Cost of living in Spain – Single, family & student

The monthly cost of living in Spain is:

• Single person: € 1273 (with rent), € 556 (without rent)
• Student: € 1000 (with rent).
• Family of four: € 2882 (with rent), € 1728 (without rent)

With its lower cost of living, Spain offers a unique blend of culture and opportunity that appeals to both students and professionals alike. This guide provides a financial overview  of relocating to Spain, including a detailed breakdown of Spain’s cost of living index. This information will help you plan your relocation efficiently and make informed decisions about your budget and lifestyle. 

Do you know?

• The unemployment rate in Spain decreased from 12.9% in 2022 to 12.1% in 2023 [1] 
• Spain’s inflation rate significantly decreased from 8.4% in 2022 to 3.5% in 2023. [2]
• The GDP per capita of Spain increased from USD 29,674.5 in 2022 to USD 32,677 in 2023.[3]

A glance at the average cost of living in Spain

Source: Numbeo 

Average cost of living in Spain: Single vs student vs family

Source: Livingcost.org, Mastersportal.

An overview of monthly rents in Spain

Source: Numbeo 

Average living cost in Spain: Citywise

Source: Livingcost.org (Refer to citiwise cost of living pages)

Tax scenario

Non-resident individuals in Spain are liable to pay Spanish non-residents’ income tax (NRIT). They are generally subject to income tax on earnings derived from sources within Spanish territory. This includes income from economic activities, employment, pensions, capital gains and real estate. The specific tax rules and exemptions vary depending on the type of income and the circumstances of the individual.

If the income is not obtained through a permanent establishment (PE), it cannot be offset against gains. However, no reductions are applicable for taxable incomes without a PE. It is important to note that specific tax exemptions and deductions may apply. 

Consulting a tax professional is recommended to ensure compliance with Spanish tax laws and optimise tax planning. 

Source: Sede.agenciatributaria, Tax Summaries PwC – Spain

What salary do you need to live in Spain?

The salary needed to live comfortably in Spain varies widely depending on lifestyle, location, and expenses.

Spain’s standard of living is generally considered affordable compared to other European countries. However, the cost of living in Spain is 1.32 times higher than the world average. A salary that comfortably covers your expenses and lifestyle is a good benchmark for living comfortably in Spain. 

Also read: 5 salary negotiation tips that will get you paid what you’re worth.

What should be your monthly budget to live in Spain?

##It is an approximate value based on the consumer prices and average living expenses of an individual. It is advisable to consider income level, spending habits, location, and specific monthly expenses to calculate an accurate budget.

Do’s & don’ts

Do’s

• Explore affordable options like shared apartments or student housing.
• Prepare meals using fresh, local ingredients to save money.
• Opt for buses, metros or trains to avoid expensive taxi rides. 
• Purchase groceries and essentials at affordable prices. 
• Look for discounts on food, entertainment and transportation. 
• As a student, if your university offers a meal plan, it can be a cost-effective option over eating out. 
• Knowing Spanish can help you navigate daily life more efficiently and find cheaper options for food, laundry and other services.
• Negotiate prices at markets and small shops. 

Don’ts 

• Avoid buying anything in tourist areas as prices are often higher. 
• Avoid sticking to one data service, compare plans frequently and choose cheaper options. 
• Do not miss out on student discounts. Most shops, supermarkets and restaurants offer student discounts that can help you save a lot of money. 
• Do not overuse resources; the cost of utilities can be very high. 

Best places to live in Spain for students and job seekers </h4>

Madrid

Madrid offers a rich cultural experience, world-class education, and ample job opportunities with competitive salaries. Its diverse economy and international companies provide excellent career prospects and attractive income levels in Spain for graduates and professionals.

Average cost of living per person: € 1589

Barcelona

Barcelona attracts students and professionals with its vibrant culture, top universities like the University of Barcelona, and a thriving job market. Its status as a global hub offers numerous career opportunities with multinational companies and startups.

Average cost of living per person: € 1632

Valencia 

Valencia’s lower cost of living makes it accessible for students and professionals. Its thriving startup scene offers opportunities for entrepreneurs, while strong universities and research institutions support a vibrant knowledge economy.

Average cost of living per person: € 1323

Seville 

As the capital of Andalusia, Seville has a rich cultural heritage. This, coupled with the city’s thriving business environment and abundant job opportunities, makes it an attractive choice for working professionals and fresh graduates. 

Average cost of living per person: € 1187

Before you go…

Before you plan your relocation to Spain, research the average salary in Spain, especially for your target job roles and industries. Compare the average salary in Spain with Spain’s living expenses to make sustainable financial decisions and live comfortably after relocating.

Another important factor is to research a secure money transfer service to send money from Spain. You enjoy competitive rates when converting EUR to INR or any other major currency.

Instarem offers easy and fast** money transfers, eliminating any hidden charges and ensuring transparent transactions across many countries. 

This makes Instarem a reliable and safe service to send money to India from Spain. Download the Instarem App from the AppStore or Google Play for easy access to secure and affordable# international transactions. 

FAQs

Q. Is it expensive to live in Spain?

While the cost of living in Spain is 1.32 times higher than the global average, it can be managed effectively with careful financial planning and budgeting.

Q. How much money do you need to live in Spain?

The average monthly budget for a single person in Spain ranges from € 910 – € 1850.

Q. How much does it cost for international students to live in Spain?

Spain’s cost of living for an international student is € 1000 per month with rent. 

Q. Is it cheaper to live in Sydney or Madrid?

Sydney is more expensive than Madrid, with the average monthly cost of living being € 2523, which is € 934 higher than Madrid’s € 1589.

Q. What is the average room rent in Spain?

A 1-bedroom apartment in the city centre in Spain costs around € 958.61 in rent.

Q. How much is the cost of living in Spain per month?

The average monthly cost of living in Spain for a single person is around € 1273 per month with rent and € 556 without rent. However, costs can increase with more dependents, potentially reaching up to €2,882 per month with rent.

Q. How much is the cost of living in Spain for a couple?

The monthly cost of living in Spain for a couple ranges around € 1441 with rent and € 2,006 without rent. 

Q. What is the cost of living in Spain for a single person?

The average monthly cost of living in Spain for a single person is around € 1273 per month with rent and € 864 without rent. 

Q. What is the cost of living in Spain for a family?

The average monthly cost of living in Spain for a family of four is around € 2882 per month with rent and € 1728 without rent. 

Q. What is a good salary in Spain?

A monthly salary of around € 2000 should be sufficient for a comfortable lifestyle in Spain, but individual needs and preferences may vary. 

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Disclaimer:

• This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with the products or vendors mentioned.

• Prices mentioned in this blog are subject to change.

• ** Fast means 75% of our transactions are completed in 15 minutes. Depending on the funding method.
• # When it comes to affordable exchange rates and fees, it’s worth noting that the cost will vary depending on how you choose to fund your transactions. Credit card funding and bank transfer fees can differ significantly. 
• The prices were taken on the 6th of September 2024 from different sources and are subject to change.

Citations:

[1]https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS?locations=ES 

[2]https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=ES 

[3]https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=ES