Cost of Living in Madrid: A Guide

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cost of living in madrid

Madrid has everything for students and young expats, from being warm and sunny all year to having good public transportation, quality education, and abundant work options. It is one of the nicest cities in Spain to live in. In fact, the Spanish capital is ranked 4th among the best urban cities and 10th among the best places to live in the world. If you’re moving to Madrid for study or work, the best way to prepare is to make a budget by learning how much it costs to live in Madrid. Hence, we have broken down the cost of living in Madrid in this blog to assist you. So, before further ado, let’s dive right in!

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Why Choose Madrid to Study Abroad?

Madrid is a sunny city that has a unique culture that is worth learning and experiencing firsthand. Before we see the cost of living in Madrid, here are some of the reasons why you should study abroad in this wonderful Spanish city.

  • Madrid’s universities are well-known throughout the world for their educational prowess. Furthermore, living and studying in Madrid will look fantastic on your resume.
  • The opportunity to experience the Spanish way of life in Madrid is motivation enough to visit! The slower pace of life allows you to cultivate stronger interpersonal bonds.
  • It comes as no surprise that Spanish is the most widely spoken language in Spain’s capital. While many people speak English, staying in Spain will greatly improve your Spanish skills.
  • Madrid offers a comfortable climate in which to savour all the greatest aspects of Spanish life, with notably pleasant weather in the spring and fall.
  • Thanks to programs geared to match the demands and expectations of many businesses, Madrid provides a good opportunity to study and get the necessary skills for a successful professional path.  

Must Read: Cost of Studying in Spain: A Guide

Cost of Living in Madrid

Now that you have ample reasons to consider Madrid as your next destination to study abroad, here is the breakdown of the cost of living in Madrid. Read below to find the average prices based on different categories.

Transportation/ Commutation

Here is a breakdown of the expenses:

TransportationAverage Price
One-way Ticket (Local Transport)1.50 €
Monthly Pass (Regular Price)42.00 €
Taxi Start (Normal Tariff)3.50 €
Taxi 1km (Normal Tariff)1.08 €
Taxi 1hour Waiting (Normal Tariff)22.00 €
Gasoline (1 liter)1.64 €
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)28,000.00 €
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)25,414.06 €

Food/ Restaurants

Here is a breakdown of the expenses:

RestaurantsAverage Price
Meal, Inexpensive Restaurant12.00 €
Meal for 2 People, Mid-range Restaurant, Three-course50.00 €
McMeal at McDonalds (or Equivalent Combo Meal)8.00 €
Domestic Beer (0.5 liter draught)3.00 €
Imported Beer (0.33 liter bottle)3.00 €
Cappuccino (regular)2.08 €
Coke/Pepsi (0.33 liter bottle)2.37 €
Water (0.33 liter bottle)1.58 €
MarketsAverage Price
Milk (regular), (1 litre)1.02 €
Loaf of Fresh White Bread (500g)1.46 €
Rice (white), (1kg)1.38 €
Eggs (regular) (12)2.65 €
Local Cheese (1kg)11.91 €
Chicken Fillets (1kg)7.54 €
Beef Round (1kg) (or Equivalent Back Leg Red Meat)12.71 €
Apples (1kg)2.24 €
Banana (1kg)1.83 €
Oranges (1kg)1.64 €
Tomato (1kg)2.36 €
Potato (1kg)1.35 €
Onion (1kg)1.42 €
Lettuce (1 head)1.08 €
Water (1.5 liter bottle)0.79 €
Bottle of Wine (Mid-Range)5.00 €

Utility Bills

Here is a breakdown of the expenses:

Utilities (Monthly)Average Price
Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment128.60 €
Mobile Phone Monthly Plan with Calls and 10GB+ Data16.07 €
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)28.62 €

Entertainment/ Recreation

Here is a breakdown of the expenses:

Sports And LeisureAverage Price
Fitness Club, Monthly Fee for 1 Adult37.81 €
Tennis Court Rent (1 Hour on Weekend)10.60 €
Cinema, International Release, 1 Seat9.00 €
Clothing And ShoesAverage Price
1 Pair of Jeans (Levis 501 Or Similar)47.01 €
1 Summer Dress in a Chain Store (Zara, H&M, …)23.89 €
1 Pair of Nike Running Shoes (Mid-Range)65.96 €
1 Pair of Men Leather Business Shoes72.00 €

Accommodation/ Housing

Here is a breakdown of the expenses:

Rent Per MonthAverage Price
Apartment (1 bedroom) in City Centre1,026.60 €
Apartment (1 bedroom) Outside of Centre770.26 €
Apartment (3 bedrooms) in City Centre1,720.98 €
Apartment (3 bedrooms) Outside of Centre1,264.82 €
Buy Apartment PriceAverage Price
The price per Square Meter to Buy an Apartment in the City Centre4,008.12 €
Price per Square Meter to Buy an Apartment Outside of Centre2,587.87 €

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Average Tuition Fees in Madrid

Tuition prices will vary depending on the program and institution you choose to study at. The average cost of fees for undergraduates and postgraduates is listed below. However, keep in mind that we only provide an average cost; you must confirm your tuition with the university of interest. 

Undergraduate Tuition Fee€6,000 – €20,000 / Year
Post-Graduate Tuition Fee€7,000 – €25,000 / Year

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Things to Consider Before Moving to Madrid

To assist you in settling in as a new student here, we’ve compiled a list of the top 7 things to remember when studying in Madrid that could make your student life in Madrid more comfortable, cost-effective, and full of unforgettable moments. 

Do not Purchase Individual Transport Ticket

If you’re intending to take public transportation in Madrid, don’t buy individual tickets. A 10-trip ticket is available for purchase at any metro station machine and can be used on both the metro and buses.

If you plan on being in Madrid for an extended period of time and utilizing public transportation frequently, the seasonal or yearly ticket is the ideal option for you. The seasonal ticket costs €20 per month and is exclusively available to passengers aged 26 and under.

Keep a Check on Free Walking Tours

When visiting a new city, taking a walking tour is one of the greatest ways to become acquainted with places to eat, museums to visit, and gorgeous parks to wander in. However, if you’re on a tight budget, guided trips can be prohibitively pricey.

Fortunately, the tourism office conducts FREE walking tours that depart from Plaza Mayor on a regular basis, and the informed interpreters have excellent ratings!

Don’t Pay for the Gym

Don’t pay for an expensive gym if you enjoy sports or maintain a fitness regimen. Most universities feature sporting facilities that you can use at a student discount. You can also join sports teams for football, rugby, basketball, and other sports.

If you prefer to be outside, Madrid boasts a plethora of parks, with most areas having at least one. 

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Special Discounts for Students

One of the main reasons people love Madrid is its captivating culture. There is never a shortage of fascinating museums, art galleries, or travelling exhibitions. However, if you want to spend an afternoon viewing ancient textiles or discovering the next local artist, don’t get tickets right away.

Students in Madrid can take advantage of numerous unique deals. The Prado Museum, for example, is completely free provided you produce your student ID. Many other museums provide discounted or free admission days. If you’d rather go to the movies, go on a Tuesday because it’s a little cheaper than the rest of the week.

Live in Student-Friendly Neighborhoods

As a new student in Madrid, you may not know where to reside. Madrid features a number of affordable, active, and student-friendly neighbourhoods. Sol, Malasaa, Lavapiés, Cheuca, and La Latina are a few examples. Just attempt to hunt for housing as soon as possible because the capital city is popular and housing is scarce.

Rent a Bike Instead of Buying One

Madrid is a vast city, yet the city centre is simple to navigate. The majority of Madrid inhabitants go by bike from one side of the city to the other, making it an ideal option for you to get around like a native while saving money.

Consider renting a bike rather than purchasing one when considering biking as your primary mode of transportation. Madrid has an excellent bike rental system, with outlets all around the city. The rental rates are inexpensive, and the ease of being able to pick it up or drop it off at multiple locations is invaluable.

Befriend People in Clubs

If you want to go out and explore some of Madrid’s many popular nightclubs, the entrance fees might quickly pile up, especially if you have to order full-price beverages.

One suggestion is to be kind to or make friends with bartenders, local DJs, bouncers, or those in charge of promotions at large clubs. If you’re on a tight budget, any form of discount, whether it’s at the door or off your bill at the end of the night, can assist.

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With the aforementioned factors in mind, you should estimate your spending budget while travelling/ shifting to Madrid. While you could probably pay more, this is a reasonably cautious estimate for someone on a tight budget looking to live/ travel to Madrid.

To summarize, the average monthly cost of living in Madrid is €720-1,454. This, of course, is dependent on a variety of circumstances, including whether you divide the cost of rent and utilities, where you live in the city and your dining and socializing habits.

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Compare the cost of living in Madrid vs India

You would require roughly 3,25,146.1 (3,692.5€) in Madrid to maintain the same standard of living that you may have with 1,40,000.0 in Delhi (assuming you rent in both cities).

What is the average cost of living in Madrid for 1 person?

Without rent, a family of four would spend $2,952.8$ (2,787.3€) each month. Without rent, a single person’s monthly costs are expected to be 945.3$ (892.4€).

What is the average rent in Madrid, Spain?

The average monthly rent for 85 m2 (900 sqft) furnished accommodation in a normal area would be something close to €1,066

We hope this blog helped you understand the Cost of Living in Madrid, Spain. For the cost of living in different countries/ cities, subscribe to Leverage Edu.

To conclude, if you’re planning to study abroad in Spain, or anywhere in the world, reach out to our experts and book a 30-minute free consultation at 1800 57 2000.

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