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Planning to Move to Mumbai: Here is How Much it Costs to Live in the Financial Capital

Author
Blox Social
Posted on
May 22, 2023
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Who doesn’t dream of owning a home in Mumbai? The coastal metropolis offers everything to fulfil one’s ambition of a world-class lifestyle: international-standard apartments and homes, lucrative industries, millions of employment opportunities, the glitz and glamour of Bollywood, and the enchanting views of the Arabian Sea. No wonder it is the financial and entertainment hub of the country. 

However, living in Mumbai is not cheap. In fact, Mumbai living expenses consistently rank amongst the highest in India, thanks to its rising costs of housing, transportation, food, education, health care and entertainment. But that should not deter anyone from moving to Mumbai. It is a city where all your dreams can come true, and the earning potential is high enough to afford any kind of lifestyle you want. Yet, one should have a clear idea of the lifestyle costs before moving to the city.

If you are planning to shift to Mumbai soon, then this blog will give you an overview of how much it costs to live in Mumbai, and what factors you should consider before making the move. These numbers are according to Numbeo.

Housing

Housing is indeed the biggest of Mumbai living expenses for most residents. The rent is typically quite high, especially in the central and south Mumbai areas, where most of the offices, businesses and attractions are located. The average rent for a one-bedroom apartment in the city centre is Rs. 44,000 per month, while a three-bedroom apartment costs Rs. 1.2 lakh per month. In comparison, the average rent for a one-bedroom apartment in the outskirts of the city is Rs. 26,000 per month, while a three-bedroom apartment costs Rs. 66,000 per month. If you are looking to buy a property in Mumbai, then you must know that it is one of the most expensive yet lucrative real estate markets in the country. The average price per square metre for an apartment in the city centre is Rs. 5 lakhs, while in the outskirts, it is Rs. 2.3 lakh.

Transportation

Transportation is another major expense for people living in Mumbai. The city has a vast network of public transport options, including buses, trains, metro, monorail, taxis and auto rickshaws. A monthly pass for public transport costs Rs. 355, while a one-way ticket costs Rs. 20. A taxi ride within the city costs Rs. 29.50 per km, while the petrol price is usually around Rs. 107 per litre.

Food

Food is another of the Mumbai living expenses you need to account for. The city offers a variety of cuisines and dishes to suit every taste and budget. However, eating out can be quite expensive, especially in upscale restaurants and cafes. A meal in a humble restaurant costs Rs. 300, while a meal in a mid-range restaurant costs Rs. 1,500 for two people. If you prefer to cook at home, you will need to spend around Rs. 5,000 per month for groceries for one person.

Education, Healthcare and Utilities

Education is another important expense for people living in Mumbai. The city has some of the best schools and colleges in the country. The average monthly fee for a preschool or kindergarten is Rs. 7,000, while the average annual fee for a primary international school is Rs. 2.75 lakhs. The average annual fee for a college or university ranges from Rs. 50,000 to Rs. 10 lakhs, depending on the course and institution. As for healthcare, Mumbai indeed has some of the best hospitals and clinics in the country. The average cost of a doctor's visit is Rs. 500, while the average cost of a dental check-up is Rs. 1,000. 

As for utilities like the electricity, telephone, internet, water, etc., one can expect a total living expense of Rs. 4,000 - 5,000 per month.

Entertainment

Entertainment is another discretionary expense for people living in Mumbai. The city has a vibrant nightlife and cultural scene, with many bars, clubs, cinemas, theatres, museums, parks and malls to choose from. However, these places can be quite expensive on weekends and holidays. A movie ticket costs Rs. 350, while a cocktail in a club costs Rs. 500. A gym membership costs Rs. 2,000 per month. An average haircut costs Rs. 300, while a manicure would cost Rs. 500.

Conclusion

On an average, any person can expect to have monthly Mumbai living expenses around Rs. 30,000 – without including rent. This number goes up to Rs. 1 lakh+ for a family of four in Mumbai. By keeping this information in mind, you will be able to pick out the best locality in the city to live and lead a desired yet affordable lifestyle!

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