Cost of Living in Mumbai with all Monthly Expenses Details

Blog

Admin 20 Apr 2024 10,845 Views

Knowledge Advice

The cost of living in Mumbai, India, is generally higher than in other cities. In addition to the cost of living, the monthly expenses vary depending on how much you make and what kind of lifestyle you want to live. For instance, as rent in Mumbai can range from Rs 25,000 per month to Rs 2.5 lakh per month, the neighbourhood and the sort of accommodation you choose may significantly impact your monthly budget. If you want to buy a home, Mumbai is one of the most expensive cities in India. Prices start at about Rs 1.5 crore for a 350–400 square foot, a one-bedroom flat.

Cost of Living in Mumbai

Mumbai's cost of living is influenced by several factors, including location, kind of housing, monthly rent, travel time, and financial situation.
The average cost of living in Mumbai can range from Rs 40,000 to Rs 60,000.
The cost of living in Mumbai with rent is among the highest in India. The city is home to a large number of businesses and industries, which has led to an increase in the cost of living in India.

Expenses
Average cost
● Average restaurant charges for two
● Rs 1500
● The local transport pass cost
● Rs 400
● Taxi fare (km wise)
● Rs 22
● Fuel for cars and other vehicles
● Depends on the current rate
● The electricity bill for an apartment of area 800 square feet (average)
● Rs 3500
● Broadband or internet service
● Rs 800 monthly
● Rent for 1 BHK apartment
● Rs 25,000
● Cost of 1 BHK apartment
● Rs 1.5 Crore

Best Areas to Live in Mumbai

1. Juhu:-

A place that is home to many celebrities, this area has a lot of posh houses and apartments. It also has a great beach.

2. Bandra:-

A well-known suburb in Mumbai, it is known for its beautiful beaches and proximity to the airport and international spots such as the Taj Mahal Palace hotel & Tower and Juhu Beach. It's also home to lots of shopping malls, restaurants, and bars.

3. Versova:-

This suburb is located in South Mumbai with several beaches nearby where you can relax after a long day of sightseeing or work at the office! The area is also known for being very green with lush trees all around, making it an ideal place for nature lovers!

These are the best areas to live in Mumbai. Juhu, Bandra, Worli, Sea Face, Versova, and Malabar Hill are some of the posh areas in Mumbai.

Cost of Living in Mumbai for a Bachelor

The following factors will affect the cost of living in Mumbai for a bachelor:

● Rent and Purchase Price

A bachelor can rent a shared flat for between Rs 10,000 and 20,000 per month per bed. The monthly rent for individual apartments in Mumbai can reach Rs 30,000.

● Household Costs

The typical household expense for a bachelor is Rs 5,000. This price includes, among other things, electricity costs, household help, internet costs, and maintenance.

● Transportation

If local or public transportation is preferred, a daily journey for a bachelor will cost Rs 1,000 or less. It also depends on your route and the mode of transport you pick (non-AC or AC).

● Lifestyle

Everything depends on the restaurant you choose and the number of friends you hang out with. You should spend between Rs. 500 and Rs. 1,000 every day.

Cost of Living in Mumbai for a Student

Typically, students select well-connected suburban areas. They make decisions based on their universities' distance from the closest, reasonably priced areas. In the same way, the average rent for flats, PGs, and other forms of shared housing might vary in this city's various neighbourhoods in the following ways.

These are some areas that have affordable houses in Mumbai:

● Powai: 20,000 rupees

● Chembur - 12,000 rupees

● Rs 18,000 for Navi Mumbai

● Thane: 18,000 rupees

The rest of the cost of living in Mumbai for a student is the same as it is for a bachelor's, aside from this. Additionally, the student's lifestyle decisions will have a significant impact.

Cost of Living in Mumbai for a Couple

Depending on where they rent their home, working couples in Mumbai can expect to pay between Rs 30,000 and Rs 60,000 per month for housing.
Buying properties in Mumbai are very expensive. A 1 BHK apartment in Mumbai may cost between Rs 80 lakh and Rs 1.5 crore if you're thinking about buying one.
Cost of living in Mumbai for a couple is around Rs 40,000 a month in rent in addition to additional costs like domestic help, maintenance, power bills, and internet rates. It will cost the working couple about Rs 10,000 per month to utilise a car for transportation.

Cost of Living in Mumbai for Families

When deciding whether to live in a big city, a family with kids must make careful considerations. In the outskirts of this city, the rent for the apartments may range from Rs 40,000 to Rs 50,000 per month. A family may have to pay roughly Rs 2.5 crore for a typical 2 BHK property in Mumbai while purchasing a home.

Household Costs

A family may need to spend between Rs 30,000 and Rs 35,000 per month when all costs are taken into account, including school tuition, household bills, food, and accessories, among others. It implies that a family may have to pay close to Rs 4 lakh annually.

Cost of Transportation

When you choose a suburban area, you can keep your car maintained for as little as Rs 6,000 per month. If you remain in the major city, it can go up. The cost of fuel will vary according to how far your residence is from your office. On weekdays, the typical fuel cost for a 20-kilometer drive would be around Rs 10,000.

Rental flats in Mumbai rather than buying flats in Mumbai and making monthly payments can result in lower living costs in Mumbai.

Cost of Living in Mumbai vs Bangalore

● In comparison to Mumbai, Bangalore offers 6.22% lower costs on consumer items.

● Bangalore is 26.18% cheaper than Mumbai for rent and other consumer goods.

● Mumbai rents are 57.23% more expensive than Bangalore's.

● Bangalore has 21.74% lower restaurant prices than Mumbai.

● Bangalore offers groceries at a 3.04% lower price than Mumbai.

● Bangalore's purchasing power is 59.99% higher than Mumbai's (on a local level)

These are the cost of living in Bangalore vs Mumbai. Living in Mumbai costs higher than living in Bangalore.

FAQ'S

● How much is the cost of living in Mumbai?

In Mumbai, the cost of living can range from Rs 40,000 to Rs 1 lakh, depending on your household size.

● What is the cost of a house in Mumbai?

A residential property may cost anywhere from Rs 60 lakh to Rs 5 crore, depending on the area, the housing society, etc.

● What salary is needed to live comfortably in Mumbai?

So, a family of three may live well in Mumbai on a budget of Rs. 35,000–Rs. 40,000. This budget will rise to, say, Rs. 55,000-Rs. if you decide to reside in a pricier neighbourhood like South Mumbai.

About Author

Jatin Dubey

An enthusiastic content writer who is a law graduate and has been working as Real Estate Consultant for around 9 years.
He has worked with top Real Estate Agencies and Builders in Delhi, Bangalore and Pune. His skills to perform market analysis and explore high potential localities has helped many clients in the past.

Cost of Living in Mumbai with all Monthly Expenses