Cost Of Living For a Student in Sydney 2024

Average monthly spending for students in Sydney

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

Students in Sydney spend around 3,200 AUD per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 500 AUD or as high as 22,000 AUD. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Sydney?

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

Housing and accomodation expenditure for students

Students in Sydney typically spend from 15% to 26% of their total monthly expenditure on housing with 20% being the average. The average monthly spend on housing is 780 AUD with expenditure ranging from 120 AUD to 5,200 AUD. 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 Sydney ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 130 AUD with 20 AUD and 870 AUD 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 35 AUD to 1,500 AUD in a month on commuting with 230 AUD being the norm for most students. This means that money spent on transport constitutes about 5% of total spending on average but can go as low as 5% or as high as 11%.

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 Sydney is 650 AUD. The cost of groceries can range between 100 AUD to 4,300 AUD. Students spend on average about 22% on food and groceries with upper and lower bounds of 16% and 26% respectively.

Healthcare and medical services expenditure for students

Students in Sydney allocate 5% to 11% 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 8%. The range of medical expenses range from 30 AUD to 1,300 AUD with 190 AUD 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 25 AUD to 1,100 AUD with 160 AUD being the average. Speaking of percentages, that equates to 2% to 7% of total expenses with an average of 3% 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 620 AUD per month with 96 AUD being the minimum spent amount and 4,100 AUD 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 Sydney

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Sydney?

Around 82% of surveyed students think that living in Sydney is affordable with proper budgeting while 18% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Sydney

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 Sydney 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 Sydney whether they have an emergency fund and the answers were as follows.

Yes79%

No21%

Based on the survey, 21% of the students living in Sydney said that they don't have an emergency fund while 79% said that they do.

Financial Literacy in Australia

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 Leteracy73%

We asked student guardians and parents in Sydney whether they acquired any adequate personal financial training in their lives. Approximately 27% 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 73% 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 Australia have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 27% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 73% said that they have everything under control.

Struggles with finance27%

Easily manages finances73%

Housing costs, accommodation, and housing affordability in Sydney

Rent Cost in Sydney

Monthly Rent Prices

Studio apartment monthly rent cost

590 AUD

890 AUD

2,400 AUD

MINIMUM

AVERAGE

MAXIMUM

$390

$580

$1,500

1-bedroom apartment monthly rent cost

890 AUD

1,400 AUD

3,600 AUD

MINIMUM

AVERAGE

MAXIMUM

$580

$920

$2,300

2-bedroom apartment monthly rent cost

1,200 AUD

1,800 AUD

4,700 AUD

MINIMUM

AVERAGE

MAXIMUM

$770

$1,200

$3,100

3-bedroom apartment monthly rent cost

1,400 AUD

2,400 AUD

6,500 AUD

MINIMUM

AVERAGE

MAXIMUM

$920

$1,500

$4,200

Furnished apartment monthly rent cost

2,800 AUD

7,100 AUD

14,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$1,800

$4,600

$9,200

Townhouse monthly rent cost

2,400 AUD

3,600 AUD

10,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$1,500

$2,300

$6,600

House monthly rent cost

2,800 AUD

7,100 AUD

14,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$1,800

$4,600

$9,200

Villa monthly rent cost

3,600 AUD

8,900 AUD

14,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$2,300

$5,800

$9,200

The monthly rental cost of a studio apartment in Sydney ranges between 590 AUD and 2,400 AUD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 890 AUD to 3,600 AUD. Two-bedroom rentals rate ranges between 1,200 AUD and 4,700 AUD per month. The monthly rental for a three-bedroom apartment ranges from 1,400 AUD to 6,500 AUD. The average rent of a townhouse in Sydney is around 3,600 AUD while house rental costs can be as high as 7,100 AUD per month. Finally, if you want to rent a villa, expect to pay anywhere from 3,600 AUD to 14,000 AUD per month.

Apartment and house prices in Sydney

Cost of buying a property

Studio apartment price

120,000 AUD

180,000 AUD

360,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$77,000

$120,000

$230,000

1-bedroom apartment price

140,000 AUD

240,000 AUD

890,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$92,000

$150,000

$580,000

2-bedroom apartment price

240,000 AUD

710,000 AUD

1.4M AUD

MINIMUM

AVERAGE

MAXIMUM

$150,000

$460,000

$920,000

3-bedroom apartment price

790,000 AUD

1.2M AUD

3.6M AUD

MINIMUM

AVERAGE

MAXIMUM

$510,000

$770,000

$2.3M

Townhouse price

1M AUD

2.4M AUD

8.9M AUD

MINIMUM

AVERAGE

MAXIMUM

$660,000

$1.5M

$5.8M

House price

1.2M AUD

7.1M AUD

10M AUD

MINIMUM

AVERAGE

MAXIMUM

$770,000

$4.6M

$6.6M

Villa price

1.4M AUD

7.9M AUD

12M AUD

MINIMUM

AVERAGE

MAXIMUM

$920,000

$5.1M

$7.7M

The average price of a studio apartment in Sydney can range from 120,000 AUD to 360,000 AUD depending on location. One bedroom cost can be anywhere from 140,000 AUD to 890,000 AUD. A villa can cost you 7.9M AUD on average with prices ranging from 1.4M AUD to 12M AUD.

House / apartment prices to income ratio

Property prices in Sydney can be x130 to x226 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x130 multiples of the average monthly salary in Sydney.

Rent to income ratio

The average rent-to-income ratio in Sydney is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 23% to 44% 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 Sydney

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

Utility Bill Cost / Electricity + Water + Gas / Student

20 AUD

130 AUD

870 AUD

MINIMUM

AVERAGE

MAXIMUM

$13

$84

$560

Internet and cable cost

32 AUD

64 AUD

86 AUD

MINIMUM

AVERAGE

MAXIMUM

$21

$42

$56

Mobile phone bill and charges

26 AUD

43 AUD

130 AUD

MINIMUM

AVERAGE

MAXIMUM

$17

$28

$84

The average monthly energy and water consumption of students is around 130 AUD. The cost of internet and WiFi ranges from 32 AUD to 86 AUD with 64 AUD being the average internet bill. Finally, the average monthly mobile charges is around 43 AUD but can range between 26 AUD and 130 AUD 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 Sydney is around 5.3%. This means that people pay 5.3% of their income for energy, water, internet, and mobile charges. Those figures can range from 2.1% to 9.5% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Sydney

Prices and cost of goods and services in Sydney

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

Fast food combo meal price

6.4 AUD

13 AUD

21 AUD

MINIMUM

AVERAGE

MAXIMUM

$4.2

$8.4

$14

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Sydney is approximatly 13 AUD with meal cost ranging from 6.4 AUD to 21 AUD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

23 AUD

34 AUD

68 AUD

MINIMUM

AVERAGE

MAXIMUM

$15

$22

$44

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 23 AUD and 68 AUD with 34 AUD being the average price of a plate for one person at a regular restaurant in Sydney.

Fine dining meal for one price

45 AUD

68 AUD

270 AUD

MINIMUM

AVERAGE

MAXIMUM

$29

$44

$180

The price range of a meal at fine-dining restaurant is 45 AUD to 270 AUD with the average cost being 68 AUD for one person. This is what you would expect to pay a top-tier diner in Sydney.

Beverage prices, cappuccino, latte etc..

5.4 AUD

8.6 AUD

13 AUD

MINIMUM

AVERAGE

MAXIMUM

$3.5

$5.6

$8.4

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Sydney is around 8.6 AUD. Price ranges between 5.4 AUD and 13 AUD depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

4.3 AUD

5.2 AUD

6.4 AUD

MINIMUM

AVERAGE

MAXIMUM

$2.8

$3.3

$4.2

The average price of a large bottle of milk in Sydney is 5.2 AUD. The maximum what you would pay for milk is 6.4 AUD and the minimum being 4.3 AUD depending on the brand of milk and other properties.

12 eggs price

3.2 AUD

4.3 AUD

6.4 AUD

MINIMUM

AVERAGE

MAXIMUM

$2.1

$2.8

$4.2

A dozen eggs costs around 4.3 AUD on average with 3.2 AUD and 6.4 AUD being the lower and upper limits respectively.

Fresh whole chicken price

7.3 AUD

9.5 AUD

13 AUD

MINIMUM

AVERAGE

MAXIMUM

$4.8

$6.2

$8.7

The price range of a fresh whole chicken in Sydney is between 7.3 AUD and 13 AUD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 9.5 AUD.

Pack of beef price

8.6 AUD

13 AUD

26 AUD

MINIMUM

AVERAGE

MAXIMUM

$5.6

$8.4

$17

The price of a regular pack of beef or meat is around 13 AUD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

3.5 AUD

4.7 AUD

6.7 AUD

MINIMUM

AVERAGE

MAXIMUM

$2.2

$3.1

$4.4

A bag of rice in Sydney costs around 4.7 AUD on average with prices rangeing between 3.5 AUD and 6.7 AUD depending on the brand and quality.

Bag of tomatos price

1.3 AUD

1.7 AUD

3.2 AUD

MINIMUM

AVERAGE

MAXIMUM

$0.84

$1.1

$2.1

A bag of tomatoes costs anywhere from 1.3 AUD to 3.2 AUD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

2.3 AUD

3 AUD

5 AUD

MINIMUM

AVERAGE

MAXIMUM

$1.5

$2

$3.2

A bag of apples costs 3 AUD 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 Sydney is around 26%. This means that students spend 26% of their income on grocery and basic household items. The expenditure can range from 18% to 33% depending on salary and location.

Expenditure on food and grocery for students