Singapore is renowned as a global financial hub, but its high cost of living can be daunting for many. Let’s dive into the numbers that paint a picture of this expensive city:
Accommodation: Renting vs Buying
- Rent: A modest 2-bedroom apartment in the city center can easily cost $3,000-$4,000 per month, while a 3-bedroom unit averages $5,000-$6,000.
- Buying: Property prices are notoriously high. A 3-room flat in a public housing estate can cost over $500,000, while a condo in the city center can easily exceed $1 million.
Food and Groceries
- Groceries: A typical weekly grocery shop for a family of four can easily cost $200-$300. Fresh produce and imported items are particularly expensive.
- Dining out: A meal at a mid-range restaurant can cost around $30 per person, while a coffee at a café can range from $5-$8.
Transportation
- Public transport: Monthly passes for the MRT (mass rapid transit) system start at $120, while bus fares range from $1-$3 per ride.
- Private vehicles: Owning a car in Singapore is extremely expensive. A Certificate of Entitlement (COE), which allows you to register a car, can cost up to $100,000.
Education
- Public schools: While government-funded schools are affordable, fees for international schools can be astronomical. The annual tuition for a primary school education at an international school can exceed $30,000.
- Higher education: University fees can also be steep. The National University of Singapore charges around $25,000 per year for undergraduate programs.
Healthcare
- Public healthcare: Singapore has a universal healthcare system, but fees for non-citizens and foreign residents are high. A visit to a general practitioner can cost around $100, while a hospital stay can easily reach thousands of dollars.
- Private healthcare: Private hospitals and clinics offer higher-quality services but come with exorbitant costs. A private consultation can range from $150-$300.
Other Expenses:
- Utilities (electricity, water, gas): $150-$250 per month
- Internet and phone: $100-$150 per month
- Entertainment: $200-$300 per month for movies, concerts, etc.
Total Monthly Living Costs:
Based on these expenses, a couple or small family can expect to spend around $10,000-$12,000 per month on living expenses in Singapore. For those with higher incomes, the costs can easily exceed $15,000 or more.
Tables:
| Expense Category | Average Monthly Cost |
|---|---|
| Accommodation (rent) | $3,000-$4,000 |
| Groceries | $200-$300 |
| Public transport | $120-$200 |
| Healthcare (public) | $100-$200 |
| Utilities | $150-$250 |
| Entertainment | $200-$300 |
| Education (private) | $30,000-$40,000 per year |
| Accommodation (buy) | Average Price |
|---|---|
| 3-room HDB flat | $500,000-$600,000 |
| Condo in city center | $1 million+ |
| Utility Costs | Price per unit |
|---|---|
| Electricity (kWh) | $0.25-$0.35 |
| Water (cubic meter) | $1.00-$1.30 |
| Gas (cubic meter) | $1.20-$1.60 |
| COE Prices | Price per year |
|---|---|
| Car | $100,000-$150,000 |
| Motorcycle | $20,000-$30,000 |
| Goods vehicle | $90,000-$120,000 |
Conclusion:
Singapore’s high cost of living is a significant challenge for many residents. While the city offers world-class amenities and opportunities, it is crucial to factor in the hefty expenses before making a decision to move or reside in Singapore. By carefully managing expenses and prioritizing financial planning, it is possible to navigate the high costs and enjoy the vibrant lifestyle that Singapore has to offer.
