By
Devashrita Gujral
Posted on August 9, 2023. 10 mins
Navigating the Cost of Living in Mumbai: A Comprehensive 2024 Guide
Mumbai, India, has a higher cost of living than other cities. The amount you spend each month depends on how much money you make and how you want to live. The city of dreams and the fashion capital of India, Mumbai, is not easy to live in. You'll need a lot of money to live in Mumbai, the 19th most expensive in Asia, and the 60th most expensive globally.
In this blog post, we will share an estimate of the average cost of living in Mumbai and the factors that affect the cost of living in Mumbai, which will be helpful if you are considering moving there.
For example, In Mumbai rent can be anywhere from Rs 25,000 to Rs 2.5 lakh per month, so where you live and what kind of housing you choose can greatly affect your monthly budget. Mumbai is one of the most expensive places in India to buy a home. A 350–400-square-foot one-bedroom flat starts at about Rs 1.5 crore.
Cost of Living in Mumbai
People who want to move to Mumbai can be scared off by the cost of living. Everything in Mumbai is expensive, from buying or renting a house to getting food and paying bills.
| Localities | 1 BHK | 2 BHK | 3 BHK |
|---|---|---|---|
| Goregaon | 10k–15k | 23k–30k | 35k–50k |
| Thane | 15k–20k | 18k–25k | 35k–65k |
| Navi Mumbai | 8k–15k | 15k–25k | 20k–30k |
| Kurla | 12k–20k | 18k–30k | 28k–40k |
| Sion | 13k–23k | 25k–40k | 32k–55k |
| Saki Naka | 11k–20k | 18k–32k | 30k–45k |
| Andheri | 13k–20k | 20k–35k | 30k–50k |
| Mulund | 15k–19k | 22k–34k | 30k–48k |
| Chembur | 12k–18k | 21k–27k | 30k–43k |
| Dahisar | 10k–15k | 15k–23k | 18k–30k |
| Kharodi | 10k–20k | 15k–25k | 30k–50k |
| Colaba | 25k–35k | 40k–65k | 65k–1Lac |
Household expenses
In Mumbai, living costs are higher compared to other Indian towns. Food, cleaning materials, and personal care are more expensive in Mumbai. A family of four in Mumbai will spend between 25,000 and 35,000 rupees per month on living costs, on average.
Cost of Living in Mumbai for Bachelors
In Mumbai, a single person's daily expenses include food, transportation, housing, etc. Here is a quick look at one person's living cost in Mumbai.
Rent price
In Mumbai, it is easy for single people to find a cheap place to rent. They can just choose PG housing in Mumbai, where they can pay anywhere from Rs.10,000 to Rs.20,000 per bed, depending on where the property is and what it offers. The price may increase if the meal service is part of the deal.
| Areas | 1 BHK | 2 BHK | 3 BHK |
|---|---|---|---|
| Goregaon | 8K–10K | 23K–30K | 35k–50k |
| Thane | 10K–12K | 18k–25k | 35k–65k |
| Navi Mumbai | 7K–12K | 15k–25k | 20k–30k |
| Andheri | 13k–20k | 20k–35k | 30k–50k |
| Mulund | 15K–20K | 22K–35K | 30K–45K |
| Chembur | 12K–18K | 21K–28K | 30K–45K |
| Caloba | 10k–15k | 15k–25k | 20k–35k |
Household expenses
People who live in gated neighborhoods in Mumbai don't have to pay extra fees for upkeep and other things. On the other hand, if you live alone, you might have to pay up to Rs.5,000 more for things like Wi-Fi, power, upkeep, etc. This could increase the cost of living in Mumbai for a single person. Transportation cost
The Mumbai metro, local trains, and other public transportation make it easy for people to get around the city. As was already said, a local transport pass costs between Rs.300 and Rs.700. Getting around the city is very cheap.
Cost of Living in Mumbai for Joint Family
People living in joint families must be smarter and better at managing their money. Here are some of the most important things they must pay to live in Mumbai.
Rent price
When it comes to rent for a joint family, the cost of living in Mumbai can change based on the size of the apartment, location, what amenities it has, and how well it was built.
- You can rent a home in Mumbai from Rs 25,000 to Rs 2.5 lakh monthly.
- The average cost of living in Mumbai for a joint family is around Rs 1,50,000 lakh per month, not including rent.
- The average monthly cost of renting and living in Mumbai is between Rs 15,000 and 1 lakh.
- A 1 BHK apartment in Mumbai can cost anywhere from INR 30,000 to INR 60,000 per month, based on the property size, the housing society it's in, its location, and what services it has.
- Household expenses
Home expenses include food, repairs, power, Wi-Fi, lifestyle costs, and more. You might have to pay between 45,000 and 1,00,000 per month. If you work and have a young child with your joint family, you do not need to pay for full-time daycare or maids to take care of your kid. A good elementary school in Mumbai will cost you between Rs 1.5 lakhs and Rs 4 lakhs per year.
Transportation cost
If you drive your car to work, you should add an average of 5,000 to 6,000 for fuel, based on how far you travel. If your office or group doesn't have free parking, parking fees are an extra cost. If you want to use Mumbai's public transportation, you have a lot of choices.
You can take a bus, a local train, or a taxi. 88% of people who work in Mumbai use public transportation. This is because Mumbai has many public transportation options that work well.
Cost of Living in Mumbai for Nuclear Family
The cost of living for a nuclear family in Mumbai can change based on their lifestyle, where they live, and how they spend their money. Here are some important things to think about:
Rent price
Without rent, the cost of living for a family of four in Mumbai is about Rs 1 lakh per month.
In Mumbai, a family can rent a 2-BHK for around Rs 40,000 and above.
In posh places like South Mumbai, a nice 1BHK can cost between Rs. 16,000 and Rs. 50,000. The bigger the house, the higher the rent.
If you go to North Mumbai or Navi Mumbai, rent costs are lesser compared to other parts of the city. A couple can pay between Rs. 5,000 and Rs. 10,000 for a 1BHK room in Navi Mumbai.
A family living in Mumbai may spend between Rs.10,000 and Rs.20,000 if they go out to dinner once a week or plan a vacation.
Household expenses
Food, repairs, maid pay, power, Wi-Fi, lifestyle charges, and other things are included in house expenses. You might be required to pay between 25,000 and 30,000 every month. If you work and have a small child, you'll have to pay for full-time daycare or maids to look after them.
This might cost you between Rs 15,000 and Rs 20,000 each month, depending on how excellent the service is. In Mumbai, a reputable primary school would cost you between Rs 1.5 lakhs and Rs 4 lakhs per year.
Transportation cost
If you drive to work, factor in an extra 5,000 to 6,000 for gas, depending on how far you commute. Parking fees are additional if your office or group does not have free parking. There are several options for public transit in Mumbai.
You can take a bus, a local rail, or a cab. Public transit is used by 88% of Mumbai workers. This is due to Mumbai's abundance of efficient public transit choices.
Cost of Living in Mumbai for a Couple
The cost of living for working couples in Mumbai ranges from Rs 30,000 to Rs 60,000 per month, depending on where they live. If you want to buy a house, 1 BHK home in Mumbai could cost between Rs 80 lakh and Rs 1.5 crore.
| Types of Living Expenses in Mumbai | Amount (Per Month) |
|---|---|
| Accommodation | Rs.35,000 to Rs.80,000 per month |
| Transportation Expenses | Rs.5,000 to Rs.10,000 per month |
| Household Expenses | Rs.15,000 to Rs.25,000 per month |
Rent price
A 1 BHK flat rent ranges from INR 30,000 to INR 60,000 monthly. How much it costs to rent in Mumbai depends on the property size, the housing society, the location, the services, and the property itself. A 1 BHK home costs between INR 80 lakhs and Rs 1.5 crores in Mumbai. If you move closer to the city, the cost will go up. The closer you are to the city, the higher the rent.
Household expenses
Typical home costs include power bills, a cook or maid, and Wi-Fi. Depending on the living society and other things, it generally comes to INR 15,000.
Transportation cost
Using public transportation will help you save money. Depending on how comfortable you want to be (AC or non-AC), it could cost you anywhere from INR 1,000 to INR 2,000. If you drive your car, the cost of gas could be between INR 5,000 and INR 6,000.
Having two cars will make it more expensive to get around because you will have to pay for more parking, car repair, cleaning, and gas. This costs a total of INR 20,000 per month.
Conclusion
The cost of living in Mumbai, India, depends on your lifestyle and where you live, but it is usually cheaper than in many other famous places worldwide. But compared to other places in India, the cost of living in Mumbai is quite high.
Mumbai is India's financial center and a key business, trade, and exchange place. Even though it is India's most crowded and expensive city, its people have many options.
Rent and bills make up a big part of the costs. Because rents are so high in the city, it's hard for many people to find good places to live. Still, living easily in the city is possible if you plan your budget well.
Frequently Asked Question
Q. What is the average rent for flats in Mumbai?
The rent varies greatly depending on the area, but a minimum of Rs 10,000 to Rs 1 lakh per month can be expected for decent accommodation.
Q. How much do international schools cost in Mumbai?
International schools in Mumbai can cost anywhere from a few lakhs to over 5 crores annually, depending on the institution's prestige and level of education.
Q. Is Mumbai more expensive than other Indian cities?
Yes, Mumbai is considered one of the most expensive cities in India, especially in terms of accommodation and land costs.
Q. What are the best areas to live in Mumbai for families?
Areas with well-developed infrastructure and a cosmopolitan culture, such as Bandra, Andheri, and Powai, are popular among families.
Q. Are there affordable living options in Mumbai?
Yes, exploring shared accommodations or paying guest (PG) options can provide more affordable living arrangements.