Are you planning to move to Madrid, Spain, and wondering what would be considered a good salary in the city? The cost of living in Madrid varies depending on various factors such as location, lifestyle, and family size. However, there are certain benchmarks that can help you determine what can be considered a good salary in Madrid.
Cost of Living in Madrid
Before we dive into salaries, let’s take a look at the cost of living in Madrid. According to Numbeo, the world’s largest database of user-contributed data about cities and countries worldwide, the cost of living index in Madrid is 65.87 (as of August 2021), which means it is relatively affordable compared to other European cities. The factors that make up this index include housing, transportation, food, and entertainment.
Housing
Housing is one of the most significant expenses in Madrid. On average, rent for a one-bedroom apartment in the city center ranges between €800-€1,200 per month. Meanwhile, outside the city center rent for a one-bedroom apartment ranges between €600-€900 per month.
Transportation
Transportation costs are relatively low compared to other European cities. A single ticket on public transportation costs €1.50 while a monthly pass costs €54.60.
Food
Food is relatively affordable with an average meal at an inexpensive restaurant costing around €12 per person while groceries for two people cost around €300 per month.
Entertainment
Madrid has plenty of free entertainment options such as museums and parks. However, if you plan on going out for drinks or dinner regularly expect to pay around €30-€40 per person.
Average Salary in Madrid
According to data from Numbeo (as of August 2021), the average monthly net salary in Madrid is €1,600. However, this varies depending on the industry and job type. For example, a software engineer can expect to earn an average of €2,600 per month while a retail sales assistant can expect to earn an average of €1,200 per month.
Good Salary in Madrid
A good salary in Madrid depends on your lifestyle and expenses. If you are single and living alone, a salary of around €2,000-€2,500 per month can be considered good. If you have a family and plan on living in the city center, you would need around €4,000-€5,000 per month to maintain a comfortable lifestyle.
Conclusion
Madrid is an affordable city compared to other European cities. The cost of living in Madrid varies depending on factors such as housing, transportation, food, and entertainment.
The average net monthly salary in Madrid is €1,600 while a good salary depends on your lifestyle and expenses. With this information in mind, you can make an informed decision about what salary you need to maintain the kind of lifestyle you want in Madrid.