Monthly Expenses For Mumbai : The cost of living in Mumbai is determined by a variety of factors, including location, type of housing, monthly rent, distance from work, and financial situation. The average monthly cost of living in Mumbai ranges between Rs 40,000 and Rs 60,000.

Mumbai, India’s financial capital, provides numerous job opportunities for people from diverse backgrounds. Every year, thousands of migrants arrive in the city in search of work. It is also a popular choice among students because it is home to numerous prestigious colleges and institutes. However, depending on your lifestyle choices, the cost of living in Mumbai can vary significantly.

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For example, the area and type of accommodation you choose may have a significant impact on your monthly budget, as rentals in Mumbai can range from Rs 25,000 to Rs 2.5 lakh per month. In case you plan to purchase a property, Mumbai is one of the most expensive cities in India, with prices in core areas starting from around Rs 1.5 crore for a 1 BHK apartment measuring 350-400 sq ft.

Let’s look at how much it costs to live in Mumbai for professionals, students, families, working couples, and bachelors.

Monthly Expenses For Mumbai: Important considerations

Before relocating to Mumbai, consider the following factors to determine the estimated cost of living.

• ·         Your current job or profession
• ·         Whether you have a family or are a bachelor,
• ·         Employment situation Lifestyle options
• ·         Property type required (rented, ownership, partnership and shared)
• ·         Every day commute
• ·         Distance from the workplace
• ·         Job Description
• ·         Expenses for food
• ·         Services for the home
• ·         Overhead expenses include things like electric bills, internet bills, gas supply, and so on.

Monthly Expenses For Mumbai: Mumbai’s cost of living

Mumbai is a densely populated city that is rapidly expanding. The city contains satellite settlements and metropolitan developments. However, living in the central areas can be costly. As a result, the majority of tenants and home buyers seek property in eastern and western suburban areas with adequate transportation and infrastructure.

Living in Mumbai can be expensive in the following ways.

Mumbai is one of India’s most expensive cities to live in. It is necessary to limit your expenses based on your needs.

Bachelor’s living expenses in Mumbai

A bachelor’s cost of living in Mumbai is determined by the following factors.

Rent and purchase price

A bachelor can live in a shared apartment for Rs 10,000-20,000 per month per bed. Individual apartments in Mumbai can cost up to Rs 30,000 per month.

Monthly Expenses For Mumbai: household costs

The average household cost for a bachelor will be around Rs 5,000. This cost includes, among other things, electric bills, domestic help, 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 depends on the distance and mode of transportation (non-AC or AC).

Lifestyle

It all depends on the restaurant you choose and the number of people you hang out with. It will cost you Rs 500-1,000 per day on average.

Monthly Expenses For Mumbai: A student’s cost of living in Mumbai

Students generally prefer well-connected suburban areas. They consider the distance between their colleges and the nearest affordable areas and make their decision accordingly. In the same vein, the average rent for apartments, PGs, and other shared accommodations in different parts of this city can vary as follows.

Powai – Rs 20,000

Chembur – Rs 12,000  

Navi Mumbai – Rs 18,000

Parel and vicinity – Rs 18,000

Thane  Rs – 18,000

Aside from that, the rest of the cost of living in Mumbai for a student will be the same as it is for a bachelor. It will also be heavily influenced by the student’s lifestyle choices.

A family’s cost of living in Mumbai

When it comes to living in the city with children, a family must be strategic. In the city’s outskirts, rented apartments, along with other outstanding expenses, may cost Rs 40,000-50,000 per month. A family may have to spend around Rs 2.5 crore for a standard 2 BHK property in Mumbai.

Let us examine the cost of living in Mumbai for a family in greater detail:

household costs

A family may have to spend Rs 30,000-35,000 per month on expenses such as school fees, domestic held, food and accessories, and so on. This means that a family may have to spend nearly Rs 4 lakh per year.

Monthly Expenses For Mumbai: The cost of transportation

When you choose a suburban location, car maintenance can be as low as Rs 6,000 per month. It may rise if you stay in the main city. The cost of fuel will be determined by the distance between your office and home. On weekdays, the average fuel cost for a 20-kilometer drive would be around Rs 10,000 per month.

The cost of living in Mumbai can be lower if you rent rather than buy and pay monthly instalments.

Monthly Expenses For Mumbai : Cost of living for working couples

The average monthly cost of living in Mumbai for working couples is Rs 30,000-60,000, depending on the location of the rented property. A one-bedroom apartment 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, maintenance, electric bills, and internet bills. If the working couple drives a car for transportation, the monthly cost will be around Rs 10,000.

If you intend to relocate to Mumbai, consider your financial situation and future plans before deciding on a location. Concentrate on your priorities and choose the area accordingly. Consider the yearly increase in rental rates.

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