Spain is well-known for many things. Food markets, historic structures, a rich culture, distinct neighbourhoods, royalties—you name it. It is no surprise that the city is also a popular tourist destination as well as a study destination for many International students.
Furthermore, when compared to other European countries, Spain has one of the lowest living costs. If you are a visitor or an international student in Spain, here is a quick guide to the cost of living in Madrid, the country's capital.
About Madrid and Spain
Before we get into the cost of living in Madrid, there are a few things you should know about this lovely Spanish capital.
Madrid is an old city that was originally owned by Moors and has served as Spain's capital since the 16th century.
Madrid is home to the world's oldest restaurant, the Sobrino de Botin, which has been in operation since 1725. The restaurant specialises in regional Spanish cuisine.
Many historical structures, such as the Convento de la Encarnacion and the Plaza de la Villa, can be found here.
The Spanish Royal Family resides in Madrid, at the Zarzuela Palace.
Madrid has a vibrant nightlife where you can dance, drink, or simply spend time with friends.
The Cost of Living in Madrid
According to Student Mobility, an education consulting organisation, the average monthly cost for a student to live in Spain is 900 to 1000 euro, which includes rent, food, utilities, and leisure.
Accommodation
Because Madrid is Spain's capital, housing prices will be higher. In Madrid, you can choose from a variety of housing options, including studio apartments, shared apartments, flats, townhouses, and on-campus housing. On-campus housing, like in other countries, is usually less expensive than renting.
However, if you intend to rent an individual room in a shared apartment with other students, the monthly rent will typically range from €350 to €700. Expect to pay at least €1,000 per month for a one-bedroom apartment if you intend to rent the entire place to yourself.
Public Transportation
Spain is well-known for its siestas and relaxed culture. Its public transportation system, on the other hand, is one of the most efficient in the world. A single Metrobus ticket usually costs between €1.50 and €2.00, while a 10-journey ticket costs around €12.20.
A single ticket for a suburban train may cost between €1.65 and €8.55, while a 10-journey ticket may cost between €9.85 and €37.75.
If you are a student under the age of 26, you can apply for a monthly student pass, known as an Abono Joven, for only €20, which you can use on various modes of transportation. For people over the age of 26, it usually costs around €54.
Food and Entertainment
A meal at a low-cost restaurant in Madrid might cost around €12.00. If you do your own groceries, the monthly average cost may be between €150 and €250.
The cost of going out to have fun and participate in other leisure activities varies. A movie ticket, for example, could cost €9.00. A fitness club, on the other hand, may charge a monthly fee of around €39.92.
The cost of living in Madrid is lower than in other major European cities such as London and Paris. However, living in Madrid may still be prohibitively expensive for some International students.