The cost of living in Valencia is notably low, especially when compared to other cities in Europe and beyond. The average cost of living for a single person is estimated to be around €586 per month (excluding rent/mortgage payments). This is especially interesting given the shift towards remote working, as people are obtaining salaried roles from high-paying cities whilst living in Valencia.
The aforementioned blog gives a brief overview of the cost of living in Valencia compared to London and New York. Here we saw that the cost of living in New York and London is 79.62% and 51.2% higher than living in Valencia. Moreover, rent in New York was a staggeringly 310.98% higher than rent in Valencia.
Of course, cities like London and New York are expected to have a much higher cost of living. However, even when comparing Valencia to Spain’s other major cities such as Madrid, the cost of living in Valencia is 15.75% lower. Therefore, the financial reward for living in Spain’s ‘third city’ is significant, especially given that you maintain the same quality of life.
Breakdown of Valencia's Cost of Living
Your personal cost of living in Valencia may vary from the figures we have included in this blog. However, from personal experience and dealing with clients, we believe that these averages are quite representative of the typical cost of living for most people.
Nevertheless, if you would like to make a calculation more specific to you, Numbeo offers an excellent tool to estimate your costs. The tool bases the costs on various metrics that you can modify, such as the number of family members and how much you expect to spend on different things.
Find the tool here: Cost of Living Estimator in Valencia, Spain
For further information, continue reading to find the specific costs you can expect to incur when living in Valencia.
The Distribution of Expenses in Valencia (Monthly)
The above distribution of expenses excludes rent, but remember that the largest portion of monthly costs usually goes towards this. However, keep in mind that many expatriates choose to purchase property in Valencia due to the (still) attractive property prices that make Valencian property an attainable and valuable asset.
If you choose to buy a property, your distribution of expenses may look slightly different. However, buyers often decide to obtain a mortgage (you can get a mortgage of up to 70% of the property price in Spain). In this case, an equivalent portion would go towards monthly mortgage payments as if you were renting, on average.
Markets & Supermarkets
Many of the typical items you obtain from markets and supermarkets are cheaper in Valencia than in other Spanish cities and other European countries. Numbeo estimates that, on average, a single person will spend just €181.01 in markets and supermarkets per month, if you eat at home 90% of the time.
Moreover, many (easily obtainable) products in Valencia are far fresher than products you can easily access in the UK and other European countries.
Numbeo estimates that, typically, a single person can expect to spend about €95 per month on utilities. This figure includes basic utilities like water, gas and electric, as well as mobile and internet subscriptions.
Keep in mind that the figures you’ll find on sites like Numbeo are averages. If you’re moving to Valencia, Relocation Services Valencia can help advise you on the most cost-effective options. Moreover, we can put you in touch with excellent service providers who offer both high-quality services and value for money.
Similar to markets, prices in restaurants tend to be noticeably lower for many items on the menu than in other European countries. Numbeo estimates that a single person can expect to spend about €95.81 a month on restaurants if they eat out 10% of the time (providing that the restaurants you choose are inexpensive 50% of the time).
Sports & Leisure
According to Numbeo, most people can expect to spend about €42 on leisure and sports memberships, including fitness club subscriptions and renting tennis courts.
This is based on the assumption that a fitness club subscription costs an adult around €30 a month (with the rest going towards things like renting tennis courts). However, from experience, we know that you can obtain a membership at a good gym for as little as €15 a month in Valencia. Moreover, even bigger fitness centres (which include a gym in their membership) often only charge around €20.
It is also estimated that ‘going out’ generally costs around €26 a month, per person. This excludes restaurant costs as there is already a section of the estimator explicitly dedicated to restaurants.
Of course, this figure will depend on the type of activities you engage in when ‘going out’. The estimator includes going to the cinema for international releases, going out for drinks and going out for a coffee throughout the month. You can adjust these metrics on the estimator to give a more accurate picture of your personal costs.
The estimator also takes into accounts drinks you have at home, separate from your overall market costs. As expected, this figure is relatively low, given the low cost of alcohol, as seen in the market comparison table.
In the case of living in the city, many people opt to use public transport because it is so cheap and accessible. Therefore, Numbeo‘s premade calculations only factor public transport into monthly transportation costs, as opposed to gasoline or car finance.
Nevertheless, the below table shows gasoline costs and the price of a popular car and its equivalents, so you can modify your own estimations if necessary.
Clothing & Shoes
Numbeo’s estimator suggests that a typical person spends about €26 per month of clothes and shoes. However, the estimator includes some more pricey items like branded jeans and shoes. Then, it splits the cost between a few months (assuming you won’t be buying these items monthly).
Your own shopping budget may be a little different. However, it is good to know that many items in high street stores like Zara and H&M tend to be priced a little lower in Spain than in countries like the UK.
Other Goods & Services
The Numbeo estimator also lists an additional €69.55 for other goods and services. This figure is arrived at using the groceries index to give a more accurate picture, as well as allowing for the cost of electronics and other index approximations.
Essentially, this figure helps avoid the estimation becoming lower than the (in practice) average.
Your Cost of Living in Valencia
As we have reiterated throughout the blog, the figures included are all averages. Thus, the costs listed are only approximations. However, we believe that the estimator is relatively accurate for most people; especially when you adjust the metrics to reflect your lifestyle.
Moreover, Relocation Services Valencia is here to help you develop the most accurate picture of your cost of living. For example, we can use our broad network to put you in touch with service providers for utilities and subscription-based services. Moreover, we always ensure we introduce our clients to the most cost-effective options
Also, make sure that you visit Dream Properties Valencia, to get an idea of the property prices in the market. Moreover, at the bottom of each listing, you will find a mortgage calculator so you can factor in this monthly cost.