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The Living Costs in Monaco

January 29, 2021
If you could list down the most expensive places in the world, Monaco would be pretty high up there, wouldn't it? It is one of the most luxurious and high-class cities (or rather, city-state) out there. It reeks of glamour, elegance, wealth, luxury, and money. Not to mention it's also a well-known tax haven in Europe. So that'd mean it's pretty expensive to live here, right? Well, sort of. The truth of the matter is, not all of Monaco is as expensive as it seems. Here's what you need to know about the living costs here.
The Living Costs in Monaco

Costs of Renting in Monaco

Firstly, there are the rental costs in Monaco. With so many luxury apartments, opulent homes, and the like on offer here, they're mostly bound to be expensive, right? Right! As in other places, it's pretty rare to see a good option for a place that's priced below the thousands mark. In fact, the lowest you could get in renting a home in Monaco is around €1,800.00. The common media range for places in the city center is from €3,700.00 to €14,555.56, depending on how many bedrooms there are. While for places located away from the more urban areas, they range from €3,421.40 to €10,625.00 a month.

Costs of Buying Property in Monaco

Of course, actually buying your own property in Monaco is going to cost a lot more. How much more, you ask? Well, let's just say that the lowest price you can get per square meter is €40,000.00. Just one measly square meter and it will already cost you thousands of Euros. Generally, property located at the heart of the city would cost around €55,000.00 to €100,000.00 per square meter. Meanwhile, properties in the more rural areas of Monaco would cost you €40,000.00 to €70,000 per square meter. Furthermore, even if you inherited some property in Monaco, you'll still have to deal with taxes which can cost just as high.

The Living Costs in Monaco

Utilities Costs

It's a good thing that utilities costs in Monaco aren't as high as renting or buying property here. Compared to those in other cities, there's not much difference in this city-state. The common median cost for all sorts of utilities in Monaco is €193.56, practically €200.00. This already includes electricity, water, heating, garbage disposal, and more. On average, the most expensive it can get is €250.00. Though, if you live in a big mansion and whatnot, of course, this cost will go even higher. As for installing wifi in your place, that'd commonly cost €30.00 to €70.00 per month.

Food Costs

What about food in Monaco? Surely, it'll cost a lot right? Specifically, dining in Monaco is actually more expensive than buying your own food and cooking for yourself. In fact, there are other cities around the world wherein the cost of going grocery shopping is a lot higher. Here, the common median price is €93.7. For less than €100.00, you can already stock your fridge, pantry, and spice racks with all the food and drinks you need to last you around one-to-two weeks at most. This already includes milk, bread, cheese, rice, eggs, and different sorts of meat and vegetables.

The Living Costs in Monaco

Dining Costs

Now as for dining, it will only be expensive if you go to expensive restaurants. And while there are so many excellent culinary hotspots in Monaco, there are still those affordable mid-range and fast-food places that you can go to if you're on a budget. In fact, a nice meal in an inexpensive restaurant will only cost you around €17.97 to €55.00. What about a three-course meal with your significant other in a mid-range restaurant, you'll only have to pay around €100.00 to €250.00. Not bad for a place like Monaco, right?

Transportation Costs

It may not seem like it but public transport is pretty much thriving in Monaco. Yes, there are still buses and taxis—and even water buses—that travel in and around the city-state amidst the expensive cars and luxurious yachts. The best part here is that they're not that expensive. Riding the bus, be it on land or on water, would only cost around €2.00 per ride. For a round-trip, you'll only have to pay €4.00! Prefer to travel by bike, you'll only need to pay €1.00 to rent one. It's €6.00 if you subscribe for unlimited rentals for a month.

The Living Costs in Monaco

Clothing Costs

Is it really a surprise that a simple pair of jeans would cost around €25.00 to €120.00 in Monaco? Of course not! You've seen how glamorous people can get here! How well-dressed the Royal Family of Monaco is! Style is just as important here as it is in the fashion capital of the world. And even if you don't go for the French designer labels and such, investing in mid-range clothing stores and high-street brands can still be a bit costly. A pair of sneakers, for instance, would normally range from about €100.00 to €130.00.

Leisure Costs

Luxurious leisure in Monaco can cost an arm and a leg. That is if your definition of leisure here is sunbathing on a yacht. That kind of relaxation is more reserved for those who can afford it. Otherwise, if you simply want to relax by either working out or watching a movie, such costs are not as high. Specifically, joining a gym or fitness club here in Monaco would only cost you around €58.33 to €200.00 per month. Of course, the more upscale your preferred gym is, the more expensive its membership fees. Meanwhile, a movie ticket in Monaco would only cost around €11.50 to €18.00.

Education Costs

Taking care of your kids in Monaco would cost you a pretty penny. This shouldn't come as a surprise since it's practically an investment for your child's well-being, safety, and future. While they're young, if you want to enroll them in a daycare center or kindergarten that will look after them for the entire day, it'd cost you €1,200.00 to €2,500.00 per month. When they grow older, if you want to enroll them in a fine international school here, prepare to shell out about €18,000.00 to €40,000.00 per year! Though all incredibly expensive, if they're for your kids, they're all worth it!

The Living Costs in Monaco

Living in Monaco can get expensive, that's already a given! However, the regular costs here, ranging from food to leisure and everything in between, aren't as high as you think they might be. Some, you'd be surprised to know, are actually quite affordable too!