Cost of Living in Monaco: A Comprehensive Guide on Monaco’s Expenses

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Cost of Living in Monaco: A Complete Guide

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. 

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 LocationMonthly Rent
Apartment (1 bedroom) in City Centre6,271 EUR
Apartment (1 bedroom) Outside of Centre4,665 EUR
Apartment (3 bedrooms) in City Centre21,100 EUR
Apartment (3 bedrooms) Outside of Centre10,250 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 ItemPrice
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 items87 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 TypeMonthly 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 TransportMonthly 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 MonacoApprox. Tuition Fees
Bachelor in Business Administration14,000 EUR
Master Programs18,000 EUR
MBA Program41,900 EUR
DBA Program59,500 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

Q1. What is the Cost of Living in Monaco?

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.

Q.2. What is the Average Monthly Rent in Monaco?

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.

Q3. Is Monaco an Expensive Place to Live?

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.

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