Cost of Living in Singapore: Updated Prices [2024]

Singapore is a global financial hub and a vibrant city-state. It is a prime destination for students with its high-quality education, diverse cultural landscape, and thriving job market. However, before moving here, understanding the cost of living in Singapore is crucial to making informed financial decisions during your stay. But what is the cost of living in Singapore?

With its high standard of living and exceptional quality of life, Singapore presents numerous opportunities and experiences. This guide will delve into various aspects of the cost of living in Singapore, from accommodation to dining, transportation, utility and more, providing a detailed overview to help you plan your cost of living in Singapore per month effectively. Let’s go!🚀

Cost of Living in Singapore

The average cost of living in Singapore for a single person is approximately SGD 4,031, based on LivingCost Data. Breaking this down, renting a one-bedroom apartment typically costs between SGD 2,666 and SGD 5,000. Food expenses average about SGD 722 per month, while transportation costs are roughly SGD 327. Overall, the total cost of living can vary depending on lifestyle, location, and personal preferences.

It is important to manage the fund in such a way that it does not put too much burden on you every month and all your needs are fulfilled. The cost of living in Singapore includes some important expenses like accommodation cost, food cost, utility cost, transportation cost and other costs. A detailed description of these expenses is given in the headings below. Please consider these carefully and plan your budget accordingly:

Also Read: Cost of Living in Australia: Updated Prices [2024]

Costs of Accommodation in Singapore

The major expense category contributing to the cost of living in Singapore is accommodation cost. It is important to determine where you choose to live. The prices for housing and accommodation are fairly high. But it can be solved. If you choose to move a bit to the outskirts of the city, it can help you to rent a flat for a lesser amount.

Singapore has a very well-developed rental sector, though it can be a little steep in your pocket. For students planning to move to Singapore, it’s crucial to research and compare rental prices across various neighbourhoods to find an option that fits both their needs and budget. Here’s a brief overview of what you might expect to pay for accommodation in Singapore:

1 bedroom Apartment in City Centre	SGD 3,557.62
1 bedroom Apartment Outside of Centre	SGD 2,666.58
3 bedrooms Apartment in the City Centre	SGD 7,055.26
3 bedrooms Apartment Outside of Centre	SGD 5,015.55

Cost of Utility in Singapore

For a one-bedroom apartment in Singapore, the average monthly utility costs are about SGD 217. This amount can fluctuate based on factors such as the specific utilities used and the size of the apartment. Including these utility expenses in your budget is important, as they can significantly affect your overall cost of living in Singapore for single person.

Utility services in Singapore cover essential amenities that enhance residents’ quality of life. These typSingaporeSingaporeically include electricity, water, gas, internet, and waste management. Here is a summary of the average utility expenses you can expect while living in Singapore:

Utility Type	Utility Name	Approx. Cost
Basic Utility Bills	Water, Electricity, Heating, etc	SGD 217
Internet	60 Mbps+, Unlimited Data, Monthly	SGD 46
Mobile Phone	Monthly Plan with Calls and 10GB+ Data	SGD 21

Costs of Dining in Singapore

For those who enjoy dining out, Singapore offers a rich and varied culinary landscape that can be both delightful and budget-friendly. The cost of eating out, however, can differ widely depending on the type of restaurant, the cuisine, and the location. Regular dining at restaurants can impact a student’s overall budget of the cost of living in Singapore for students.

On average, students spend about SGD 722 per month on food. Opting for home-cooked meals can be a more cost-effective strategy, allowing students to manage their expenses better. To give you an idea of dining costs, here’s a general estimate of what you might pay for meals at different types of establishments in Singapore:

Type of Restaurant	Approx Cost of Meal in Restaurant
Lunch Menu	SGD 12.85
Dinner in a Restaurant, for 2 person	SGD 91.87
Fast food meal, equiv. McDonald’s	SGD 9.90
Cappuccino	SGD 6.43

Cost Groceries in Singapore

Grocery expenses play a significant role in the daily cost of living in Singapore, especially if you prefer preparing your own meals. Your choice of foods and eating habits will largely influence your grocery budget, which in turn affects your overall monthly expenses.

To manage grocery costs effectively in Singapore, it’s wise to compare prices across various supermarkets and local markets. Prices can fluctuate based on the quality, quantity, and location of the products. Here’s a summary of the typical grocery expenses for those who plan to cook at home:

Grocery Item	Approx Cost
Loaf of Fresh White Bread (500g)	SGD 2.82
Rice (white), (1kg)	SGD 3.51
Eggs (regular) (12)	SGD 4.48
Local Cheese (1kg)	SGD 23.72
Water (1.5 liter bottle)	SGD 1.81
Milk (regular), (1 liter)	SGD 3.66
Apples (1kg)	SGD 5.73
Banana (1kg)	SGD 4.22
Oranges (1kg)	SGD 5.32
Tomato (1kg)	SGD 3.79
Potato (1kg)	SGD 3.13
Onion (1kg)	SGD 3.1
Lettuce (1 head)	SGD 2.27

Also Read: Cost of Living in Dubai: Updated Prices [2024]

Cost of Healthcare & Insurance in Singapore

Healthcare in Singapore is very strong. People who have permanent residency in Singapore may be eligible for state-backed health insurance, which helps with some of the costs of medical care. However, considering the average cost of living in Singapore, it is advisable for individuals to take private health insurance to ensure comprehensive coverage for all eventualities.

For instance, a medical checkup can cost around SGD 71.24. you can take health card and some benefits plan while living in Singapore. Let’s see them

• Health Card: To apply, go to your local City Office or the Ward Office’s Residential Affairs Division. The premium is calculated using your age and prior year’s earnings.

• The Essential Benefits Plan: There’s also a plan in place for low-wage employees and unemployed people. The Essential Benefits Plan (EBP) is the bare minimum of health insurance coverage required of all Singapore residents. It provides essential services at an affordable price.

Costs of Transportation in Singapore

Getting around Singapore is easy with its excellent public transport system. Most people prefer using public transport because it’s convenient and efficient. Given the congestion in some parts of the city, public transportation is ideal for daily commuting.

Utilising public transport can also help manage the overall cost of living in Singapore for students, as it is more affordable than owning and maintaining a private vehicle. For students, commuting to and from college means transportation costs will be a regular part of their routine. Review the below transportation cost and plan your travel expenses accordingly comfortably.

Transportation in Singapore	Average Cost
One-way Ticket (Local Transport)	SGD 2
Monthly Pass (Regular Price)	SGD 120
Taxi Start (Normal Tariff)	SGD 4.57
Taxi 1km (Normal Tariff)	SGD 1
Taxi 1hour Waiting (Normal Tariff)	SGD 20
Gasoline (1 liter)	SGD 2.86

Miscellaneous Costs in Singapore

Miscellaneous costs in Singapore, including gym subscriptions, movie tickets, clothing, and short medical appointments, should be considered when managing your budget for the cost of living in Singapore. These expenses are part of everyday life and can arise during your studies in Singapore.

While these costs may vary based on individual lifestyles and preferences, they are important to keep in mind for effective budget management. Please see the table below for a detailed list of these fees.

Miscellaneous	Approx Cost
Movie Ticket	SGD 14.78
Brand Jeans	SGD 95.50
Fitness Club	SGD 128.33
Brand Sneakers	SGD 133.86
Doctor’s visit	SGD 71.24

Cost of Studying in Singapore

Singapore is home to many universities and colleges, with most top institutions located in the central city. Understanding tuition fees at universities in Singapore is crucial for international students, as these costs can significantly impact their overall cost of living in Singapore. Tuition fees at the universities in Singapore vary depending on the specific program and level of study.

Some of the most popular courses offered in Singapore include BBA, MBA/PGDM, MIM, BE/Btech, and UG Diploma programs. Prospective students should carefully consider their educational goals and financial resources when planning for higher education in Singapore. Here is an overview of the average tuition fees at universities and colleges in Singapore:

University/College Name	1st Year Tuition Fees
National University of Singapore	SGD 17330 – SGD 170000
Nanyang Technological University	SGD 17800 – SGD 87710
Singapore University of Technology and Design	SGD 29900 – SGD 62080
Singapore Management University	SGD 21600 – SGD 358000
Duke-NUS Graduate Medical School	SGD 56300
INSEAD – Singapore	SGD 51110 – SGD 205000
Singapore Institute of Management	SGD 9200 – SGD 38750
SP Jain School of Global Management	SGD 29790 – SGD 54130
London School of Business and Finance	SGD 5500 – SGD 30280
Nanyang Polytechnic	SGD 12140
Nanyang Business School	SGD 39930 – SGD 87710
Nanyang Institute of Management	SGD 9420 – SGD 19800
PSB Academy	SGD 3740 – SGD 74640
Amity Global Institute	SGD 6000 – SGD 41000
ESSEC Business School – Singapore	SGD 17050 – SGD 75160
Lasalle College of the Arts	SGD 18000 – SGD 31500
Singapore Institute of Technology	SGD 24520 – SGD 38500
ERC Institute	SGD 9300 – SGD 14450
NUS-ISS	SGD 38050 – SGD 58640
James Cook University – Singapore	SGD 21330 – SGD 40180
Management Development Institute of Singapore	SGD 5120 – SGD 50220
Lee Kuan Yew School of Public Policy, NUS	SGD 27950 – SGD 63700
TUM Asia	SGD 20000 – SGD 39240
Singapore Polytechnic	SGD 12000 – SGD 26920
STEi Institute	SGD 5000 – SGD 8000
Ngee Ann Polytechnic	SGD 8350 – SGD 26920
Republic Polytechnic	SGD 12140 – SGD 26610
Embry-Riddle Aeronautical University – Asia	SGD 21420 – SGD 35340
Kaplan Higher Education Academy – Singapore	SGD 11980 – SGD 28680
SIM University	SGD 6420 – SGD 54940
East Asia Institute of Management	SGD 12400 – SGD 40300
Curtin University – Singapore	SGD 11080 – SGD 33240
Yale-NUS College	SGD 39590
Digipen Institute of Technology	SGD 32800
Auston Institute	SGD 9700 – SGD 48900
BMC International College	SGD 12000 – SGD 18660
Nanyang Academy of Fine Arts	SGD 9750 – SGD 10860
Temasek Polytechnic	SGD 9600 – SGD 12040
Dimensions International College	SGD 19800
East Asia Institute of Management-Queen Margaret University	SGD 12400 – SGD 23000
Temple University – Singapore	SGD 60940 – SGD 81250
EHL Hospitality Business School – EHL Campus (Singapore)	SGD 29180
University of Chicago Booth School of Business – Asia Campus	SGD 7100 – SGD 33850
Orita Sinclair School Of Design	SGD 8610 – SGD 19620
University of Nevada, Las Vegas Singapore	SGD 24600
FTMSGlobal Academy	SGD 15000 – SGD 26000

Cost of Living in Singapore Compared to Other Countries

Singapore is known for having a high living expense compared to many other cities worldwide. When considering living expenses in Singapore, you need to account for costs such as housing, transportation, dining, and entertainment. Despite these expenses, Singapore is appealing to those seeking a dynamic lifestyle with excellent amenities and opportunities.

To help you understand how the cost of living in Singapore compares to other countries like the

Dubai, United States, Malaysia, Hong Kong, Australia, London, Canada, and the United Kingdom, we have provided a comparison below:

City/Country	Average Monthly Cost	Comparison with Cost of Living in Singapore
Cost of Living in Dubai	SGD 2987	Lower than Singapore
Cost of Living in the United States	SGD 3260	Lower than Singapore
Cost of Living in Malaysia	SGD 780	Lower than Singapore
Cost of Living in Hong Kong	SGD 3501	Lower than Singapore
Cost of Living in Australia	SGD 3084	Lower than Singapore
Cost of Living in London	SGD 4465	Higher to Singapore
Cost of Living in Canada	SGD 2746	Lower than Singapore
Cost of Living in France	SGD 2072	Lower than Singapore
Cost of Living in the United Kingdom	SGD 2923	Lower than Singapore
Cost of Living in Japan	SGD 1473	Lower than Singapore

Tips to Manage Cost of Living in Singapore

Overall, the cost of living in Singapore is moderate but not cheap, particularly for students from countries with low exchange rates. If you’re going to Singapore as a student or because of a job with a fixed income, some simple lifestyle changes can help to reduce the cost significantly and make the most of your money.

Shopping and eating like a local person from Singapore can help you cut costs and have a more authentic experience. Here are some helpful hints for lowering your total cost of living in Singapore:

• Students pursuing a graduate degree or a PhD from one of Singapore’s prominent institutions might consider living in the relevant institution’s dormitory to save money.
• Students can utilise public transportation and share trips with other students instead of paying for private transportation. It will undoubtedly assist international students in lowering their living costs in Singapore.
• Certainly, eating at upscale restaurants or cafés regularly may be costly. As a result, you must seek a cost-effective choice. The university cafeteria and street food are both substantially less expensive options. Furthermore, certain bars and restaurants have higher drink/dinner costs. Takeout is a preferable alternative if at all feasible.
• When Living in Singapore, students can usually work part-time for roughly 20 hours per week. Students are hired as interns and freelancers by a variety of workplaces and businesses. As a consequence, you’ll be able to support yourself comfortably and cover your living expenses in Singapore.
• The average salary after tax in Singapore is around SGD 6,134.14. Which is more than the average cost of living in Singapore. it means you can live life comfortably while studying there.

Related Articles:

Cost of Living in Hanover: A Guide	Cost of Living in Lyon: A 2023 Guide
Cost of Living in Sapporo: A Guide	Cost of Living in Kazan: A 2023 Guide
Cost of Living in the Hague: A 2023 guide	Cost of Living in Leiden: A 2023 Guide

FAQs on Cost of Living in Singapore

This was all about the cost of living in Singapore. Many Indian students dream of pursuing education in foreign nations due to the exposure and career growth they offer. Consider joining a free counselling session with Leverage Edu if you plan to study abroad.