Renowned for its economic prowess and modern allure, Singapore has earned a reputation as one of the world’s most expensive cities to live in.
The Cost of Living in Singapore: A Breakdown
Singapore’s cost of living is influenced by various factors, and recent statistics reveal that the average monthly expenses for a single person range from SGD 3,000 to 4,000.
A significant portion of this budget is allocated to housing, groceries, dining, and transportation.
Housing Expenses
Rental rates for a one-bedroom apartment in the city center can be approximately SGD 2,500 per month, contributing significantly to the overall cost of living.
Groceries and Dining Out
The culinary scene in Singapore is diverse but can be relatively costly. Monthly expenses for groceries and dining out typically range from SGD 300 to 600.
Transportation Costs
Singapore’s efficient public transportation system comes at a cost of approximately SGD 100 to 200 per month, covering public transport and occasional taxi rides.
Decoding Salaries in Singapore
The quest for a decent living in Singapore hinges on securing a salary that aligns with the city-state’s high cost of living. Industry and job position play pivotal roles in determining what constitutes a decent salary.
Average Monthly Salary
The average monthly salary to comfortably live in Singapore falls within the range of SGD 6,000 to 8,000. This range provides financial stability for various living expenses.
Decent Salary Benchmarks
While salary expectations vary across industries, a decent salary for entry-level positions is generally considered to be in the range of SGD 4,500 to 5,000 per month.
The Price of Real Estate in Singapore
Owning property in Singapore is a significant investment, and the cost varies based on factors like location, size, and property type.
Recent data indicates that the average price per square meter to buy an apartment in the city center is around SGD 27,934.39. Outside the city center, the price per square meter is around SGD 16,680.37.
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