Average Cost of Living in Singapore to Live the Dream

November 23, 2024 | 06:00 pm

TEMPO.CO, Jakarta - Singapore has been ranked the world's most expensive city to live in by the Economist Intelligence Unit (EUI) for the past decade. Despite impressive GDP growth, the country's heavy reliance on imported goods and lack of land contribute to the overall exorbitant cost of living in Singapore. 

If you are considering a long-term stay in the city-state, this article provides an overview of the average cost of living in Singapore, covering the essential expenses such as housing, food, transportation, education, and other necessities, with insights compiled from various sources. 

Cost of Living in Singapore 

The cost of living in Singapore can be largely influenced by factors such as lifestyle, inflation, economic conditions, and citizenship. Unlike Singapore citizens and permanent residents, who receive a living allowance from the government, expatriates/foreigners are likely to have higher monthly expenses. 

Estimated monthly expenses for single adults and families with children can vary significantly, taking into account other essentials such as childcare costs, insurance payments, and education fees. 

Let's take a look at the different aspects that affect the cost of living in Singapore. 

1. Rent and House Bills 

Rent prices in Singapore are particularly expensive, mainly because the country suffers from land scarcity issues. With over 5.4 million people living in the island-state, it's quite difficult to get a good deal on housing.

Individuals should expect an estimated price of S$942 to S$4709 for a monthly condominium apartment. Rent can also be much more expensive for accommodation in popular areas of the city such as Orchard Road, River Valley, Tanglin, Holland, Village, Serangoon and Thomson. 

Other household bills such as electricity, water and internet packages for single adults are expected to be around S$45 to S$168.  

2. Food Prices 

According to the Singapore Food Agency report, Singapore currently imports over 90 percent of the country's food supply, making it vulnerable to climate change, disease outbreaks, and food price volatility in the global food ecosystem.  

Non-Asian products such as milk, cheese and bread, as well as non-tropical fruits, tend to be more expensive.

3. Transportation 

Business Insider said that Singapore has been called the world's most expensive city-state to buy and own a car due to the high costs of gas, car insurance, parking, road tax, and car maintenance. 

Fortunately, the country has a remarkably integrated public transportation system that allows more people to commute in comfort. It's also widely known that Singapore is one of the most walkable countries in the world, with pedestrian safety a top priority for the government.

4. Healthcare 

Rising healthcare costs have been an ongoing concern over the past few decades, with an annual inflation rate of 2.30%, according to Smart Wealth SG. The high costs are commonly attributed to factors such as increased life expectancy, workforce and operational costs. 

5. Education 

Over the past 20 years, there have been reports of a dramatic increase in the cost of education, mainly due to the rising demand from younger generations to pursue higher education. Citing Smart Wealth SG, the number of education fees has risen by 74.7%, from 2003 to 2023. 

While the cost of living in Singapore is undeniably expensive compared to neighboring countries, the city-state offers a unique blend of world-class infrastructure, safety, and quality of life that continues to attract people from around the world.

Smart Wealth | SFA

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