Cost of Living in Mumbai

Mumbai, India's financial capital is the globe's 6th most populous metropolitan area, with a sizable migrant population. Although many people continue to relocate to the city, the

Cost of Living in Mumbai remains a source of concern.

Mumbai is a densely populated city that is rapidly expanding. The city contains satellite settlements as well as urban developments. Even so, residing in the central areas can be costly. Depending on your lifestyle and standard of living, Mumbai could be one of the most expensive cities in India.

The monthly cost of living in Mumbai varies based on spending habits, kind of home ownership, and commuting patterns of couples, students, families, and bachelors. The estimated Cost of Living in Mumbai 2023 is detailed in this article.

Cost of Living in Mumbai 2023

The price of living in Mumbai can range from Rs 40,000 to Rs 1 lakh, based on your household size.

The average costs of expenses are as below:

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

Because the city is home to several premium residential hubs, this is necessary to limit your expenses based on your needs and select the location, taking into account all factors such as your monthly income/expenses, interconnection of your area, as well as infrastructural facilities.

Things to know before moving to Mumbai

Before relocating to Mumbai, consider the following factors to determine the approximate cost of living:

• Your current job or profession
• Whether you have a family or are a bachelor,
• Employment status Property type required (ownership, rented, partnership, and shared)
• Lifestyle options
• Every day commutes
• Distance from the workplace
• Expenses for food
• Domestic services are the most common type of job.
• Overhead expenses include electric bills, gas supply, internet bills, etc.

Is Mumbai safe for living?

Mumbai is a safer city than some other cities throughout the country. The city has a different vibe at night, and it's secure for a woman to venture out in the early hours because the city, as the saying goes, never sleeps. Public transportation, such as local trains, auto rickshaws, buses, and taxis, is available at night.

Cost of living in Mumbai for bachelors

The following factors determine a bachelor's cost of living in Mumbai:

Rent and purchase price

When you decide to reside in one of Mumbai's affluent neighbourhoods, monthly rent can run into lakhs. A bachelor can live in a shared apartment with a bed for Rs 10,000-20,000 per month. Individual apartments in Mumbai can cost up to Rs 30,000 per month.

Household expenses

The average household price for a bachelor will be approximately Rs 5,000. This price includes, among other things, domestic help, electric bills, internet bills, and maintenance.

Transportation

Transportation For bachelors, a daily commute will cost Rs 1,000 or less if local or public transportation is used. It also varies depending on the distance and mode of transportation (non-AC or AC).

Lifestyle

It all varies depending on the restaurant you choose and the number of people you hang out with. A respectable lifestyle in Mumbai will average cost you about Rs 500-1,000 daily.

For college students

Due to lower living costs, students prefer well-connected suburban areas such as:

• Powai – Rs 20,000
• Navi Mumbai – Rs 18,000
• Thane – Rs 18,000
• Chembur – Rs 12,000
• Parel and surroundings – Rs 18,000

Aside from that, the remainder of the cost of living in Mumbai for a student will be the same as for a bachelor. The student's lifestyle options will heavily influence it.

Cost of living in Mumbai for working couples

When living in the city with kids, a family must be strategic. In the city's outskirts, hired apartments, in addition to other outstanding expenses, cost Rs 40,000-50,000 each for a month. A family may have to spend around Rs 2.5 crore for a fundamental 2 BHK property in Mumbai.

The average costs of expenses for a family are as below:

• The average restaurant charges four Rs 3000
• The cost of 2 BHK apartments is Rs 2 Crore
• Taxi fare (km wise) Rs 22
• Local transport pass cost Rs 400 per person
• Fuel for cars and other vehicles Rs 20,000
• Broadband or internet service Rs 800 monthly
• The electricity bill for an apartment of area 800 square feet (average) is Rs 3500
• Rent for 2 BHK apartment Rs 50,000

Household expenses

Considering all expenses, such as school fees, food, accessories, domestic help, and so on, a family may have to invest Rs 30,000-35,000 each month for a total yearly expenditure of roughly Rs 4 lakh.

Transportation cost

Living expenses in Mumbai could be lower unless you rent instead of buying a house and paying monthly instalments. If you select a suburban spot, car maintenance can cost as low as Rs 6,000 per month. It may rise if you stay in the city centre. The distance between your home and your office will determine the fuel price. On weekdays, the typical fuel cost for a 20-kilometer drive would be around Rs 10,000 each month.

Cost of living in Mumbai for working couples

Depending on the rented home's location, the average living price throughout Mumbai for working couples is Rs 30,000-60,000 each month. If you want to buy a home, a 1 BHK property in Mumbai can cost between Rs 80 lakh and Rs 1.5 crore.

Renting a home for a couple may cost Rs 40,000 per month, plus other costs such as domestic help, electric bills, maintenance, and internet bills. When the working couple drives a car for transportation, the monthly cost will be around Rs 10,000.

The average salary in Mumbai

The average salary in Mumbai may vary based on the industry, position, and one's skills, and location. As per LinkedIn, a professional social network, the average annual salary in Mumbai is Rs 4.4 lakh. In Mumbai, the average salary can reach Rs 8.5 lakh.

Is it worth it?

Mumbai has plenty of opportunities, as well as beginning salaries are also higher as compared to other cities. Furthermore, the city has a good number of open spaces green spaces, as well as an excellent public transportation system. You will conserve plenty of time with remote working in place.

Regions such as Navi Mumbai and Thane provide a higher quality of life than Mumbai due to more open space, greenery, and far less congested roads. Finally, it is determined by your job and the salary you receive.

Conclusion

If you intend to relocate to Mumbai, consider your financial situation and plans before deciding on a location. Concentrate on your priority areas and choose the area accordingly. Consider the yearly increase in rental rates. Consult a real estate agent and discuss your needs and budget for a more tailored residential choice. Cost of Living in Mumbai is assessed as above. Finally, it is summarized that a four-person family's estimated monthly cost of living in Mumbai is Rs 1 lakh without rent. Without rent, the approximate monthly prices for a single person are Rs 30,000.