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Monaco is a tiny, but super fancy, country in Europe, it lies between France and the Mediterranean Sea. Before migrating to Monaco, expat students should be familiar with the average cost of living in Monaco to ensure they can budget effectively and live comfortably. This knowledge is crucial for planning and adjusting to the financial aspects of living in this renowned city.
Monaco is known for its Prestigious Universities, posh casinos, luxurious hotels, and cool entertainment. Students and job seekers often move to this country for its excellent quality of life and career opportunities. If you plan to move to Monaco, ensure you know all living expenses. In this blog post, we will show the cost of living in Monaco in various parameters. It will include as education, rent, food, transportation, utilities, healthcare, and many others. So, let’s begin our discussion without any further delay.
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Cost of Living in Monaco for International Students
The average cost of living in Monaco is around EUR 1,789 per month for a single person without rent (according to Numbeo data). However, it can vary according to one’s living standards. In addition, the average cost of rent in Monaco is approximately EUR 4400 to EUR 6000 per month.
On average, the cost of living in Monaco for international students is 60% higher than in the US. It frequently attracts students from every corner of the world due to its unmatched high-quality education system, educational programs and living standards. Here, we have given the general breakdown of the average cost of living in Monaco in different categories. Before moving to Monaco, students can get an idea of how much they have to keep with them:
Cost of Rent in Monaco
The average cost of rent in Monaco for a single person or student is around EUR 5,938 in the city centre. Depending on the budget and lifestyle of international students. The costs of living in Monaco concerning apartment rent are as follows:
| Apartment Location | Monthly Rent |
| Apartment (1 bedroom) in City Centre | EUR 5,938 |
| Apartment (1 bedroom) Outside of Centre | EUR 4,415 |
| Apartment (3 bedrooms) in City Centre | EUR 20,875 |
| Apartment (3 bedrooms) Outside of Centre | EUR 13,500 |
Also Read: Cost of Living in Wales: A Comprehensive Guide on Wales’s Expense
Cost of Grocery in Monaco
The average cost of groceries in Monaco is around EUR 133 per month, including meals, milk, water, vegetables, fruits and other items. These costs can impact the cost of living in Monaco as it is a daily expense here. Below is the list of a few grocery items with their prices available in Monaco:
| Grocery Item | Price |
| Milk (regular), (1 litre) | EUR 2.33 |
| Loaf of Fresh White Bread (500g) | EUR 4.20 |
| Rice (white), (1kg) | EUR 3.09 |
| Eggs (regular) (12) | EUR 3.99 |
| Apples (1kg) | EUR 3.40 |
| Banana (1kg) | EUR 5.75 |
| Oranges (1kg) | EUR 2.94 |
| Tomato (1kg) | EUR 4.13 |
| Potato (1kg) | EUR 3.58 |
| Onion (1kg) | EUR 3.67 |
| Lettuce (1 head) | EUR 2.44 |
| Water (1.5 liter bottle) | EUR 5.33 |
| meat, egg, drinks and Other items | EUR 87 |
Cost of Utilities in Monaco
The basic utility cost in Monaco is around EUR 302 /month for a single person, which is relatively low compared to the cost of living in Monaco but higher than in other countries. This utility cost in Monaco includes electricity, gas, a mobile plan, and internet. For your reference, we have given the Cost of Utilities in Monaco for immigrant students in the country:
| Utility Type | Monthly Cost |
| Basic Utility for 85m2 Apartment (Electricity, Heating, Cooling, Water, Garbage) | EUR 303 |
| Monthly Plan of Mobile Phone (with Calls & 10GB+ Data) | EUR 52 |
| Internet (60+ Mbps, Unlimited Data, Cable/ADSL) | EUR 68 |
Cost of Transportation in Monaco
Monaco has an amazing public transportation system facilitated by car, bicycle, bus, helicopter, rail, and water networks. Transportation contributes around EUR 36 per month for local city transport. It comes under the overall cost of living in Monaco.
Here are various modes of transportation with their fare costs:
| Mode of Transport | Monthly Cost |
| One-way Ticket(Local Transport) | EUR 2.00 |
| Monthly Pass(Regular Price) | EUR 22.00 |
| Taxi Start(Normal Tariff) | EUR 5.80 |
| Taxi 1km(Normal Tariff) | EUR 1.70 |
| Taxi 1 hour Waiting(Normal Tariff) | EUR 90.00 |
| Gasoline (1 litre) | EUR 2.10 |
Also Read: Cost of Living in Cuba: A Comprehensive Guide on Cuba’s Expense
Average Tuition Fees in Monaco
Monaco has top-notch undergraduate programs and postgraduate programs offered at the International University of Monaco. Suppose you decide to move to Monaco to study abroad for your higher studies. In that case, the essential thing for you is the average tuition fees at the International University of Monaco and the average cost of living in Monaco. Here in the table below, we have given the average tuition fee along with the program at the International University of Monaco:
| Programs at International University of Monaco | Approx. Tuition Fees |
| Bachelor in Business Administration | EUR 14,000 |
| Master Programs | EUR 18,000 |
| MBA Program | EUR 41,900 |
| DBA Program | EUR 59,500 |
Cost of Living Comparison: Monaco vs Other Cities
When comparing the cost of living in Monaco to other global cities, several factors should be considered. Monaco is well-known for its luxurious lifestyle, but understanding how its cost of living measures up against other cities is essential for making informed decisions about moving or long-term stays.
To provide a clear picture of how the cost of living in Monaco compares to major cities like those in the USA, the UK, Canada, Australia, Monte Carlo, New York, London, Singapore, Nice, and France, we have gathered relevant data. Here’s a detailed comparison for better clarity:
| Cost of Living City Wise | Average Cost of living | Comparison with Cost of Living in Monaco |
| Cost of Living in the USA | EUR 1,724 (excluding rent) | Lower than the Monaco |
| Cost of Living in the UK | EUR 1,584 (excluding rent) | Lower than Monaco |
| Cost of Living in Canada | EUR 987 (excluding rent) | Lower than Monaco |
| Cost of Living in Australia | EUR 1033 (excluding rent) | Lower than Monaco |
| Cost of Living in Monte Carlo | EUR 4339 (Including rent) | Lower than Monaco |
| Cost of Living in New York | EUR 1317 (excluding rent) | Lower than Monaco |
| Cost of Living in London | EUR 1,655 (excluding rent) | Lower than Monaco |
| Cost of Living in Singapore | EUR 1026 (excluding rent) | Lower than Monaco |
| Cost of Living in Nice | EUR 1487 (Including rent) | Lower than Monaco |
| Cost of Living in France | EUR 952 (excluding rent) | Lower than Monaco |
Things to Consider Before Moving to Monaco
Before finalising the cost of living in Monaco’s budget, a student should consider a few other notable things while moving to Monaco for higher studies. There are plenty of options for international students, including academic excellence and recreational opportunities. So, here are some things you should know before moving to Monaco:
Health System in Monaco
Monaco has excellent healthcare options, including both public and private services. The cost of healthcare in the public system is almost free because the government mainly funds it. Which contributes zero expenses to the cost of living in Monaco. However, adults cost around EUR 2,200 for private health check-ups and about EUR 1,850 for children.
Residence card at Monaco
To live and work in Monaco, you must receive a residency card from the French consulate. For this, you will need a lease or purchase agreement for real estate in Monaco and other supporting documents. The first residence card is a “temporary residence card” with a one-year validity period and two renewal options. Along with the cost of living in Monaco, one must remember to take a residence card for Monaco.
Work Opportunities in Monaco
Students on their college premises can search for part-time employment opportunities. Students typically earn around EUR 30,000 per year in Monaco. Also, a working professional in Monaco can earn from EUR 2,452 to EUR 7,923 per year, which makes the cost of living in Monaco negligible.
Tax in Monaco
Monaco is known for its almost zero-tax policy; personal income, wealth, or capital gains tax is not applicable here. This means one must not consider the tax cost when calculating the Cost of living in Monaco.
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FAQs on Cost of Living in Monaco
Answer: The cost of living in Monaco is around EUR 1,789 per month for a single person without rent, and it can vary according to where they choose to live, university selection, food choice and lifestyle.
Answer: The average cost of rent in Monaco per month for a single person or student is around EUR 5,938 to EUR 4,415. For a family of 4 members, it is around EUR 20,875 to EUR 13,500 per month, which makes the cost of living in Monaco affordable.
Answer: Yes, Monaco is an expensive place to live. The substantial cost of living in Monaco is 3.88 times more expensive than the global average, making it the costliest place on the planet.
Ans: Living in Monaco requires a substantial budget due to its status as one of the most luxurious and expensive destinations in the world. For a single person, the average cost of living is around EUR 1,789 per month, excluding rent. However, this amount can vary significantly depending on several factors, including your choice of housing, food preferences, and lifestyle.
So, this was all about the cost of living in Monaco. 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.
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