7 Things to Know about the Cost of Living in Singapore Before Moving Countries

For those seeking a fulfilling life outside their country of origin, Singapore is a smart and popular choice. The country’s 2021 Population Brief counts more than 488,000 PRs, or foreigners who enjoy permanent residence status, among Singapore’s population of 5.45 million. Another 1.46 million are non-resident foreigners.

You may be among the many people who are thinking about moving countries and settling permanently in Singapore, perhaps even with the goal of attaining Singaporean citizenship. However, before you make any big decisions to relocate, it’s important for you to know about the average cost of living in Singapore. Having an idea of how much it costs to live comfortably in the country will help you apportion your financial resources should you make the move.

Below are some facts about Singapore’s cost of living, as well as rough estimates for your most important expenditures courtesy of the Singapore Economic Development Board’s (EDB) cost of living calculator. Let this knowledge guide you to live within your means and make the best financial decisions for a happy life in Singapore. 

The Cost of Living in Singapore Is the Highest in Southeast Asia

Cost of living aggregator website Numbeo revealed that in 2021, Singapore’s cost of living was at least 132% higher than the cost of living in other Southeast Asian countries. The same aggregator revealed that Singapore has a very high property price to income ratio. But it should also be noted that Singapore possesses a high purchasing power index, safety index, and healthcare index, along with a low pollution index. These attractive qualities are what contribute to Singapore’s overall high quality of life index, which should ultimately factor into your choice to move countries.

Housing Will Account for a Good Chunk of Your Expenses in Singapore

Given that Singapore is a city-state with limited land area available to construction, housing arrangements are typically more expensive here than elsewhere in SEA. It may cost you about SGD 600 to rent a room in a government-owned flat, more than SGD 3,600 to rent a condominium unit, and upwards of SGD 9,000 to rent a house in a suburban district. Housing will likely account for a large chunk of your living budget, and it is one of the expenses that you should prioritise according to your financial situation. 

Singapore Subsidises Basic Healthcare and Offers Health Services through a Mixed Financing System

In Singapore, the cost of healthcare depends on the type of treatment you need, whether you’re receiving healthcare as a non-resident or permanent resident, and whether you’re paying for treatment in a public clinic or a private one. The good news is that public healthcare in Singapore is heavily subsidised by the government, which makes consultations with general practitioners more affordable. For individual consultations that involve minor ailments, you can expect to spend between SGD 26 and SGD 112 at public clinics. The price is higher for private clinics, starting at about SGD 45 per visit.

You Can Rely on Affordable and Efficient Public Transportation in Singapore

Singapore is often lauded for its excellent public transport system. Residents from all walks of life often choose to get around the city via public bus or train, all because it is both more practical and affordable to do so. You will probably spend between SGD 80 and SGD 120 per month if you use the public transport system to get around, and you will get great value for your money considering how reliable and accessible Singapore’s transport infrastructure is. It will be costlier for you to depend on taxis or a private chauffeur, which could bloat your monthly transport expenses to SGD 500 and SGD 1,650 respectively. It’s best to only use these services from time to time.

Your Communications Expenses in Singapore Will Depend on Your Needs

Modern life in a country like Singapore will require you to pay for basic internet access and a mobile phone plan. Internet typically costs upwards of SGD 30 per month, while the price of a mobile plan (not inclusive of the phone itself) will start at SGD 48. It is your choice to spend on additional services, like a home phone plan (about SGD 30 per quarter) and cable television (between SGD 20 and SGD 60 per plan).

Childcare and Education Expenses in Singapore Will Depend on Where You Enrol Your Child

If you’re moving to Singapore with your entire family, childcare and education will be among your foremost expenses. Childcare typically costs between SGD 470 and SGD 1,200 for one child. School tuition for primary and secondary levels will be upwards of SGD 478 if you enrol your child in one of Singapore’s excellent public schools, and upwards of SGD 1,500 if they’ll be enrolled in an exclusive international school. The price of university tuition, on the other hand, may start at around SGD 2,690.

You Can Eat, Shop, and Do Leisurely Activities in Singapore without Breaking the Bank

Dining options in Singapore are plentiful and can accommodate any budget. If you buy food from one of Singapore’s food centres, you’re likely to spend between SGD 5 and SGD 16 daily. Home-cooked meals typically demand a monthly budget of SGD 200 to SGD 400. You can also choose to visit one of Singapore’s family-style restaurants or luxury establishments every once in a while.

Shopping for essentials like clothing and footwear will cost you between SGD 30 and SGD 300 a month, and sometimes even less than that if you buy items from one of Singapore’s many bargain stores or thrift markets. You can also choose to spend between SGD 130 to SGD 480 on regular entertainment and leisure options like going to movie theatres, clubs, theme parks, museums, art exhibits, or music halls. But one of Singapore’s hallmarks is its wealth of public spaces like parks and green areas. You’ll be able to go to one of these spaces with your family and enjoy the fresh air and greenery for free.

Final Words

All in all, how much you’ll spend in Singapore as a long-term resident of the country really depends on your needs. In some respects, it’s true that it will cost you a lot of money to live in Singapore. But the wealth of options to customise your lifestyle, as well as the overall quality of life you can achieve here, may be worth it. Learn why Singapore is regarded as one of the most livable cities in Asia, and consider moving to the country with your loved ones.