The average cost of living in Singapore in 2023
TL;DR
As per the survey,
- A common room costs $978 on average.
- A master room costs $1263 on average.
- A whole HDB unit costs $2840 on average
- A whole condo unit costs $3000 on average
After analyzing data and with the current rental prices,
- The average cost of living for a single person in Singapore is $2385
- The average cost of living for a couple in Singapore is $5000
- The average cost for a family with kids is around $6000. However, it highly depends on the number of kids and their ages.
- You must also consider tax, which I did not include in the monthly cost of living calculation.
Full Article
The cost of living is one of the hottest topics in the world right now. Most developed countries, including Singapore, are grappling with skyrocketing inflation. According to the most recent MAS (Monetary Authority of Singapore) report, Singapore’s core inflation in December 2022 was 5.1% and CPI-All items inflation was 6.5%.
I wrote two articles last year about the cost of living in Singapore for a single person and a couple. I’ve included links to both articles below for your convenience.
According to the statistics, these two articles are the most popular. Hence, I decided to write another article about the cost of living in 2023. However, instead of relying solely on my own expenses, I sought information from a few others this time. On Saturday, 11th of February, I conducted a survey to ask about the 2023 cost of living in Singapore and got 100 responses. These numbers help you do your math before relocating to Singapore. Otherwise, you can use these numbers for refinancing if you spend far more than the average.
The audience of the survey
I shared the survey link in a WhatsApp group where all participants are Sri Lankans working or studying in Singapore. I noticed that some of my Indian friends who work in Singapore also responded to the survey via my WhatsApp story.
The survey received one hundred responses. Eighty-two (82) are EP holders, 7 are S Pass holders, another 7 are Singapore PR, 2 are students, and the remaining 2 are dependent pass holders.
Forty-two (42) people have lived in Singapore for less than a year, 22 for more than seven years, 17 for 3-5 years, 10 for 1-3 years, and 9 for 5-7 years.
Thirty-seven (37) are Single or live alone in Singapore. Remaining 63 live in Singapore with family (with or without children)
All amounts are in Singapore dollars. As of today (12. Feb, 2023), 1 USD = 1.33 SGD
The average cost of living for a single person in Singapore
If you want to learn about the average cost of living for a couple or a family in Singapore, skip this section and go straight to the section titled “The average cost of living for a couple or a family in Singapore.”
The average cost of living for a single person in Singapore was calculated after analyzing the expenses of 37 single people.
Housing
The most popular way of accommodation for a Single person is to stay in an HDB common room. If you need a private washroom inside your room, you can choose a master room, and if you need more privacy, even you can go for an entire unit.
- 23 out of 37 (62%) responded that they stay in a common room, and the average cost of a common room is $978
- 11 out of 37 (30%) responded that they stay in a master room, and the average cost of a master room is $1263
- Only 3 out of 37 (8%) responded that they stay in an entire unit, and the average cost of an entire unit (HDB or Condo) is above $2500
- A single person pays $1230 on average for their accommodation.
As per my recent experience, a common room costs $1150 on average, and a master room costs $1400 on average.
Bills (Electricity, Water, Gas, Internet)
- 11 out of 37 responded that the utilities are included in the rental.
- A single person pays $70 on average for utility bills (electricity, water and internet)
Mobile
- 28 out of 37 (75%) responded that they pay $30 or less per month for mobile.
- A single person pays $40 on average for mobile.
Groceries (Veggies, fruits, meat etc.)
- 13 out of 37 said they spend $100 – $200 monthly for groceries.
- A single person spends $250 on average for groceries. This amount highly depends on how many times you cook and how many times you eat outside.
Dining Out
- 11 out of 37 (30%) responded that they spend $200-$300 dining out.
- A single person spends $325 on average for dining out.
Public Transportation (MRT & Bus)
- 26 out of 37 (70%) responded that they spend $50-$100 for public transportation
- A single person spends $80 on average for public transportation
Cabs & Taxis
- 14 out of 37 (38%) responded that they only spend $0-$30 for cabs
- A single person spends $75 on average for cabs and taxis
Personal Care (Haircut, Gym etc.)
- 14 out of 37 (38%) responded that they only spend less than $30 for personal care.
- 12 out of 37 (32%) responded that they spend $50 – $100 for personal care.
- A single person spends $56 on average for personal care.
Shopping (Clothing, Footwear etc.)
- 14 out of 37 (38%) responded that they spend $50 – $100 for shopping
- 8 out of 37 (22%) responded that they spend $100 – $150 for shopping
- A single person spends $100 on average for shopping
Subscriptions (Netflix, Spotify, Hotstar etc.)
- 17 out of 37 (46%) responded that they are not spending anything on subscriptions
- 9 out of 37 (24%) responded that they spend less than $20 for subscriptions
- A single person spends $7 on average for subscriptions
Entertainment (movies, social life, sports etc.)
- 13 out of 37 (35%) responded that they spend 0 – $30 for entertainment
- A single person spends $67 on average for entertainment.
Health Insurance and Healthcare
The results related to this category really surprised me.
- 20 out of 37 (54%) responded that they are not paying anything for insurance.
It’s quite risky to rely 100% on the company’s insurance. I linked another article on healthcare insurance in Singapore. There I mentioned why we need insurance apart from the one we get from the company. Consider reading it.
- A single person spends $40 on average for health insurance and healthcare. It’s around $500 per annum.
overall cost of living
Lastly, I asked how they would describe Singapore’s overall cost of living.
- 14 out of 37 (38%) responded that a single person’s cost of living in Singapore is between $1500 – $2000
- 12 out of 37 (32%) responded that the cost of living for a single person in Singapore is between $2000 – $2500
If we consider the above numbers, the average cost of living for a single person in Singapore is $2385
Summary
-
Housing $1275
-
Bills (Electricity, Water, Gas, Internet) $70
-
Mobile $40
-
Groceries (Veggies, fruits, meat etc.) $250
-
Dining Out $325
-
Public Transportation (MRT & Bus) $80
-
Cabs & Taxis $75
-
Personal Care (Haircut, Gym etc.) $56
-
Shopping (Clothing, Footwear etc.) $100
-
Subscriptions (Netflix, Spotify, Hotstar etc.) $7
-
Entertainment (movies, social life, sports etc.) $67
-
Health Insurance and Healthcare $40
-
Total $2385
As the last year’s article I published in April 2022, the average cost of living was 2195. If we compare the two numbers ($2195 vs $2385), the average cost of living is increased by 8.6%. This hike is mainly due to the increasing rental prices.
The average cost of living for a couple or a family in Singapore
The average cost of living for a family in Singapore was calculated after analyzing the expenses of 63 families.
Housing
- A family pays $2840 on average for an HDB unit, $3000 for a condo unit and $2300 for a studio apartment.
Four families responded that they share their unit with another individual or another family. Three out of these four stayed in Singapore for more than seven years. The remaining one stays in Singapore for 3-5 years.
The cost for accommodation if the family shares the unit with someone is as follows.
- HDB $1500
- Condo $2400
Bills (Electricity, Water, Gas, Internet)
- 6 out of 63 families responded that the utilities are included in the rental.
- A family pays $150 on average for utility bills (electricity, water and internet)
Mobile
- 21 out of 63 (33%) families responded that they pay $50 – $70 monthly for mobile.
- A family pays $77 on average for mobile.
Groceries (Veggies, fruits, meat etc.)
- 17 out of 63 (27%) families said they spend $400 – $500 monthly for groceries.
- A family spends $642 on average for groceries.
This amount highly depends on how often the family cooks and how often they eat outside.
Dining Out
- 18 out of 63 (29%) families responded that they spend $200-$300 dining out.
- Another 18 out of 63 (29%) families responded that they spend $100-$200 dining out.
- A family spends $250 on average for dining out.
Most South Asian families prefer to cook rather than dine out.
Public Transportation (MRT & Bus)
- 28 out of 63 (44%) families responded that they spend $100 or less on public transportation
- A family spends $125 on average for public transportation
Cabs & Taxis
- 19 out of 63 (30%) families responded that they spend $60-$100 for cabs
- A family spends $100 on average for cabs and taxis
Personal Care (Haircut, Gym etc.)
- 18 out of 63 (29%) families responded that they spend less than $30 on personal care.
- 16 out of 63 (25%) families responded that they spend $50 – $100 for personal care.
- A family spends $67 on average for personal care.
Shopping (Clothing, Footwear etc.)
- 15 out of 63 (24%) families responded that they spend $100 – $150 for shopping
- 13 out of 63 (21%) families responded that they spend $50 – $100 for shopping
- A family spends $134 on average on shopping
Subscriptions (Netflix, Spotify, Hotstar etc.)
- 12 out of 63 (19%) families responded that they are not spending anything on subscriptions
- 20 out of 63 (32%) families responded that they spend less than $20 on subscriptions
- A family spends $24 on average for subscriptions
Entertainment (movies, social life, sports etc.)
- 18 out of 63 (29%) families responded that they spend less than $30 on entertainment
- A family spends $87 on average for entertainment.
Health Insurance and Healthcare
- 21 out of 63 (33%) families responded that they only spend less than $50 for healthcare and insurance.
- 5 out of 63 families responded that they spend more than $400 on healthcare and health insurance. 4 out of 5 are living in Singapore with children.
Here is the article related to healthcare insurance in Singapore. There I mentioned why we need insurance apart from the one we get from the company. Consider reading it.
- A family spends $144 on average for health insurance and healthcare. It’s around $1728 per annum.
Children's Expenses (Daycare, School Fees etc.)
- 33 out of 63 (52%) families said they stay in Singapore with their children.
- 10 out of 33 (30%) families responded that they spend $1000-$1500 for their children’s expenses.
- A family spends $885 on average for their children’s expenses.
Children-related expenses may differ with their age and the number of children. I do not have such data to give more insides. This is to get a rough idea of children’s expenses.
overall cost of living for a family
- 13 out of 63 (21%) responded that a family’s cost of living in Singapore is between $4000 – $4500
Considering the above numbers, the average cost for a family (without children) living in an HDB unit in Singapore is $4800, and for a family living in a condo is $5200.
Summary
-
Housing $3200
-
Bills (Electricity, Water, Gas, Internet) $150
-
Mobile $77
-
Groceries (Veggies, fruits, meat etc.) $642
-
Dining Out $250
-
Public Transportation (MRT & Bus) $125
-
Cabs & Taxis $100
-
Personal Care (Haircut, Gym etc.) $67
-
Shopping (Clothing, Footwear etc.) $134
-
Subscriptions (Netflix, Spotify, Hotstar etc.) $24
-
Entertainment (movies, social life, sports etc.) $87
-
Health Insurance and Healthcare $144
-
Total $5000
Per last year’s article, which I published in August 2022, the average cost of living for a couple without kids is 4832. If we compare the two numbers ($4832 vs $5050), the average cost of living is increased by 3.5%
The cost of living for families living in Singapore with kids is nearly $6000 per month. It depends on the children’s age and the number of children.
Are you living in Singapore? If yes, what is your opinion about the above numbers? Consider adding your thought as a comment.
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