Unify overseas education consultant addresses all aspects of the cost of living in Singapore and offers great insights for Indian students, singles, couples, and families to plan their expenses wisely.
What is the cost of living in Singapore?
The cost of living in Singapore is pretty high compared to other places. Singapore, with its quality infrastructure, good healthcare, proper education system, and modern living, offers more opportunities but at a high cost. From home to food to transportation, the cost of daily life is so high. This cost varies on your lifestyle if you are a student, an individual professional, or a family.
Average cost of living in Singapore
An approximate estimate for the average cost of living in Singapore varies between SGD 2,000 to SGD 4,000 per month, depending on one’s lifestyle for an individual. These costs may be in terms of rent, utilities, food, transportation, and miscellaneous costs. For a family, this number could reach as high as SGD 5,000 or even more depending on whether children attend school or if there are dependents.
Overview of Singapore’s cost of living
Singapore remains one of the world’s costliest cities. The country faces limited availability of land, a strong currency, and demand for quality services as reasons that elevate the cost of living. Despite these costs, however, Singapore presents a very high standard of living, public service efficiency, and safety to people who regard these justifications for paying.
To help you understand what contributes to the cost of living in Singapore, here’s a breakdown of the essential expenses:
|
Expense item |
Cost of living |
Remarks |
|
Rent (1-Bedroom) |
SGD 1,800 – SGD 2,500 | Varies by location in the city |
|
Utilities |
SGD 100 – SGD 200 | Includes water, electricity, and internet |
|
Groceries |
SGD 300 – SGD 500 | Depends on your eating habits |
|
Transportation |
SGD 100 – SGD 150 |
Public transport is cost-effective |
| Eating out | SGD 300 – SGD 600 |
Affordable food courts to high-end restaurants |
| Miscellaneous | SGD 200 – SGD 400 |
Entertainment, shopping, etc |
| Total | SGD 2,800 – SGD 4,000 |
Monthly estimate for a single person |
Please note: This table provides a rough estimate, but your personal expenditure might differ. It is always best to check the country’s updated information. Use MSM Unify’s currency converter tool to convert these Singapore dollars to Indian rupees or American dollars for a better understanding.
Cost of living in Singapore for an Indian family
The cost of living in Singapore for an Indian family is typically higher, especially if the family has children attending school. Here’s a general overview of what a family might spend:
|
Expense item |
Cost of living |
Details |
|
Rent (2/3-Bedroom) |
SGD 2,500 – SGD 4,000 | Central areas are more expensive |
|
Utilities |
SGD 200 – SGD 350 | Higher due to larger household |
|
School fees |
SGD 500 – SGD 2,000 | Depends on the type of school |
|
Groceries |
SGD 500 – SGD 800 |
Family-sized shopping cart |
| Transportation | SGD 200 – SGD 300 |
Public transport for the family |
| Miscellaneous | SGD 300 – SGD 500 |
Entertainment, shopping, etc |
| Total | SGD 4,700 – SGD 7,450 |
Monthly estimate for a family |
Please note: The cost varies greatly based on lifestyle, housing preferences, and other personal factors. It is always best to check the country’s updated information. Use MSM Unify’s currency converter tool to convert these Singapore dollars to Indian rupees or American dollars for a better understanding.
Cost of living in Singapore for Indian students
Singapore is a favorite destination for Indian students because of its high-quality education system. However, the cost of living in Singapore for Indian students can be a concern. On average, a student may need around SGD 1,500 to SGD 2,500 per month to cover their expenses, including accommodation, food, transportation, and personal items.
|
Expense item |
Cost of living |
Description |
|
Rent (Shared room) |
SGD 500 – SGD 1,000 | Shared accommodation is cheaper |
|
Food & groceries |
SGD 250 – SGD 400 | Student-friendly eating options |
|
Transportation |
SGD 100 – SGD 150 |
Public transport is economical |
| Miscellaneous | SGD 150 – SGD 250 |
Social activities, entertainment |
| Total | SGD 1,500 – SGD 2,500 |
Monthly estimate for a student |
Please note: This table provides a rough estimate, but your personal expenditure might differ. It is always best to check the country’s updated information. Use MSM Unify’s currency converter tool to convert these Singapore dollars to Indian rupees or American dollars for a better understanding.
Cost of living in Singapore for various expats
The cost of living in Singapore varies significantly based on lifestyle, household size, and financial preferences. Whether you are a bachelor, a student, an Indian couple, or a family, expenses like rent, food, transportation, and entertainment differ accordingly.
The average cost of living in Singapore is higher than in India, but salaries often balance these expenses. Understanding the cost of living in Singapore for Indian students, families, and professionals helps in better financial planning. Here, we can see various individuals’ cost of living in detail:
Singapore cost of living for bachelors
For a bachelor living in Singapore, the main expenses will be rent, food, and transport. Rent for a bachelor who prefers staying in a shared apartment or an HDB (public housing) flat could cost between SGD 800 to SGD 2,000, depending on the location. Transportation and food will typically cost around SGD 400 to SGD 600, depending on lifestyle.
Cost of living in Singapore for an Indian couple
For an Indian couple living in Singapore the cost of living in Singapore for an Indian couple will be lower than for a family, but still significant. The couple would likely need around SGD 3,000 to SGD 5,000 per month for rent, groceries, transportation, and entertainment. Rent for a 1 or 2-bedroom apartment will cost between SGD 2,000 and SGD 3,500.
Singapore cost of living for Indian family
For families moving to Singapore, the Singapore cost of living for an Indian family includes not only the basics like housing and food but also education for children, which can be a significant expense. The total monthly expenses can range from SGD 4,000 to SGD 7,000, depending on the family size and lifestyle.
The average cost of living in Singapore for a student
The average cost of living in Singapore for a student is estimated at around SGD 1,500 to SGD 2,500 per month. This includes rent, food, transportation, and miscellaneous expenses like entertainment. While the cost may seem high, students can opt for affordable options, like sharing accommodation or cooking at home, to save on expenses.
Singapore cost of living compared to India
When comparing the cost of living in Singapore to India, it’s clear that Singapore is much more expensive. While rent and utilities are significantly higher in Singapore, food and transportation can also cost more. In cities like Delhi, Mumbai, or Bangalore, you could expect to spend much less on rent, food, and transportation than in Singapore. However, the higher salaries in Singapore often compensate for these increased costs.
The cost of living in Singapore in INR (Indian rupees)
The cost of living in Singapore in INR depends on the current exchange rate between SGD and INR. As of now, 1 SGD is approximately 60 INR. For example, if your monthly living expenses in Singapore are SGD 2,500, that would be around INR 150,000.
|
Expense item |
Estimated cost |
|
Rent |
Rs. 1,50,000 – Rs. 2,50,000 |
|
Utilities |
Rs. 6,000 – Rs. 12,000 |
|
Food |
Rs. 15,000 – Rs. 30,000 |
| Transportation |
Rs. 6,000 – Rs. 9,000 |
| Miscellaneous |
Rs. 12,000 – Rs. 24,000 |
| Total |
Rs. 1,89,000 – Rs. 3,25,000 |
Please note: This gives a rough idea of what one can expect to spend living in Singapore based on the current exchange rates. Checking the latest information for accurate results is always recommended.
Cost of living in Singapore statistics
Recent cost of living in Singapore statistics show that housing remains the largest expense for both individuals and families. According to the latest government reports, housing expenses contribute to over 40% of a person’s monthly expenditure in Singapore. This is followed by food (20-30%) and transportation (10-15%).
Conclusion
Understanding the cost of living in Singapore is essential for anyone planning to move, especially Indian students and families. By planning ahead and using the advice from MSM Unify overseas education consultants, you can make informed decisions and manage your budget effectively while living in Singapore.
FAQS
1. What is the average cost of living in Singapore for a student?
The average cost of living for a student in Singapore is around SGD 1,500 to SGD 2,500 per month, covering accommodation, food, transport, and miscellaneous expenses.
2. How much do I need to earn to live comfortably in Singapore?
To live comfortably in Singapore, you should aim to earn at least SGD 3,000 per month if you’re living alone. For a family, a monthly income of SGD 5,000 or more is ideal.
3. What are the cheapest areas to live in Singapore?
Affordable areas in Singapore include Bedok, Bukit Panjang, and Woodlands, where rental prices are lower compared to central locations like Orchard Road or the CBD.
4. How can I reduce my cost of living in Singapore?
You can reduce your cost of living by sharing accommodation, using public transport instead of taxis, and cooking your own meals rather than dining out.
5. Is Singapore more expensive than India?
Yes, Singapore is significantly more expensive than India in terms of rent, food, and utilities. However, higher salaries in Singapore help to offset the higher costs.
