Cost of Living in Top 8 Indian Cities in 2024
Over the years, India has become a hotspot for foreign tourists, expats, and immigrants. As the world’s fifth-largest economy with a booming manufacturing, financial and IT sector, the country offers top-notch higher education facilities, healthcare infrastructure, and job prospects, making it an ideal destination for people seeking a higher quality of life.
What’s more, the average cost of living in India is significantly lower than in other developing nations. Here, the living expenses mainly consist of components like rent, groceries, utilities, transportation, and miscellaneous expenses and tend to differ based on various factors.
Keep scrolling to get a comprehensive idea of how much money is needed to live comfortably in India.
Table of Contents
What is the Average Cost of Living in India?
The average cost of living in India usually varies based on the city and region. Find the approximate living expenses across India’s Tier-1 cities below:
List of Most Expensive and Cheapest Major Cities in India
Check out the top most expensive and cheapest cities in India below:
What is the Average Income in India?
Learn the average annual income in India across various professions in the country’s top cities:
General Cost of Living Expenses for Top Cities in India
Learn the cost of living in India across its top metropolitans:
1. Cost of Living in Bangalore
Listed below are the key components that constitute the cost of living in Bangalore:
How Expensive is India in Comparison to Other Countries?
To get an idea of how expensive the cost of living in India compared to other countries, check out the Indian rupee exchange rates across the world’s top currencies:
- 1 United States Dollar (USD) = ₹83.92
- 1 Euro (EUR) = ₹91.74
- 1 Swiss Franc (CHF) = ₹98.42
- 1 Cayman Island Dollar (KYD) = ₹100.72
- 1 Japanese Yen (JPY) = ₹0.58
- 1 British Pound (GBP) = ₹106.67
- 1 Canadian Dollar (CAD) = ₹60.78
- 1 Australian Dollar (AUD) = ₹54.59
- 1 Emirati Dirham (AED) = ₹22.85
- 1 Kuwaiti Dinar (KWD) = ₹274.60
Note - The currency exchange rates above are as of 6th August 2024.
Here is a comparison of the average cost of living in the top Indian metropolitans compared to the most popular global cities:
Factors Impacting the Cost of Living in India
Following are some of the top factors that affect the cost of living in India:
Accommodation
Most of your average living expenses in India are your monthly rent. Rent usually differs based on the type of accommodation you choose. For instance, rent for shared accommodations will be much less than for a 1—or 2-bedroom flat or an independent house.
Location
Rental rates tend to differ by area. Posh locations tend to have higher rents than developing areas. Urban rental rates are usually higher than in rural regions.
Transportation
Your average monthly rates also differ based on the type of transportation you use for your daily commute. In this regard, public transport will be much cheaper than a cab or personal vehicle.
Healthcare Costs
Healthcare costs in India are usually on the lower side compared to other developing countries and developed nations. However, the health insurance policy in your home country may not provide coverage in India, which can make things pretty expensive.
To solve this problem, opt for health insurance coverage in India. It will provide worldwide coverage and enable you to get cashless treatment from a wide array of network hospitals.
Food
Food and grocery prices in India differ across regions. Moreover, your average monthly food costs vary based on your preferences and dietary requirements.
Education
If you educate yourself or your children, the expenses will differ based on the institution and the selected course. Additionally, you must consider factors like textbooks, tuition fees, workshops, field trips and examination fees.
Tips for Managing and Budgeting the Cost of Living in India
Listed below are a few tips that will help you manage your average living expenses in India:
- Opt for accommodations based on the number of family members.
- Choose a location nearest to your workplace or educational institute to reduce travel costs and time.
- Shop from local markets and cook meals at home.
- Do the housework yourself to reduce the costs of hiring a maid.
So, the cost of living in India can vary greatly between individuals based on the city, location, accommodation type, number of family members, lifestyle, and more. However, by taking these factors into account and following tips for managing your expenses, you can easily relocate and settle in this country without putting an unwanted strain on your finances.
