Frankfurt, as the financial hub of Germany, is a city you'd expect would be expensive. Though it's probably far from the likes of Paris, New York, and London, there's reason to believe that the living costs here would be high. But then again, for a city known for handling the finances and economy of one of the wealthiest and most powerful countries in the world, what would you expect? Big bankers live here. Big businesses have set u shop here. Of course, it's only natural that living here would cost a lot of money. But does it, really? Here's what you need to know.
Costs of Renting in Frankfurt
Let's start with the rent in Frankfurt. More often than not, a city's common rental fees serve as a good basis in determining just how its living costs are. Here in Frankfurt, they commonly range from €800.00 to €3,000.00 a month. Not bad if you think about it. While other equally prominent cities have their common rental fees range within the thousands and the tens of thousands (sometimes even hundreds of thousands), you can actually find a luxury home in Frankfurt
for less than €1,000.00 a month. And considering that the average net salary here is €3,101.93 per month, it's a very good deal indeed.
Costs of Buying Property in Frankfurt
Now, how about buying your own property in Frankfurt. What's that gotta cost you? As you might expect, a lot! Purchasing land for a home is already expensive no matter where you are, what more if it's in the central financial hub of Germany? Whichever neighborhood in Frankfurt
you choose, you'll still have to shell out tons of money. Specifically, around €6,600.00 to €10,000.00 per square meter for one near the city center. If you choose a place along the outskirts of the city, that will still cost you more or less €4,000.00 to €8,000.00 per square meter.
At the very least, paying for your monthly utilities won't be that bad. In fact, they're possibly the most affordable regular expenses you'll have to face while in Frankfurt. It will only cost you approximately €200.00 to €400.00 for monthly basic bills. This will already include electricity, water, heating, garbage disposal, and the like. As for your wifi connection, this will cost you around €25.00 to €50.00 per month. Depending on which German telecommunications company
you get, it may cost higher but with better coverage and connection. In any case, at least none of them often goes beyond the thousands mark.
Let's talk food this time. How much will it cost you to fill up your fridge, cupboards, and more in Frankfurt? Around €59.35. That is the total common median price for all sorts of food products in the city. Taking into account a liter of milk, 1.5 liters of water, a loaf of bread, a dozen eggs, all sorts of meats, vegetables, and fruits, as well as some snacks and alcohol. All in all, it's not that bad, right? For considerably less than €100.00, you can already get one to two weeks' worth of groceries.
Going grocery shopping is one thing, but what about dining out? Frankfurt may be far from what many would regard as a 'food capital' but it does have its own fair share of top-notch places to eat
. Of course, if you go to the more upscale hotspots, it'll probably cost you a month's salary for one meal alone. But if you go for more affordable places, you'd be surprised at how much you can save. For instance, it'll only cost you a minimum of €7.00 to a maximum of €20.00 for your meal in an inexpensive restaurant. Dining for two at a mid-range place will cost you €45.00 to €80.00 for a three-course meal.
Since Frankfurt is a bustling metropolis, it offers a ton of options to get you to where you need to be. The city's public transport
is thriving, with a subway system, trams, buses, and taxis all on offer. With that said, how much will it cost you to get around here, exactly? Well, a one-way ticket in any of the metro and bus systems costs only €2.50 to €3.00 each. This means, for a round-trip, it will cost you €5.00 to €6.00 in total. For better convenience, you can always purchase a Frankfurt Card
, which gives you access to public transport within a period of time. They cost €11.00 to €16.00 for individuals and €23.00 to €33.00 for groups.
You're gonna need to shop if you plan to live in Frankfurt comfortably. Since the city sees all four seasons, there's a good chance you'll need a wardrobe change every now and then. And as much as you'll want to repeat clothes and outfits, there are times where buying something new is the wiser option. Fortunately, clothes aren't that expensive in Frankfurt. Depending on where you shop, you can get a good piece from a mid-range or high street brand for only €30.00 to €60.00 a piece. Sneakers cost around €50.00 to €100.00 a pair and for dressier shoes, it's €70.00 to €159.00 per pair.
In a city like Frankfurt, you'll need to take some time to exercise and relax. The place is so hectic, it's only when you're working out or watching a movie can you really take your mind off of your other worries. But how much will all of that cost? Firstly, if you want to become a member of a mid-range gym or fitness club in Frankfurt, it'll cost you €25.00 to €85.00 a month. Renting a court to play sports on the weekend will probably be around €14.00 to €30.00 an hour. And when you want to watch a movie, tickets go on sale for around €10.00 to €15.00 each.
Childcare & Education Costs
Finally, let's talk about your kids' education. If you brought your kids with you when you moved to Frankfurt, depending on how old they are, you'll probably need to pay for their care and education. For the little ones, putting them in private daycare will cost you €250.00 to €1,000.00 a month. When they grow older and need to go to primary school, enrolling them in any of the city's international schools
will cost you €6,000.00 to €16,000.00 a year in tuition fees. Can you handle all of that? Thus are the prices to pay for your kids' growth and development here in Frankfurt.
Living and starting a new life in Frankfurt sounds like a good idea only if you could afford it. However, contrary to popular belief, you might find that the living costs in Frankfurt aren't as high as you probably thought.