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Can I Afford to Live in Spain in 2024?
Saturday, January 13, 2024 @ 11:53 AM

If you're planning a significant change in lifestyle by moving to Spain, one of the most crucial questions you'll have is - Can I afford it? Below, we'll discuss the projected costs of living in Spain in 2024 across categories like accommodation, leisure, travel, food, utility, and health.

1. Average Cost of Living

Spain is generally less expensive than other Western European countries. In the calculation of the cost of living, we include everything from rent, food, leisure, and health insurance, to name a few.

According to the Numbeo cost of living index for 2023, Spain ranked 38th out of 139 countries with an index cost of living of 54.09 (New York 100). If we assume a moderate rate of inflation and economic growth, the average monthly cost of living in Spain in 2024 would be around €1,500 - €2,500 for a single person.

2. Accommodation: Flats and Houses

Rent is usually the largest single expense in a budget. Rental prices vary depending on the area, with larger cities and coastal areas being more expensive.

According to data from the Spanish property portal, Idealista, the average rent in Spain in 2023 was €790. Nevertheless, in cities like Madrid or Barcelona, you could expect to pay around €1,200 for a decent one-bedroom apartment in the city centre. Assuming a 3-5% increase per year due to inflation, rental costs in 2024 would averagely cost between €815 and €1,260 per month.

3. Leisure Costs

Spain is famous for its rich culture and leisure activities. A movie ticket costs around €9, and a dinner for two at a mid-range restaurant will cost you around €40. A monthly gym membership is about €40. Given that inflation rate, we could expect a slight increase in these prices in 2024.

4. Travel Costs

Public transportation is efficient and reasonably priced in Spain. A monthly pass costs around €50-60 currently. Petrol costs approximately €1.2/liter. A domestic flight is between €50 and €200. These costs will likely see a slight increase in 2024.

5. Food Costs

Food prices can vary significantly depending on your lifestyle and where you shop. On average, a person might spend anywhere from €200-€400 a month on groceries. Dining out at affordable restaurants can still cost you around €10-€15 per meal.

6. Utility Costs

The cost of utilities - including electricity, heating, cooling, water, and garbage - for a 915 square-foot apartment can cost around €150 per month. Internet costs around €30-€50 monthly. Again, these costs may see a slight increase in 2024.

7. Health Costs

Spain's public healthcare system is excellent and free to residents who contribute to social security except for small co-payments for prescriptions. Private healthcare costs can be around €50-€200 per month depending on the coverage and individuals' requirements.

To sum up, while Spain might be more affordable compared to other Western European countries, moving there demands thorough financial planning. Always consider exchange rates, inflation, and your lifestyle habits when determining if you can afford to live in Spain.

Like 1


AOK said:
Sunday, January 14, 2024 @ 9:12 AM

Nothing in article about medical costs fir retirees. Medical benefits for this group can simply be moved from the UK to Spain free of charge.

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