Everything You Need To Know About The Cost Of Living In Singapore

Many people wonder what the cost of living in Singapore is, seeing that it is always on the list of the most expensive places to live in.

Suppose you are an employee planning to accept a job offer in Singapore, moving there to start a business, or moving out to live on your own. In that case, you need to understand what your financial experience will be when working in Singapore. Some of the costs you will incur include:

Housing Costs

Getting a house is the first thing you think about when moving to a new place. Whether you want to buy a house or rent, housing cost is the biggest expense you will incur when living in Singapore. In as much as other things are expensive, housing is one of the most expensive things in Singapore.

Your budget should be a minimum of between $700 and $1,500 monthly if you want to rent, and around $1,500 to $3,000 monthly if you are buying a home and are eligible to buy an HBD property.

Renting cost

The majority of expats rent a home, but you should know that it is not cheap. If you are alone and want to rent a condo apartment that has a shared bathroom or room in shared HDB flats, it costs between $700 and $2,000 monthly.

If you do not want to share and want to rent a one-bedroom unit or a studio apartment in an HBD condo or flat, that costs between $1,500 and $4,500 monthly.

The difference in costs depends on the type of place you want to live. HDB flats are basic but cheaper, while condo apartments are fancier and have amenities like gyms and pools but are more expensive.

Another factor that determines the price is how close the apartment is to the city center. The closer it is to the city center, the more expensive it will be. The transport in Singapore is good, so you can save some cash by renting away from the city center.

Buying a Home

If you are a PR or Singaporean looking to get your home, you will either be looking to purchase an HDB flat or a private property. To buy an HDB flat, you must apply with your partner and be prepared to wed before getting the keys to the apartment.

New HDB properties are highly subsidised, and if you buy one, you are eligible to receive grants that they calculate depending on your income level. Prices can get very high for resale properties in more central places.

Unless you have a good income, you will need to service a large home loan if you want to buy a private property.

In general, for a resale HDB property, you can pay anywhere from $300,000 for a 3-room property. However, be prepared to spend millions for private property, with an average condo unit going for around $1 million.

If you pay a 10% down payment for your HDB or around 20% for your private property and request for a 25-year-loan, you need to pay between $1,500 and $4,500 monthly instalments for houses with the above price range.

Transportation Costs

Depending on the distance you cover daily and your preferred mode of transport, your monthly transportation cost will vary greatly. If you live close to the city center, you will use less transport cost than somebody who lives far away and still needs to come to work in the CBD.

Unless you have a lot of disposable or extra cash, it is not a good idea to buy a car in Singapore. They are expensive to buy and run and maintain and will cost you an extra $1,000-$2,000 monthly in fuel, parking, and car loan instalment costs.

Therefore, you have to rely on either MRT, buses, or taxis. Public transport in Singapore is affordable and will only cost you around $100- $120 monthly. However, if you use a taxi, it could add around $15 every time you use one.

Healthcare Costs

Singapore boasts of the best healthcare system around Asia and is number 6 in the world. They have cost-effective medical solutions and use state-of-the-art technology, which yields high success.

However, the government mandates employers not to give health insurance to their employees, making it tough for you if you are working in Singapore. Some of the average healthcare costs include:

General practitioner consultation- $40
Specialist’s consultation- between %75 and $125
X-ray and blood work- $80 and $50
Private lounges- $3,000
Ward fees- $30 for non-air-conditioned wards

If you have medical insurance that covers hospitalisation and surgery, it could cost a minimum of $2,000 annually.

Daily Expenses

These depend on your lifestyle, but some of the basic ones include:

Groceries – In Singapore, groceries could be more expensive than in other countries because they import a lot of their products. However, the average cost of groceries if you cook daily is a minimum of $200 monthly.
Food – If you buy food sometimes during working hours, you can go to a suburban hawker center where a meal goes for around $3-$4 without drinks. However, if you want to go to a restaurant, it could cost around $20- $30 in a midrange restaurant.

If you want to visit a fancy restaurant or take your partner on a date, it will cost you around $50 each if you include wine.

Coffee – Most people grab a coffee on their way to work, and in Singapore, you can get on from a local hawker center for around $1. However, in a Western-style chain like Starbucks or café, you can get one for around $5- $7.
Mobile data – For a SIM-only plan, it will cost you around $20 monthly.
Exercise – If you want to take a gym or other exercise and sports classes, the average cost is around $100 monthly. However, if you have some extra cash, you can get a more expensive monthly gym membership for around $120- $150.
Recreation – A movie ticket in Singapore goes for around $9 during the weekdays and around $13 on weekends.

If you want to entertain yourself or a group of friends with alcohol, that might cost you more than you expected, with a pint of beer being around $10- $15 in a bar at the city center.

If you want more of the latest on not only the cost of living in Singapore but also other news around the country, visit FutureWork. We’ll keep you filled in on the latest Singapore news, all from credible and reliable sources.

Everything You Need To Know About The Cost Of Living In Singapore