Cost of Living in Singapore
How would it feel to receive cash as your Valentine's Day present?
On Valentine's Day this year, Singaporeans received more cash payments through Budget 2023; including one-off cost-of-living special payments ranging from $200 to $400 in June 2023.
At first glance, living costs in Singapore appear high: holding the Guinness World Record as being one of the world's most costly cities to purchase a car and experiencing one of the highest rental price spikes ever in 2022; also ranking as the second most costly nation for fine dining costs worldwide; and seeing further rises despite efforts at controlling inflation - though costs continue to escalate!
As a working adult or potential expat considering accepting an offer to move to Singapore, chances are you are considering your monthly expenses in what was recently named one of the world's most costly cities by research by the Economic Intelligence Unit in 2022.) Here's some insight from their 2022 findings about expenses!
From rental costs to daily expenses, here is our 2023 Singapore Living Costs guide, covering everything you'll need for the cost of living across a range of budgets and lifestyles.
Singapore is a modern and affluent city-state in Southeast Asia, known for its efficient infrastructure, multicultural society, and high standard of living. However, the cost of living in Singapore is relatively high compared to other countries in the region. In this article, we'll take a closer look at the various expenses involved in living in Singapore, and how they affect the cost of living.
Singapore is widely considered one of the best places to live, and for good reason. They excel at everything they do - from public transit and business ecosystem development, to innovation across industries.
Singapore may offer some amazing advantages, but living there can come with a high price tag. Rent and education costs in particular can be prohibitively costly; but that doesn't mean you need to keep pace with Singaporean pricing to enjoy living comfortably within your means and within your budget.
Cost of Living in Singapore - Housing
Housing is one of the biggest expenses in Singapore, and it can vary greatly depending on the location and type of housing. Singapore has three main types of housing: public housing (also known as HDB flats), private apartments and condominiums, and landed properties.
Public housing is the most affordable option, with prices starting at around SGD 100,000 for a studio apartment and going up to SGD 1.5 million for a four-room flat. However, public housing is only available to Singapore citizens and permanent residents. Private apartments and condominiums are more expensive, with prices starting at around SGD 700,000 for a one-bedroom apartment and going up to SGD 5 million or more for a luxury condominium. Landed properties, such as bungalows and semi-detached houses, are the most expensive, with prices starting at around SGD 3 million.
In addition to the purchase price, there are other expenses associated with housing in Singapore, such as stamp duty, legal fees, and maintenance fees. Renting is also an option, with prices starting at around SGD 1,500 per month for a studio apartment and going up to SGD 10,000 or more for a luxury apartment or landed property.
No matter if you are moving overseas from another country or just transitioning out of parental homes in Singapore. Your biggest cost when renting or buying will likely be housing.
Budget at least $700-$3,500 per month when renting, and $1,500-$6,000 when purchasing property eligible to be bought via private sale in Singapore/PR.
Cost of Living in Singapore - Utilities
Utilities such as electricity, gas, and water are relatively affordable in Singapore. The average monthly electricity bill for a four-room HDB flat is around SGD 100, while the average monthly water bill is around SGD 25. However, the cost of utilities can vary depending on usage and the type of housing.
Internet and telecommunications
Internet and telecommunications are essential expenses in Singapore, as most people rely on them for work and communication. The cost of internet and phone plans in Singapore is relatively affordable, with prices starting at around SGD 30 per month for a basic plan.
Transportation
Singapore has an efficient and reliable public transportation system, which includes buses, trains, and taxis. The Mass Rapid Transit (MRT) and Light Rail Transit (LRT) systems are fast and convenient ways to get around the city-state. The cost of public transportation in Singapore is relatively affordable, with prices starting at around SGD 1.20 per trip on the MRT or bus. Taxis are also available but are more expensive, with fares starting at around SGD 3.20 for the first kilometer and increasing by SGD 0.22 for every additional 400 meters.
Owning a car in Singapore is expensive, due to taxes and fees. The cost of a new car in Singapore can be up to three times higher than in other countries, due to the Certificate of Entitlement (COE) system, which restricts the number of cars on the road. In addition to the purchase price, there are also other expenses associated with owning a car, such as road tax, insurance, and maintenance.
Cost of Living in Singapore - Food
Singapore is known for its diverse and delicious food, with a mix of local and international cuisines available. The cost of food in Singapore can vary greatly depending on the type of food and location. Hawker centers and food courts are popular and affordable options, with prices starting at around SGD 3-4 for a meal. Restaurants and cafes are more expensive, with prices starting at around SGD 10-15 for a meal.
Healthcare
Singapore has a world-class healthcare system, with both public and private hospitals
How much is monthly expense living?
Singapore is a vibrant city-state with a high standard of living. It is known for its efficient public transportation system, excellent healthcare, and world-class education. However, it can also be an expensive place to live, with high housing costs and other expenses. In this article, we will explore the monthly expenses of living in Singapore, including housing, food, transportation, utilities, healthcare, education, and entertainment.
Housing Expenses
Housing is one of the biggest expenses in Singapore, with many residents living in public housing provided by the government. The monthly cost of renting a two-room flat in a public housing estate is around $1,000 to $1,500, while a three-room flat can cost between $1,500 to $2,000 per month. Private housing, such as a condominium, can cost significantly more, with monthly rent ranging from $2,500 to $5,000.
Food Expenses
Singapore is known for its diverse and delicious food, and there are many options available at a range of prices. Hawker centers are a popular choice for locals and tourists alike, with meals costing between $3 to $5 on average. A meal at a mid-range restaurant can cost around $20 to $30, while a fine dining experience can be upwards of $100 per person. The average monthly expenditure on food per household was around $880 in 2020.
Transportation Expenses
Singapore has an efficient public transportation system, with buses and trains that reach all parts of the island. The average monthly cost of public transportation is around $100 to $150, depending on the distance and frequency of travel. Owning a car in Singapore can be expensive, with high taxes and COE (Certificate of Entitlement) fees. The average cost of owning a car in Singapore is around $1,000 to $2,000 per month, including the cost of the car, insurance, and maintenance.
Utilities Expenses
Utilities such as electricity, water, and gas are essential expenses that contribute to the cost of living in Singapore. The cost of utilities varies depending on the type of accommodation, with an average monthly bill of around $150 for a four-room HDB flat. The cost of internet and phone services can range from $30 to $100 per month, depending on the package and provider.
Healthcare Expenses
Singapore has a world-class healthcare system, but it can also be expensive for those without insurance. The cost of a doctor's visit can range from $30 to $50, while hospitalization costs can be in the thousands. The government offers subsidies for citizens and permanent residents, but foreigners may need to purchase health insurance to cover these costs.
Education Expenses
Education in Singapore is highly valued, and the cost of education can be a significant expense for families. The cost of primary and secondary education in Singapore is subsidized by the government, but private education and tertiary education can be expensive, with tuition fees ranging from a few thousand dollars to tens of thousands of dollars per year.
Entertainment Expenses
Singapore offers a range of entertainment and leisure activities, from theme parks and museums to parks and outdoor spaces. Admission fees for popular attractions can range from $20 to $50 per person, while free and low-cost activities are also available. The average monthly expenditure on entertainment per household was around $230 in 2020.
Total Monthly Expenses
Based on the above expenses, the total monthly cost of living in Singapore can range from $2,500 to $7,000 or more, depending on the individual's lifestyle and preferences. The cost of living can be significantly higher for those who choose to live in private housing, own a car, or eat at expensive restaurants.
Cost of Living in Singapore - Overview
Just as in most other countries, Singapore's lifestyle varies significantly by region. Some regions feature shopping districts, while others house the financial center - all factors that could impact your budget when living there.
Singapore's Central Region has long been associated with high rent prices due to being home to many shopping malls and financial hubs.
Singapore offers some of the cheapest rentals around; these regions tend to attract expats who do not wish to worry about purchasing cars to transport their children to school.
Regarding driving, purchasing a car in Singapore can be quite a financial strain. Not only are market valuation fees applied on top, but there are additional local fees that build up over time and serve to discourage people from owning private cars in favour of public transit use.
Groceries tend to be cheaper when purchased from local vendors or stores, versus mall-sourced items and brands.
Hawker centers have increasingly become the preferred dining option over luxury restaurants or commercial fast-food joints for dining out.
Singapore contains five regions you should become familiar with because these can have an enormous effect on your daily budget.
Central, North, East, North-East and West are the five regions categorized through an old postal code system, with 28 districts situated within each region.
Property developers and real estate agents find the division into districts convenient when seeking properties to develop or sell.
Cost of living differences do not significantly vary among these districts; however, renting prices could drive your monthly costs higher.
As part of an article that covers rent costs in Singapore, it seems only right and proper that we start by discussing just how much rent costs.