Cost of living in Monaco
Monaco, a sovereign city-state on the French Riviera, is renowned for its luxurious lifestyle and high cost of living. Understanding the cost of living in Monaco is crucial for anyone considering relocating or visiting this glamorous destination.
This guide provides a detailed breakdown of the expenses you can expect in Monaco, covering everything from dining and groceries to housing and transportation.
Cost of Living Summary
Dining and Restaurants
- Inexpensive Restaurant Meal - A meal at a casual restaurant will typically cost $20.41 on average, with a range between $15.70 and $36.63.
- Mid-Range Restaurant (Three-Course Meal for Two) - For a more upscale dining experience, expect to pay around $156.97, with prices ranging from $125.58 to $230.22.
- Fast Food (e.g., McDonald's) - A McMeal or equivalent combo meal averages $12.03, with a range between $10.46 and $13.08.
- Beverages (e.g., Domestic Beer, Imported Beer, Cappuccino, Coke/Pepsi) - Domestic beer ranges from $4.71 to $12.56, imported beer $6.28 to $12.56, cappuccino $2.62 to $8.37, and Coke/Pepsi $2.62 to $6.17.
Grocery Prices
- Milk - Milk is priced between $1.57 and $2.09 per liter, averaging $1.83.
- Bread (Loaf of Fresh White Bread) - A loaf of fresh white bread costs between $2.47 and $5.23, with an average price of $3.85.
- Eggs (Dozen) - A dozen eggs range from $2.51 to $4.77, averaging $3.47.
- Fruits (e.g., Apples, Oranges) - Apples cost $1.73 to $3.14 per kg, while oranges range from $1.83 to $3.14 per kg.
- Vegetables (e.g., Potatoes, Lettuce) - Potatoes are priced between $1.57 and $2.45 per kg, and lettuce costs $1.25 to $2.09 per head.
Transportation
- Public Transport (One-Way Ticket) - A one-way local transport ticket costs $2.09, with a monthly pass priced at $23.02.
- Fuel (Gasoline) - Gasoline is priced between $2.09 and $2.23 per liter.
- Taxi Fares - Taxi fares start at $6.91, with a cost of $1.47 to $1.78 per km and $83.72 per hour of waiting.
Housing Costs
- 1-Bedroom Apartment Rent (City Centre) - Rent for a 1-bedroom apartment in the city centre ranges from $4709.11 to $13604.09, averaging $7894.15.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $2092.94 to $13080.86, averaging $6278.81.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre ranges from $9418.22 to $62788.11, averaging $29126.70.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $6278.81 to $8371.75, averaging $7325.28.
- Buying Price per Square Meter (City Centre) - The price per square meter to buy an apartment in the city centre ranges from $68020.45 to $94182.16, averaging $80229.25.
- Buying Price per Square Meter (Outside Centre) - Outside the centre, the price per square meter ranges from $51276.95 to $104646.84, averaging $66973.98.
Utilities
- Basic Utilities (Electricity, Heating, Water, etc.) - Basic utilities for an 85m2 apartment cost between $246.28 and $340.10, averaging $300.11.
- Internet - Internet services range from $51.28 to $75.35, with an average cost of $59.65.
Cost of Living Data
Restaurants
Restaurants
Markets
Markets
Transportation
Transportation
Rent Per Month
Rent Per Month
Utilities (Monthly)
Utilities (Monthly)
Sports And Leisure
Sports And Leisure
Clothing And Shoes
Clothing And Shoes
Buy Apartment Price
Buy Apartment Price
Salaries And Financing
Salaries And Financing
Childcare
Childcare
"Key Takeaways"
Monaco is known for its high cost of living, particularly in terms of housing and dining. The city offers a luxurious lifestyle, but at a premium price.
Renting or buying property in Monaco is significantly more expensive compared to many other cities, with prices reflecting its status as a luxury destination.
Transportation costs are relatively moderate, with affordable public transport options available, although owning a car can be costly due to high fuel prices.
Grocery prices are also on the higher side, reflecting the overall cost of living in this affluent city-state.
Conclusion
Living in Monaco offers a unique blend of luxury and exclusivity, but it comes with a high price tag. The cost of living is among the highest in the world, driven by expensive housing, dining, and grocery costs.
For those who can afford it, Monaco provides an unparalleled lifestyle with its beautiful Mediterranean setting and vibrant cultural scene. However, potential residents should be prepared for the financial demands of living in such a prestigious location.