Want to know about the cost of living in Singapore? It is a subjective question, i.e., the island nation may be expensive for some in terms of the monthly cost of living in Singapore. At the same time, many feel that tuition costs are comparatively lower than in many other countries, especially if you are an Indian student. Let us find out more about the same.
Cost of living in Singapore- Accommodation/Housing Expenditure
The cost of living in Singapore is incomplete without discussing housing/accommodation expenditure. Accommodation prices are comparatively on the higher side, contributing majorly to the overall Singapore cost of living. However, you can rent an apartment at a lower price if you shift to the outskirts, while those within the city center will always be priced more. Be prepared to pay approximately INR 1.5-1.65 lakh per month or S$2,700-3,000 to rent a one-bedroom apartment within Singapore. A one-bedroom apartment outside the city will cost roughly INR 1.04-1.21 lakh or S$1,900-2,200 every month.
Transportation & Travel Expenditure
Another contributor to the cost of living in Singapore for Indian residents is a travel and public transportation. Public transportation facilities are excellent in Singapore, and you can expect to pay anything around S$100-120 for a monthly bus pass which works out to roughly INR 5,600-6,720 every month. Expect to also pay around INR650-850 or S$12-15 for a 5-mile journey by taxi.
Living Expenses in Singapore
The average cost of living in Singapore is roughly S$1,100-1,400 (roughly INR 62-78,000) per month without rent. This is around S$700-730 for a student at university or approximately INR 39-41,000 per month.
Expenses for international and Indian students in Singapore
The cost of living in Singapore for students also includes the following components:
- S$20,000 (roughly INR 11.20 lakh) per year in tuition costs. This contributes immensely to the cost of living in Singapore for Indian students.
- S$350 (roughly INR 19-20,000) for meals at the hostel per month.
- S$45 (approximately INR 2,520) per month in public train costs with a subsidized pass.
- Average restaurant meals cost S$50 (INR 2,800) for two people.
- Movie tickets also cost roughly S$10 (INR 560) for one individual.
- You will need roughly S$300-500 per month for occasional dining out, movies, and coffee. This is approximately INR 16-28,000 on average.
- S$40 or INR 2,240 per month in internet costs.
- S$150 or INR 8,400 in costs on books and stationery.
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Healthcare costs and expenses
Healthcare is robust in Singapore, and people with permanent residency have eligibility for state-funded insurance. Private medical insurance is recommended for those living in Singapore. A basic health check-up costs roughly S$50 or approximately INR 2,800.
Tips to reduce expenses in Singapore
- Get SIM-only mobile phone plans.
- Cook and pack your meals.
- Share monthly subscription plans with fellow tenants and friends.
- Hop onto MRT rides in the early mornings.
- Use apps that offer discounts on food, groceries, and other purchases.
- Wait out for sales to buy basic items in bulk with attractive discounts.
- If you cannot stop dining out, watch out for special credit cards and other offers on Fave, Burpple, and Chope platforms.
- Switch off appliances and electrical points when not in use.
- Rent an apartment in a connected but less fancy location to save on rent.
Q1. What is the monthly cost of living in Singapore?
A. The monthly cost of living in Singapore is roughly S$1100-1400 or INR 60,000-75,000 (approximately) excluding rent. This can shoot up to approximately S$4,400 per month for a family of four people or roughly INR 2.46 lakh.
Q2. How expensive is rent in Singapore?
A. Rentals for a 480 sq ft furnished studio apartment in a posh area will be S$3,078 or INR 1.72 lakh per month. The same-sized apartment in a regular area will cost about S$2,026 or INR 1.13 lakh per month. Utilities will cost you roughly S$114 (INR 6,384) each month.
Q3. Is Singapore an expensive place to live?
A. Singapore is a costlier place to live for many students. However, international students’ tuition fees are comparatively lower than in many other countries. Singapore is reportedly 17.20% cheaper than New York City, excluding rentals. Rentals are roughly 34.97% lower than NYC as per several reports; Singapore is also 1.4% costlier than Canada, while it is 27.6% costlier than the United States of America overall. High-end lifestyles require a minimum of S$9,700 per month, which equates to roughly INR 5.43 lakh. At least S$5,000 or INR 2.8 lakh is needed for living comfortably in the island nation.