Whether you are a single person or a family, moving to and becoming a permanent resident in Singapore can be an expensive endeavor. This guide will provide you with information on how much living in Singapore will cost you and your family. You will also discover what the cost of living is in Singapore for a single person, a couple, and a family with children. Listed below are some tips to help you prepare for the upcoming move. By following these tips, you will be well on your way to adjusting to your new home.
Cost of Living in Singapore
While Singapore is a cosmopolitan, highly efficient city with a unique British colonial charm, the modern environment is very different from the country’s traditional, old-world atmosphere. Located on the southern tip of Malaysia, Singapore has grown to become a major trade and financial center in Asia. As the fifth wealthiest country in the world, Singapore is also the fourth largest foreign exchange trading center. Its population is 5.08 million, with about 70% of the population from Chinese, Malay, and Indian backgrounds.
The average monthly cost of living in Singapore varies widely but is roughly between S$1100-1400 per month. This includes rent, utilities, transportation, and food expenses. Monthly rent in Singapore can range from S$2,078 to S$3,078 for a one-bedroom furnished studio apartment, and it can reach as high as INR 2.46 lakh for a family of four. As for utilities, they can reach as high as INR 6,384 a month.
The cost of living in Singapore varies by region. While certain regions have more expensive properties, others have cheaper housing. This will affect your budget, so consider these factors when choosing a location. The Central Region of Singapore is known for its high rent, but it is also the home of the city’s financial and shopping districts. The North and East regions of the city have some of the cheapest rent, and ex-pats tend to prefer these areas because they are more affordable.
Rent is a big expense for expatriates. Depending on the size of the unit, you can expect to pay between SGD 700 and SGD 3,500 per month. For those looking for a lower-cost option, a shared HDB flat is a good option. A one-bedroom apartment can range from SGD 1,500 to SGD 4,000 per month, and prices are only increasing with recent changes.
While you might not have to pay for a luxurious hotel, you can expect to spend about SGD 15-$200 per month on groceries. On average, a dinner for two in a local hawker center or a movie ticket for one person will cost SGD 50. Alternatively, you can opt for a cheaper option by taking the MRT to work or studying in the city. If you want to save money, you can opt to live off-campus for a month.
With a Family
One of the most important factors that will influence the cost of living in Singapore is housing. While housing costs are fairly high, relocating to an area outside of the city will lower rent prices. Luckily, public transport is also available for visits around the city. In addition, rental prices are moderate in most areas, so moving to the suburbs will make it easier to find an apartment that suits your needs and budget.
While moving abroad is a life-changing experience, it can be expensive. Living in Singapore will provide you with an incredible number of opportunities. While the cost of living may be high, the city is incredibly attractive for expatriates, students, and families. Depending on your spending habits, you can drastically reduce your cost of living in Singapore. For example, you may be able to purchase groceries and other household items in bulk for cheaper than you would if you were a single person.
Transportation is another major expense for Singapore families, with the average household spending about S$778 per month. While owning a car is considered a luxury, it can come in handy if you’re in a hurry. However, Singapore has one of the most extensive public transportation systems in the world. Public transportation costs significantly less than owning a car. If you’re looking to attend university in Singapore, you will need to set aside approximately S$300 a month for this expense.
When you’re planning to move to Singapore with a family, you’ll want to take a look at the different costs of living. This article is designed to provide you with a general guide to the cost of living in Singapore with a family. Remember, however, that the monthly cost depends on your lifestyle, commitments, and status in society. Be sure to include your necessities and wants when preparing your budget for living in Singapore.
In addition to housing, you’ll also need to budget for personal care and entertainment. HDB flats are generally cheaper than condos. The price range of a studio apartment is around $1,900, while a two-bedroom HDB apartment can range from $3,100 to $5,300. Apart from housing, food is another big expense, and a family of four will need between two and three bedrooms. You can rent an HDB flat in Singapore or even stay in a shared HDB apartment.
As a Single Person
When you’re on a budget in Singapore, you’ll be glad to know that renting an HDB apartment is not that expensive. HDB rentals can range from S$700 to S$2,000 per month. The prices of small apartments in the central districts are three times higher than those in the outskirts. Food costs are also fairly uniform, with Singapore importing most of its goods. Instead of eating out, prepare your meals at home, or buy groceries to save even more money.
Healthcare is an expensive part of living in Singapore, but the state-funded insurance scheme is great for permanent residents. However, it’s recommended that you obtain private medical insurance. A basic health checkup in Singapore can cost as much as S$50 (INR 2,800) in most cases. Another way to cut costs is to buy a SIM-only mobile phone plan. These plans are cheaper than other subscription plans. If you’re a student, you can even share a smartphone with a friend, which can cut your monthly expenses. Also, make sure you use apps that offer discounts on your purchases. And don’t forget to wait for sales when buying basic items.
While Singapore has a relatively weak economy, its inflation rate is consistently positive. Only a few years have had extremely low inflation. The highest core inflation rate in 2008 was 5.7%, due to higher oil prices. In 2020, the lowest core inflation rate was -0.2%. Inflation in Singapore is affected by both external and internal factors. As a small nation, Singapore is heavily dependent on foreign countries for natural resources.
Transportation is another major expense in Singapore, with a median household spending approximately $570 per month on transportation. While owning a car is considered a luxury, it’s not necessary for Singapore. Public transport is efficient and extensive, and significantly cheaper than owning a car. This can save you a considerable amount of money. And if you don’t drive, it can’t be practical for your budget.
As a Couple
Expatriates should plan to spend about $4,050 per month on housing, food, and schooling. This average amount includes rental fees and the mandatory govt. CPF deductions of 20%. However, these expenses can vary widely depending on your lifestyle and the size of your family. On average, you need a two to three-bedroom house or an HBD apartment for a couple to be comfortable.
The city-state is considered expensive. A foreigner on an S Pass must make at least 6,000 SGD per month to qualify for a work visa. However, a foreigner can easily afford this amount as long as he works for a Singapore-registered firm and pays his or her own monthly expenses. The central regions of Singapore, such as districts one to fifteen and district 21, have the highest cost of living. This area of the city is also home to many international schools and large shopping complexes.
In general, Singaporean residents spend a high amount of money on housing. The cost of regular dining at a regular restaurant is about SGD20, while the prices for tobacco and alcohol are outrageous. However, the country’s diversity makes it an interesting place to live. For instance, construction workers from Bangladesh make $500 a month and send their earnings home every time they are paid. Meanwhile, brokers and traders earn $15k-$40k per month and spend every dollar they earn on travel and high-end restaurants. Expatriates should understand that housing is an unavoidable expense. While renting a room is a better deal, staying in a regular home in Singapore will require you to pay for the rent yourself, which can add up to more than $1,000 per month.
For a couple, the monthly rent in Singapore is around SGD $115 (USD $93). However, it depends on the type of property you are renting. HBD flats are generally cheaper than private apartments, but they are not as luxurious. For a budget-conscious single, renting a room in a shared flat is an affordable option. Renting a room in a shared flat could cost as little as $360 per month. Another option is to buy property. Apartments in the city center can cost up to $28,621 per square meter.