Madrid is the capital and largest city of Spain, while also being the capital of the autonomous community of the same name (Comunidad de Madrid).
Madrid is one of the biggest and most cosmopolitan cities in Europe, and the second largest city in continental Europe behind Berlin.
This just tells you that in here – you will be able to find everything you need.
Madrid has a little something for everyone – beautiful parks, old streets, uncountable terraces, bars, restaurants and nightclubs while also not being one of the most expensive European capitals.
Eating out is very expensive in Madrid nowadays, compared to other European capitals, and you can expect to spend around 13$ per meal per person plus something like 3$ for a very small bottle of Cola which means that you’ll probably spend around 20$ per person. When eating out, choose inexpensive restaurants that look decent. In the tapas bars, you should get free food with your drinks.
Food in supermarkets and grocery stores, however, is generally much cheaper than London, and for 12$ you can eat to your heart’s desire. Purchasing in a grocery store or a market is the best way to enjoy a variety of food and healthy groceries. Fresh veggies and fruit are always available at relatively low prices and you can often find them in open markets.
Commuting is going to be one of the main expenses for you in Madrid, as in every big city. However, Madrid is way cheaper than most of the big European capitals, such as London, Paris, Brussels, Rome, etc. Madrid proudly boasts one of the best public transportation networks in the world. It’s the best way to move downtown, since it’s also rather inexpensive. A transport card, valid for bus, metro, and cencanías trains, is 60$ a month, and around 25$ if you’re under 29.
Utilities are rather expensive in Madrid – since it’s the capital. All the basic ones, including water, cooling, heating and garbage services amount up to 160$ a month. Internet isn’t cheap either, costing around 48$ a month (or you can get slow internet which will then cost you about much less).
SPORTS & LEISURE
Sports and fitness are as pricey in Madrid as you would expect from a well-known European capital! A membership at a fitness club for one adult costs around 40$ a month. Keep in mind that there are many ways to save up on this expense and exercise in Madrid’s many parks and paths. Cinema tickets are also very expensive: going to the movies will cost you around 10$ per person.
CLOTHING & SHOES
Las Rozas Village Chic Outlet Shopping is a fantastic outlet in the suburbs of Madrid with villa-like shops where you’ll have a great time shopping! It’s actually just a part of the Chic Outlet Shopping Villages all around Europe with other villa-like outlets in Paris, Barcelona, Dublin, London, Milan. Here, you’ll find Levi’s jeans cost about 80$ while quality running sneakers cost about 85$.
RENT PER MONTH
If you want to live in the center of Madrid you probably won’t find anything for less than 800$, and that’s for a tiny studio with a bathroom and a kitchenette or 1000- 1200$ for a one-bedroom apartment. However, if you decide to share a room, that pleasure will cost between 300 and 500$. If you live a little bit outside the center. the prices will drop in some areas.
Cost of Living Averages Table for Madrid
|Average Restaurant Prices|
|Meal (Inexpensive Restaurant)||$13.62|
|Domestic Beer (0.5 Liter)||$3.41|
|Water (0.33 Liter)||$1.54|
|Average Market Prices|
|Milk (1 Liter)||$0.91|
|Loaf Bread (500g)||$1.17|
|Average Transport Prices|
|One Way Ticket||$1.70|
|Average Utilities Prices|
|Basic (Water, Electricity, Garbage, Heating, Cooling)||$158.01|
|1 min. of Prepaid Mobile Tariff Local||$0.21|
|Internet (Unlimited Data, Cable/ADSL)||$48.53|
|Average Leisure Prices|
|Fitness Club, Monthly Fee for 1 Adult||$44.92|
|Tennis Court Rent (1 Hour)||$14.37|
|Cinema, 1 Seat, International Release||$10.22|
|Average Clothing Prices|
|1 Pair of Jeans (Levis 501 Or Comparable)||$81.37|
|1 Summer Dress in a Chain Store (Zara, etc...)||$35.09|
|1 Pair of Adidas Walking Shoes (Mid-Range)||$84.40|
|Average Rent Prices|
|Apartment (1 bedroom) in City Center||$1008.13|
|Apartment (1 bedroom) Outside of Center||$737.87|
|Apartment (3 bedrooms) in City Center||$1796.94|
How Does the Average Person Spend Their Money in Madrid?
In Madrid, much like in Barcelona, without a doubt, the biggest chunk of an average paycheck gets spent on rent which is ridiculously expensive in this city.
The next huge expense is the food and a large portion of people’s salaries gets spent in markets or grocery stores.
Restaurants take up the next spot on the list, since food can get pretty pricey, and those who are well-off eat in restaurants practically every day.
Transportation is very expensive too and as usual, the smallest amount of money is spent on clothes and accessories, while sports and leisure take up more than 5% of all expenses.
Madrid: Average Salary, Minimum Wage & Mortgages
Madrid, as the capital suggests more opportunities, in terms of work, career growth, etc.
Despite the negative situation in the labor market in Spain as a whole, unemployment in Madrid is not so high compared to most other areas (especially southern Spain).
Nevertheless, the level of wages in Madrid is the same as in other, more “economical” areas.
An average monthly net salary in Madrid is pretty high, and though their expenses are high too, an average citizen of Madrid can live comfortably and have no problem earning for a living.
Cost of Living by City in Spain
*Click the name of the city for more information.
|City||Cost of Living Index|
|Las Palmas de Gran Canaria||47.39|
|Palma de Mallorca||65.17|
|Santa Cruz de Tenerife||48.69|