Cost of Living in Monte Carlo: Updated Prices, Comparison with Other Cities

As a student considering Monte Carlo for your studies, it’s essential to understand the cost of living in Monte Carlo to plan your budget effectively. It is known for its luxury, glamour, picturesque Mediterranean views and high quality of education. Which makes it a dream destination for many. However, its high-end lifestyle can come with significant expenses. 

Students often move to this vibrant city for its high-quality education and career opportunities. This blog post will show the cost of living in Monte Carlo 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 Monte Carlo: Overview

On average, the cost of living in Monte Carlo for international students is around EUR 4339 including, food rent and other essential expenses according to LivingCost data.

which places it in the top 0.1% of the most expensive cities worldwide. When factoring in rent for an apartment in Monte Carlo, range from EUR 2,157 to EUR 9,500 depending on location and apartment size.

Here is a general breakdown of the average cost of living in Monte Carlo in various categories for those planning to move here. This detailed information can help students prepare financially before relocating to Monte Carlo:

Cost of Housing Rent in Monte Carlo

The average cost of renting accommodation in the city centre for an individual or student in Monte Carlo is around EUR 4,600. Whereas you can find a one-room apartment outside the city centre for EUR 2,157.07, which is much lower. You can get rooms depending on the budget and lifestyle of international students. 

Housing rental costs in Monte Carlo cover the majority portion of the cost of living in Monte Carlo. For your convenience, we have collected some data on housing costs in Monte Carlo. Here’s a look at apartment rental costs in the city centre and outside the city:

Apartment Location	Monthly Rent
Apartment (1 bedroom) in City Centre	4,600 EUR
Apartment (1 bedroom) Outside of Centre	2,157 EUR
Apartment (3 bedrooms) in City Centre	6,900 EUR
Apartment (3 bedrooms) Outside of Centre	6,600 EUR

Also Read: Cost of Living in Wales: A Comprehensive Guide on Wales’s Expense

Cost of Grocery in Monte Carlo

The average cost of groceries in Monte Carlo includes the cost of milk, water, vegetables, fruits and other items. Grocery costs can significantly impact the cost of living in Monte Carlo, as they are a daily necessity for cooking at home. 

Managing these expenses is crucial for maintaining a budget in such an expensive city. For your convenience, we have provided a list of a few grocery items along with their prices available in Monte Carlo in the table below:

Grocery Item	Approx Cost
Milk (regular), (1 litre)	EUR 2.5
Loaf of Fresh White Bread (500g)	EUR 4.5
Rice (white), (1kg)	EUR 4
Eggs (regular) (12)	EUR 5.03
Local Cheese (1kg)	EUR 25
Apples (1kg)	EUR 5.33
Banana (1kg)	EUR 6.67
Oranges (1kg)	EUR 4.27
Tomato (1kg)	EUR 6.33
Potato (1kg)	EUR 5
Onion (1kg)	EUR 4.23
Lettuce (1 head)	EUR 4.33
Water (1.5 liter bottle)	EUR 5.33

Cost of Utilities in Monte Carlo

The basic utility cost in Monte Carlo is around EUR 426 per month for a single person. While this is a significant expense, it is relatively lower compared to other living costs in Monte Carlo. However, it’s important to note that utility costs in Monte Carlo are higher than in many other countries.

This utility cost in Monte Carlo includes electricity, gas, a mobile plan, and internet. For your reference, we have given the Cost of Utilities in Monte Carlo for immigrant students in the country:

Utility Type	Monthly Cost
Basic Utility for 85m2 Apartment (Electricity, Heating, Cooling, Water, Garbage)	EUR 426
Monthly Plan for Mobile Phone (with Calls & 10GB+ Data)	EUR 53
Internet (60+ Mbps, Unlimited Data, Cable/ADSL)	EUR 107

Cost of Transportation in Monte Carlo

Monte Carlo has an amazing public transportation system facilitated by car, bicycle, bus, rail, and water networks. The monthly cost of public transportation in Monte Carlo can be around 33.50 EUR. However, this cost comes under the average cost of living in Monte Carlo. For your reference, here is the cost of transportation in Monte Carlo for various modes of transportation:

Mode of Transport	Monthly Cost
One-way Ticket(Local Transport)	EUR 1.75
Monthly Pass(Regular Price)	EUR 33.50
Taxi Start(Normal Tariff)	EUR 5.00
Taxi 1km(Normal Tariff)	EUR 2.00
Taxi 1 hour Waiting(Normal Tariff)	EUR 100
Gasoline (1 litre)	EUR 2.17

Also Read: Cost of Living in Cuba: A Comprehensive Guide on Cuba’s Expense

Miscellaneous Costs in Monte Carlo

In addition to the primary categories of the cost of living in Monte Carlo, there are several other essential expenses to consider. Miscellaneous costs encompass items and activities that you’ll likely need or want during your stay, including clothing, entertainment, and minor healthcare services. Here’s a breakdown of these miscellaneous expenses in Monte Carlo:

Source: Numbeo, LivingCost

Cost of Living in Monte Carlo Compared to Other Cities

Monte Carlo is famous for its prosperity and high cost of living, making it one of the most expensive places to live globally. Monte Carlo is surpassing many major cities in the UK and the USA in terms of accommodation, groceries, and dining costs. Understanding these differences is crucial for anyone planning to move to or study in Monte Carlo, ensuring they can budget appropriately for this luxurious lifestyle.

To give you an idea of ​​how the cost of living in Monte Carlo, compares to the UK, the USA, New York, California, and Monaco. We have provided a detailed comparison below. Please have a look:

Cost of Living City Wise	Average Cost of living  (including rent)	Comparison with Cost of Living in Monte Carlo
Cost of Living in the USA	EUR 2240	Higher than Monte Carlo
Cost of Living in the UK	EUR 2009	Higher than Monte Carlo
Cost of Living in New York	EUR 3016	Higher than Monte Carlo
Cost of Living in California	EUR 2663	Lower than Monte Carlo
Cost of Living in Monaco	EUR 6019

Average Tuition Fees in Monte Carlo 

Monte Carlo has top-notch undergraduate programs and postgraduate programs offered at the University of Monaco. If you’ve chosen to move to Monte Carlo for higher studies, understanding the average tuition fees at university there is essential. This knowledge will help you manage both your study and living expenses, ensuring you can focus on your education without financial stress.

Please note that tuition fees may vary based on the chosen university, level of study, and field of study in Monte Carlo. See the table below for a summary of some of the tuition fees at University of Monaco:

Name of University	Level of Course	Approx. Tuition Fees
University of Monaco	Bachelor’s Degree	EUR 42,250 for 3 years of study.
	Master’s Degree	EUR 14,700 – EUR 29,250.
	Doctoral Studies	EUR 35,000.

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FAQs on the Cost of Living in Monte Carlo

So, this was all about the cost of living in Monte Carlo. 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.