Cost Of Living For a Student in Singapore 2024

Average monthly spending for students in Singapore

How much money does a student need in a month to survive in Singapore?

Students in Singapore spend around 2,400 SGD per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 370 SGD or as high as 16,000 SGD. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Singapore?

We asked thousands of students about their spending habits and expenditure break down.

Housing and accomodation expenditure for students

Students in Singapore typically spend from 17% to 28% of their total monthly expenditure on housing with 22% being the average. The average monthly spend on housing is 570 SGD with expenditure ranging from 88 SGD to 3,800 SGD. This cost mainly goes for rent but it also includes other accommodation-related expenses.

Electricity, utilities, energy, water, internet, and mobile expenditure for students

Utility expenditure like electricity, water, and gas in Singapore ranges from 3% to 9% of total expenses with 5% being the average for most students. The average monthly cost of utilities is 95 SGD with 15 SGD and 630 SGD being the upper and lower limits for a student of four.

Transport, fuel, and commute expenditure for students

Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 26 SGD to 1,100 SGD in a month on commuting with 170 SGD being the norm for most students. This means that money spent on transport constitutes about 6% of total spending on average but can go as low as 6% or as high as 12%.

Food, groceries, and basic shopping expenditure for students

The average outlay on groceries and basic houshold items for a typical student in a month in Singapore is 470 SGD. The cost of groceries can range between 74 SGD to 3,200 SGD. Students spend on average about 21% on food and groceries with upper and lower bounds of 15% and 25% respectively.

Healthcare and medical services expenditure for students

Students in Singapore allocate 4% to 10% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 7%. The range of medical expenses range from 22 SGD to 950 SGD with 140 SGD being the norm for most students.

Leisure and shopping expenditure for students

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 18 SGD to 790 SGD with 120 SGD being the average. Speaking of percentages, that equates to 3% to 8% of total expenses with an average of 4% for most students.

Education and schooling expenditure for students

Spending on education can vary drastically between different students. On average, education constitutes 19% of the monthly expenditure of students with 12% and 24% being the lower and upper bounds respectively. The average reported education cost is 450 SGD per month with 70 SGD being the minimum spent amount and 3,000 SGD being the maximum.

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

• 50% for needs and financial obligations

  This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

• 30% for wants and discretionary spending

  This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

• 20% for savings and emergency fund

  This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

Affordable living in Singapore

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Singapore?

Around 84% of surveyed students think that living in Singapore is affordable with proper budgeting while 16% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Singapore

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked students how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options64%

Few low-cost options36%

Based on the survey, 64% of the students living in Singapore have no problem finding low-cost alternatives to support a frugal lifestyle while 36% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds For Students

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked students of Singapore whether they have an emergency fund and the answers were as follows.

Yes83%

No17%

Based on the survey, 17% of the students living in Singapore said that they don't have an emergency fund while 83% said that they do.

Financial Literacy in Singapore

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy79%

We asked student guardians and parents in Singapore whether they acquired any adequate personal financial training in their lives. Approximately 21% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 79% said that they know about the general principles of personal finance from sources other than their own experience.

Difficulty in Budgeting and Financial Planning

We wanted to understand whether students of Singapore have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 14% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 86% said that they have everything under control.

Struggles with finance14%

Easily manages finances86%

Housing costs, accommodation, and housing affordability in Singapore

Rent Cost in Singapore

Monthly Rent Prices

Studio apartment monthly rent cost

440 SGD

660 SGD

1,800 SGD

MINIMUM

AVERAGE

MAXIMUM

$330

$490

$1,300

1-bedroom apartment monthly rent cost

660 SGD

1,100 SGD

2,600 SGD

MINIMUM

AVERAGE

MAXIMUM

$490

$780

$2,000

2-bedroom apartment monthly rent cost

880 SGD

1,300 SGD

3,500 SGD

MINIMUM

AVERAGE

MAXIMUM

$650

$980

$2,600

3-bedroom apartment monthly rent cost

1,100 SGD

1,800 SGD

4,800 SGD

MINIMUM

AVERAGE

MAXIMUM

$780

$1,300

$3,600

Furnished apartment monthly rent cost

2,100 SGD

5,300 SGD

11,000 SGD

MINIMUM

AVERAGE

MAXIMUM

$1,600

$3,900

$7,800

Townhouse monthly rent cost

1,800 SGD

2,600 SGD

7,500 SGD

MINIMUM

AVERAGE

MAXIMUM

$1,300

$2,000

$5,600

House monthly rent cost

2,100 SGD

5,300 SGD

11,000 SGD

MINIMUM

AVERAGE

MAXIMUM

$1,600

$3,900

$7,800

Villa monthly rent cost

2,600 SGD

6,600 SGD

11,000 SGD

MINIMUM

AVERAGE

MAXIMUM

$2,000

$4,900

$7,800

The monthly rental cost of a studio apartment in Singapore ranges between 440 SGD and 1,800 SGD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 660 SGD to 2,600 SGD. Two-bedroom rentals rate ranges between 880 SGD and 3,500 SGD per month. The monthly rental for a three-bedroom apartment ranges from 1,100 SGD to 4,800 SGD. The average rent of a townhouse in Singapore is around 2,600 SGD while house rental costs can be as high as 5,300 SGD per month. Finally, if you want to rent a villa, expect to pay anywhere from 2,600 SGD to 11,000 SGD per month.

Apartment and house prices in Singapore

Cost of buying a property

Studio apartment price

88,000 SGD

130,000 SGD

260,000 SGD

MINIMUM

AVERAGE

MAXIMUM

$65,000

$98,000

$200,000

1-bedroom apartment price

110,000 SGD

180,000 SGD

660,000 SGD

MINIMUM

AVERAGE

MAXIMUM

$78,000

$130,000

$490,000

2-bedroom apartment price

180,000 SGD

530,000 SGD

1.1M SGD

MINIMUM

AVERAGE

MAXIMUM

$130,000

$390,000

$780,000

3-bedroom apartment price

580,000 SGD

880,000 SGD

2.6M SGD

MINIMUM

AVERAGE

MAXIMUM

$430,000

$650,000

$2M

Townhouse price

750,000 SGD

1.8M SGD

6.6M SGD

MINIMUM

AVERAGE

MAXIMUM

$560,000

$1.3M

$4.9M

House price

880,000 SGD

5.3M SGD

7.5M SGD

MINIMUM

AVERAGE

MAXIMUM

$650,000

$3.9M

$5.6M

Villa price

1.1M SGD

5.8M SGD

8.8M SGD

MINIMUM

AVERAGE

MAXIMUM

$780,000

$4.3M

$6.5M

The average price of a studio apartment in Singapore can range from 88,000 SGD to 260,000 SGD depending on location. One bedroom cost can be anywhere from 110,000 SGD to 660,000 SGD. A villa can cost you 5.8M SGD on average with prices ranging from 1.1M SGD to 8.8M SGD.

House / apartment prices to income ratio

Property prices in Singapore can be x134 to x220 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x134 multiples of the average monthly salary in Singapore.

Rent to income ratio

The average rent-to-income ratio in Singapore is around 33%. This means that people pay 33% of their income for rent. Those figures can range from 23% to 43% depending on the salary, location, and type of property.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Singapore

Energy, electricity, water, gas, internet, and mobile cost in Singapore

Utility Bill Cost / Electricity + Water + Gas / Student

15 SGD

95 SGD

630 SGD

MINIMUM

AVERAGE

MAXIMUM

$11

$70

$470

Internet and cable cost

26 SGD

53 SGD

70 SGD

MINIMUM

AVERAGE

MAXIMUM

$20

$39

$52

Mobile phone bill and charges

21 SGD

35 SGD

110 SGD

MINIMUM

AVERAGE

MAXIMUM

$16

$26

$78

The average monthly energy and water consumption of students is around 95 SGD. The cost of internet and WiFi ranges from 26 SGD to 70 SGD with 53 SGD being the average internet bill. Finally, the average monthly mobile charges is around 35 SGD but can range between 21 SGD and 110 SGD depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Singapore is around 5%. This means that people pay 5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2% to 9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Singapore

Prices and cost of goods and services in Singapore

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

5.3 SGD

11 SGD

18 SGD

MINIMUM

AVERAGE

MAXIMUM

$3.9

$7.8

$13

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Singapore is approximatly 11 SGD with meal cost ranging from 5.3 SGD to 18 SGD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

18 SGD

26 SGD

53 SGD

MINIMUM

AVERAGE

MAXIMUM

$13

$20

$39

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 18 SGD and 53 SGD with 26 SGD being the average price of a plate for one person at a regular restaurant in Singapore.

Fine dining meal for one price

35 SGD

53 SGD

210 SGD

MINIMUM

AVERAGE

MAXIMUM

$26

$39

$160

The price range of a meal at fine-dining restaurant is 35 SGD to 210 SGD with the average cost being 53 SGD for one person. This is what you would expect to pay a top-tier diner in Singapore.

Beverage prices, cappuccino, latte etc..

4.4 SGD

7 SGD

11 SGD

MINIMUM

AVERAGE

MAXIMUM

$3.3

$5.2

$7.8

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Singapore is around 7 SGD. Price ranges between 4.4 SGD and 11 SGD depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

3.5 SGD

4.2 SGD

5.3 SGD

MINIMUM

AVERAGE

MAXIMUM

$2.6

$3.1

$3.9

The average price of a large bottle of milk in Singapore is 4.2 SGD. The maximum what you would pay for milk is 5.3 SGD and the minimum being 3.5 SGD depending on the brand of milk and other properties.

12 eggs price

2.6 SGD

3.5 SGD

5.3 SGD

MINIMUM

AVERAGE

MAXIMUM

$2

$2.6

$3.9

A dozen eggs costs around 3.5 SGD on average with 2.6 SGD and 5.3 SGD being the lower and upper limits respectively.

Fresh whole chicken price

6 SGD

7.7 SGD

11 SGD

MINIMUM

AVERAGE

MAXIMUM

$4.4

$5.7

$8.1

The price range of a fresh whole chicken in Singapore is between 6 SGD and 11 SGD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 7.7 SGD.

Pack of beef price

7 SGD

11 SGD

21 SGD

MINIMUM

AVERAGE

MAXIMUM

$5.2

$7.8

$16

The price of a regular pack of beef or meat is around 11 SGD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

2.8 SGD

3.9 SGD

5.5 SGD

MINIMUM

AVERAGE

MAXIMUM

$2.1

$2.9

$4.1

A bag of rice in Singapore costs around 3.9 SGD on average with prices rangeing between 2.8 SGD and 5.5 SGD depending on the brand and quality.

Bag of tomatos price

1.1 SGD

1.4 SGD

2.6 SGD

MINIMUM

AVERAGE

MAXIMUM

$0.78

$1

$2

A bag of tomatoes costs anywhere from 1.1 SGD to 2.6 SGD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

1.9 SGD

2.5 SGD

4 SGD

MINIMUM

AVERAGE

MAXIMUM

$1.4

$1.8

$3

A bag of apples costs 2.5 SGD on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Singapore is around 25%. This means that students spend 25% of their income on grocery and basic household items. The expenditure can range from 17% to 31% depending on salary and location.

Expenditure on food and grocery for students