How Much Money Do I Need to Live Comfortably in Madrid?

By Alice Nichols

When planning to move to Madrid, one of the most important things to consider is how much money you’ll need to live comfortably. The cost of living in Madrid varies depending on your lifestyle, but there are some general expenses you should account for.

Housing

The cost of housing in Madrid can be expensive, especially if you’re looking for a centrally located apartment. A one-bedroom apartment in the city center can cost anywhere from €700 to €1,500 per month. If you’re willing to live outside of the city center, you can find more affordable options starting at around €500 per month.

Food

Eating out in Madrid can be very affordable if you stick to local bars and restaurants. A typical meal at a local restaurant will cost you between €10 and €20 per person. If you prefer cooking at home, a week’s worth of groceries for one person will cost around €40 to €50.

Transportation

Madrid has an excellent public transportation system that includes buses and metro trains. A monthly pass for unlimited rides on both costs around €54. If you prefer using taxis or ride-sharing services like Uber or Cabify, expect to pay around €1 per kilometer.

Entertainment

Madrid is known for its vibrant nightlife and cultural scene. Going out for drinks can be very affordable with a beer costing around €3 and cocktails costing between €6 and €8. If you’re interested in visiting museums or attending concerts and shows, expect to pay between €10 and €25 per ticket.

Utilities

Utilities like electricity, water, gas, and internet are generally affordable in Madrid. On average, expect to pay around €100 per month for all these services combined.

  • Rent: Between €500 and €1,500 per month
  • Food: Around €40 to €50 per week for groceries; €10 to €20 per meal at a local restaurant
  • Transportation: €54 for a monthly pass; around €1 per kilometer for taxis or ride-sharing services
  • Entertainment: Between €3 and €8 for drinks; between €10 and €25 per ticket for museums, concerts, and shows
  • Utilities: Around €100 per month for electricity, water, gas, and internet

Total Cost of Living in Madrid

Based on the expenses above, the total cost of living in Madrid can range from around €800 to €2,000 per month. This is assuming you’re living alone and not sharing expenses with roommates or family members.

To live comfortably in Madrid, it’s recommended to have a monthly income of at least €1,500 after taxes. This will allow you to cover your basic expenses while still having enough money left over to enjoy the city’s many attractions.

In Conclusion

Living in Madrid can be expensive, but it’s also a rewarding experience. By budgeting wisely and taking advantage of affordable options, you can live comfortably while enjoying all that the city has to offer.