Monaco is a tiny, but super fancy, country in Europe, it lies between France and the Mediterranean Sea. The average cost of living in Monaco is around 8000 EUR per month for a single person, and it can vary according to one’s living standards. In addition, the average cost of rent in Monaco is approximately 4500 EUR to 6000 EUR per month.
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, such as education, rent, food, transportation, utilities, healthcare, and many others. So, let’s begin our discussion without any further delay.
This Blog Includes:
Cost of Living in Monaco for International Students
On average, the cost of living in Monaco for international students is 60% higher than in the US but it frequently attracts students from every corner of the world due to its unmatched high-quality education system, educational programs and living standard. Here, we have given the general breakdown of the average cost of living in Monaco in different categories for the emigrants who wish to move here. 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 6,271 EUR 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 | 6,271 EUR |
Apartment (1 bedroom) Outside of Centre | 4,665 EUR |
Apartment (3 bedrooms) in City Centre | 21,100 EUR |
Apartment (3 bedrooms) Outside of Centre | 10,250 EUR |
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 133 EUR 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) | 2.33 EUR |
Loaf of Fresh White Bread (500g) | 3.67 EUR |
Rice (white), (1kg) | 4.09 EUR |
Eggs (regular) (12) | 3.99 EUR |
Apples (1kg) | 3.5 EUR |
Banana (1kg) | 6.67 EUR |
Oranges (1kg) | 2.92 EUR |
Tomato (1kg) | 4.36 EUR |
Potato (1kg) | 3.58 EUR |
Onion (1kg) | 3.67 EUR |
Lettuce (1 head) | 2.55 EUR |
Water (1.5 liter bottle) | 5.33 EUR |
meat, egg, drinks and Other items | 87 EUR |
Cost of Utilities in Monaco
The Basic Utility Cost in Monaco is around 416 EUR /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) | 303 EUR |
Monthly Plan of Mobile Phone (with Calls & 10GB+ Data) | 46 EUR |
Internet (60+ Mbps, Unlimited Data, Cable/ADSL) | 68 EUR |
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 36 EUR 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) | 2.00 EUR |
Monthly Pass(Regular Price) | 36.00 EUR |
Taxi Start(Normal Tariff) | 5.00 EUR |
Taxi 1km(Normal Tariff) | 1.70 EUR |
Taxi 1 hour Waiting(Normal Tariff) | 80.00 EUR |
Gasoline (1 litre) | 2.10 EUR |
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 pursue 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 | 14,000 EUR |
Master Programs | 18,000 EUR |
MBA Program | 41,900 EUR |
DBA Program | 59,500 EUR |
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 2,200 EUR for private health check-ups and about 1,850 EUR 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 30,000 EUR per year in Monaco. Also, a working professional in Monaco can earn from 2,452 EUR to 7,923 EUR 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
Answer: The Cost of living in Monaco is around 8000 EUR per month for a single person, 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 6,271 EUR to 4,665 EUR. For a family of 4 members, it is around 21,100 EUR to 10,250 EUR 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.
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.