Last Updated on June 1, 2023 by hassan abbas
If you compare different nations, it’s not hard to recognize that price is one of the primary factors. In that regard, Spain seems to be an excellent choice. But is it real? Is it true that the Spanish territory is as affordable as we think? This is why we’ll look at living expenses in Spain in this post. We will discuss the principal costs and prices to help you understand your monthly payments for an ex-pat living in Spain.
Look at the other European capitals to get the solution. Although there are a few variations within the regions and regions, most foreigners can appreciate the country due to the access to meals and leisure at a reasonable cost.
Spain’s income per person
Based on OECD information, Spain’s income per person has been 10.000 USD less than the median OECD standard (around EUR 20.000). A lower average wage and the fact that Spain has a higher unemployment rate than the other countries of Europe help understand why prices in Spain are pretty standard.
In that way, as a foreigner, you’ll find that Spain is relatively inexpensive. It is possible to enjoy a tremendous cost for a relatively low price. Of course, the cost suggestions and comparisons we offer throughout this article are merely general. Based on your particular needs and lifestyle, prices could increase slightly.
Are living costs cheaper in Spain than in the UK?
Sure, Spain is cheaper. While specific prices are comparable to water bills, some differences favor the Spanish region. For instance, in Spain, Telecommunications companies offer packages that offer TV and telephone for all the family members, reducing the total cost by a significant amount.
In addition, when you eat, you’ll discover a significant distinction. Prices at the supermarket are a lot lower than those of the UK, especially when comparing products like wine, olive oil, and beer. In terms of transportation, you’ll also save cash. Because public transit is efficient and works well in cities of all sizes and since you can move around on foot in smaller towns, private transport means will not be required. For those who love driving your car, there’s good to know the fuel cost in Spain, particularly diesel.
Living costs in Spain compared to the USA
US citizens can afford to reside because average salaries can exceed those in Spain. This is why many of them are trying to maintain their money from the United States, where they can work remotely and enjoy all that Spain offers for a low cost. The only legal method for doing this is to use a not-profitable visa. Living costs are lower. If in the US, you typically pay an amount of seven hundred US dollars to one thousand US dollars for a house; however, you can reside in Spain for a month using that amount. Spanish territory for one month (including all costs).
Comparison of prices by the Spanish region
As discussed in our article about the most desirable areas in Spain as ex-pats, they have a significant disadvantage: cost. Cities like Madrid, Barcelona, or San Sebastian could be as much as 40 percent more expensive than cities in the country’s interior. This is why, even though the Spanish territory generally is more affordable than most EU countries, these large cities can alter the comparison. Let’s look at the price of living for the towns that the majority of ex-pats live in:
The cost of living is high in Madrid
Madrid is the capital city of the nation. There are a lot of tourist destinations that you shouldn’t visit if you aren’t looking to burn your cash or live in the middle of the city, which is a futile endeavor. But, the job market has more possibilities; since it is among the nation’s most significant economic hubs, your chances of earning a more excellent salary are higher. Additionally, since the city is large, you can get lower rentals from the tourist zones.
Compared to other Spanish cities like Seville and Valencia, Madrid has a higher cost of living. It is still more affordable than other European cities like Paris or Amsterdam. Your typical monthly expenses, excluding rent, will be €720. You should budget at least €800 a month for housing. You might therefore support yourself in Madrid with a total of €1,520.
Living costs in Barcelona
Barcelona is another popular tourist destination for ex-pats. However, the rent issue is real and is moving towards 500 to 700 EUR per month. This, when compared to the median wage, is relatively high. Our suggestion? Stay clear of the city’s center. The surrounding areas of Barcelona and its metropolitan region provide better possibilities.
In addition, as public transportation is very efficient, you will be able to get to the central station in record time. For students and a student, a shared apartment is the preferred choice. If you love Barcelona, it is possible to find a way to make it work and have an affordable cost of living. However, if you’re not concerned about most of the city, Valencia, which is very similar, could be an incredible alternative. It is possible to find out more about the advantages and disadvantages of Barcelona’s life by clicking here.
How much is required for retirement in Spain?
Since retirees typically choose living places in the outskirts of major cities (because there’s more peace and tranquility there), you can comfortably retire on a monthly sum in the range of 20.000EUR. For instance, at Costa del Sol, it will be more affordable. But it can be an accurate estimation. As Spain is home to many outdoor parks and opportunities and outdoor activities, you can enjoy leisure at no cost. A walk by the sea or exploring the natural world, walking. These are just a few of the activities any retired person can enjoy without spending a cent.