If you are thinking about going to live in Madrid to study but you still don’t know what to expect for your finances, read here and learn more about the cost of living in Madrid for students.

A study abroad program (or moving in a foreign country) is going to be the best experience of your life, believe us!  You will broaden new horizons, learn new languages, meet new people, their cultures and also improve your personal and professional skills. 

Along the last years Spain truly flourished as an exchange destination for young internationals. Consequently, even though it’s a quite affordable country, compared to the other ones in the western Europe, its big cities such as Madrid or Barcelona have increased a little bit their prices. Check out this article to find out more about life in Madrid for students.

Is it expensive to live in Madrid? 

Madrid is the capital and biggest city of Spain, welcoming every year millions of tourists and international students. So yes, it’s the most expensive place in Spain but it’s still below the European average.
So, if you’re planning to study abroad in Spain you have nothing to worry about: you can have a fun and unforgettable experience on a budget. You just have to get the most information possible about the cost of living in Madrid and plan your finances accurately. We’re here to help you with that...have a look below!

Cost of housing in Madrid

This cost clearly varies depending on some variables of the accommodation: type of accommodation, location, size, furnished, etc.  

You have the chance to choose between living in the centre of Madrid (which is, by the way, the best option for international students) or in further areas. In the first case, you'll have all the perks such as nightlife, amazing architecture, walkability, shops and restaurants, rooftops terraces etc. The suburbs is perfect if you’re looking for larger spaces, green areas, more tranquil atmosphere. It’s up to you!

What do you need to expect from renting an accommodation in Madrid? Any landlord or agency will ask you to pay a security deposit (that may be of 1 or 2 months rent) and in most cases, if it’s an agency, there will be an extra fee. 

At helpHousing, we want to make the abroad experience of our young internationals as smooth and fun as possible. Therefore we assist them from the flat hunting and along their entire adventure in Madrid, offering quality accommodations, personalised assistance and many housing services for free, such as wifi, cleaning services and technical maintenance. 

Which are the average prices depending on the type of accommodation in Madrid?

• Room for rent in Madrid: the price ranges for this housing solution - room in a shared flat, the one chosen by all the international students and young professionals - go from 400 € to 600 €. This price refers especially to the central neighbourhood of Madrid, but it also varies on furniture, utilities included or not, private bathroom, etc. So, make sure to read all the details during your booking process.
• Studio: A studio is a one big space hosting bed, living room, kitchen and bathroom. It’s perfect for one person, for couples or to share with a dear friend! The prices for a studio can go from 700 € up to 1,000 € per month. 
• 2 or more bedroom apartment: If you’re coming to study in Madrid and you already have a bunch of friends, you can rent an apartment together. But you have to know that the price for most of the flats in the best neighbourhood in the city starts from €1,000 per month, for a 2 bedroom apartment (and so on).

Average price of bills and utilities

Most of the rental housing solutions in Madrid don’t include bills in their prices. Therefore, it’s pretty logical that their cost may vary depending on the usage and on the appliances’ class. The typical costs are:

• Water: this is quite an affordable expense, around €20-30 per month for three people. 
• Gas: this mainly depends on the season. When heating your water or turning your heating on during winter months, the bill will significantly rise, reaching around €25-40 per month. 
• Electricity: this is one of the most expensive bills prices, also due to the old electric furniture features consuming way more than in other European countries. For a 3-4 people flat, the bill can be €40-80 per month.

Spanish sim card and Internet 

If you’re from a European country and you’re coming to live in Spain for a semester or a year, no worries, you probably won’t need any Spanish Internet plan or sim card. Your phone company will cover you for international calls, you’ll have some reduced data and wifi is everywhere. 

But if you’re from a non European country, you need for sure to buy a Spanish sim card with  a good Internet plan. Depending on the provider (which, by the way, you have a wide choice range in Spain), the monthly fee can go from 10€ to 50€.

Our friends at Citylife Madrid offer special prepaid deals with Lycamobile, perfect for young internationals willing to save money,

The internet costs in the apartments approximately go from 30€ to 50€, but the most annoying part is getting to choose the right provider and all the paperwork. Our tip is to choose a room in a shared flat where the Internet is already available and included in the costs. At helpHousing, the Internet is one of the basic free services we offer to our young tenants that obviously need to study and always stay connected!

Transportation in Madrid

Spending a semester or year abroad in Madrid will allow you to save a lot on transportation costs and to fully enjoy the city! Why? Because the Spanish capital has such an excellent public transportation system! It is made up by metro, urban buses and trains and suburban bus and trains. You can also find several alternative means of transportation for a very cheap price such as taxi, Uber, Cabify and bike/moto sharing.  

The “Abono Jóven”, the metro and bus personal monthly card is only 20€ for under 26 of age! You’ll be able to travel all around Madrid and in the suburbs by metro, bus and Renfe. If you’re older than 26, the “Abono Normal” pass cost will start from 54,60€ and it raises depending on the number of zones you add. 

Food and dining in Madrid

• Daily Menu: during the week, it is quite typical for Spaniards to have lunch out at the restaurant during their lunch break at the office or university. Most of the restaurants and bars have a rich and delicious “menú del día” between 11€ and 14€. 
• Drinks and beverages: Madrid is great because drinks here are so cheap! If you want to enjoy a glass of wine or a beer in a typical Spanish tapas bar, you will spend around 1.50€ and 3€.
  Indeed, the fancier the place is, the more expensive it will cost. But nothing exaggerated! Cocktails will start at 7€ and go up to 15€, if it is a premium quality one in the best locations of the city. A typical café con leche will cost you between 1.20€ and 2€. 
• Grocery shopping: Madrid has so many quality supermarkets where you can find many fresh products. The average price of the weekly grocery shopping cart for young internationals can be around 25€-35€. 

Healthcare in Madrid: public vs private

Public healthcare in Spain is really good and it is guaranteed not only to Spanish citizens but also to internationals who got their empadronamiento (registration) in the city.
But if you’re going to stay in Madrid for a semester or a year, our tip is to get private insurance. You you can obtain it for a cheap price, in order to avoid waiting times, for special visits and faster procedures. In some cases, when you’re applying for your NIE, a proof of a private healthcare insurance or a EU health card will be required.

 Cost of living in Madrid for leisure activities

• Cinemas and theatres: Madrid has plenty of cinemas where you can enjoy movies both in Spanish and original language with subtitles. The average price may vary from 8€ up to 9.20€, but the ticket is cheaper during the weekdays. In Madrid it is also very common to go to the  theatre to enjoy comedies, dramas or musicals. In the famous Gran Vía you’ll find several amazing shows for affordable prices, with an average range from 20€ to 70€, depending on the show and the seat you take.
• Gym: If you’re more an open-air workout person, no worries, there are lots of parks in Madrid.
  But if you’re looking for something more specific for weight training, machines and classes, you have to know that there are a lot of low-cost gyms in Madrid. The monthly fee can start from 20€ for a general workout or raising if you’re looking for specialized lessons of cross-fit or boxing. Our friends at Citylife Madrid offer hot deals and gym discounts for young internationals in Madrid...check them out!
• Nightlife in Madrid: here’s one of the many reasons why people all around the world love Spain...the greatest clubs, bars and street parties for a very affordable price!
  Here you can find many free entrances to clubs, or starting from 6€ with a drink included and you can book a table with a bottle in a club starting from 150€. The more exclusive your night is, the higher the price is; but no worries, in Madrid we assure you that you’ll find great quality entertainment for a very cheap price. Have a look at the best parties in Madrid!

Well, nothing left to say. What you need to consider is that in general, the average costs as a student in Madrid per month can vary from 800€ to 1300€ depending on social habits and lifestyle.

We hope this article about the cost of living in Madrid for students will be useful to your budget planning for your experience abroad. We are looking forward to welcoming you to Madrid!