ValueChampion recently released the list of top 5 millennial-friendly cities of the Asia Pacific region and Singapore holds the first place on the list. With several famous educational institutions present here and the ample number of job opportunities available for the expats, Singapore offers everything that the young and enthusiastic folks look for when they move to a new city. The city has been continuously striving to make the place more affordable for students as well as the working professionals who walk here. Getting to know about the cost of living in Singapore and the areas where the expenses are high would make it easy to plan the budget even before moving to Singapore.
Strong economic growth
Singapore is one of the very few cities in the world which is known to have a steadily growing economy. This does come along with a slight increase in the cost of living. The truth is that there has only been a 1.7% increase in the cost of living in Singapore since the year 1990 till date. That depicts a prolonged rise which is something that is favorable for the residents. So for all the expats moving here there are not going to be surprised explosive inflations to worry about.
What is cheap?
Accommodation in Singapore is relatively cheaper than in most other cities. Paying guest accommodations are the most affordable. Average one bedroom apartments in the prime locations of the town can cost around S$2500 per month. Hunting for a rental house in Singapore is very easy. An excellent place to start is by checking out the nearly endless list of options provided on fazwaz.sg website.
Transportation is another sector that has not seen too much hike in the prices. The monthly pass for public transport is a convenient option, and this can be availed at S$100. Gas prices are slightly on the higher side, and the traffic in Singapore means that taking a car to work every day can get somewhat expensive. For all those taking cabs, there is the convenient ridesharing option to bring down the cab fares.
What is expensive?
Food in Singapore is expensive. A decent lunch in most food courts cost more than S$ 4.
In terms of healthcare Singapore is ranked among the top cities of the world for offering the best quality healthcare facilities. General consultations can go up to S$ 40 or more.
Cost of higher education has been one area that has been growing non-stop. However, the quality of education offered and the placement opportunities provided all make this expense worthwhile. Talking about school level education; local schools are inexpensive. The international schools, on the other hand, can charge around S$ 1000 as the monthly fee.
On the whole on comparing the cost of living in Singapore with other famous cities around the world, the trend is that Singapore is cheaper to live than most other cities in the Western countries. However, if a comparison has to be made with the cities in the Asia Pacific region and the neighboring countries, then the cost of living is slightly higher.