Cost of Living in Mumbai in 2023
When discussing the cost of living in a city or place, several factors shape and determine the same, like your earnings, location, lifestyle, housing preferences, etc. Knowing the living cost is necessary to stay in PG in Mumbai or rent a flat.
And when it comes to the cost of living in Mumbai, which is the dream city of all, you must remember that it is high compared to the other big cities in India. So the attempt here is to give a clear picture of the same.
Cost of Living in Mumbai for Bachelor
A bachelor’s life is comparatively simple. But, if you have just planned to move to Mumbai and are single, please keep your options open. You can opt for a pg in Mumbai for males or can specifically look for a flat for rent in Mumbai, whichever suits your style and budget. But, staying on a pg or in-sharing basis will help you split your monthly bills like maintenance and electricity, making your expenses more manageable.
However, you may not like sharing your space with someone. In that case, it is better to rent a room in Mumbai. As a bachelor, you can find a PG in Mumbai in places like Andheri and Malad, ranging from INR 12000 to INR 25000 per month, whereas, in places like Borivali and Kandivali, you can get it a little cheaper.
Regarding rental rates for a single room for a bachelor’s in Mumbai, if it is on a sharing basis, you will have to pay around INR 10000 to INR 20000 per bed monthly. And for an independent flat on rent in Mumbai, you will need a budget of around INR 30000 plus monthly.
Cost of Living for Families in Mumbai
When living with your family, a particular factor calls for your attention. And safety and security top the list. It would be best to do your homework on knowing the locality before deciding.
Does a better location always indicate higher monthly rent? Well, it mostly does, and especially in a city like Mumbai, the rents tend to be on the higher side almost all the time.
Therefore, ideally, a family flat on rent in Mumbai can cost you anything between INR 30000 to INR 80000 monthly, depending upon the property area, location, and amenities offered. But, living in the suburbs can get you some comparatively cheaper options with rent for 1BHK starting from around INR 10000 per month.
Average Rental Cost in Mumbai
The cost of living in a city is decided by considering several aspects, but one of the most critical aspects is accommodation. How much you will spend on monthly rent for living in an expensive city like Mumbai will be crucial in managing your expenses. The average rental in Mumbai in locations like Juhu and South Mumbai will range from INR 30000 to INR 50000. But in areas like Navi Mumbai and Thane, the rentals are cheaper.
Best Areas to Live in Mumbai
This is one of the most happening and sought-after locations in Mumbai, with a high cost of living. It is home to major commercial hubs, which explains its growing popularity and high-end lifestyle.
Here, for obvious reasons, the cost of living is high because the lifestyle is upscale. And if you are looking for rent in this area, you can get a proper 2BHK flat at prices above 1 lac per month.
Another equally popular residential area in Mumbai is Bandra, where you can feel the city’s true essence. Living here will allow you complete indulgence, and you will barely feel bored with so much to catch up on in this part of the city.
It is a posh locality and home to some of the wealthiest and most popular stars and people in business, and you should be able to pay those extra amounts that will add to your monthly rent for living here. You can get a 1BHK rent from INR 25000, and the amount can go up to 1lac and above depending on the location and area of the property.
This is another preferred residential locality in Mumbai that allows all the city facilities away from the rush and chaos. In addition, Powai houses many critical commercial hubs, which accounts for its growing popularity.
Powai also has some important landmarks like Powai Nirvana Lake and IIT Bombay. It would be convenient to stay here if your office or institute is nearby, allowing you a walk-to-work option. Here, you can get a 1 BHK flat on rent in Powai at for INR 35000 and above, while a 2 BHK can cost you INR 45000 to INR 60000 per month.
When you talk about Mumbai, you cannot ignore Juhu. Your visit to Mumbai will likely begin from Juhu because here, you will get to know the real spirit of the city. It has many significant attractions, and the Juhu beach remains the best point of the town.
Staying here will have its advantages, and you can get 1 BHk for rent of INR 30000 to INR 60000 here. If you are willing to stay in PG, you can get options starting from INR 15000 and above, depending on the facilities offered.
Apart from these posh and happening areas, there are more cheap localities in Mumbai where you can get your accommodation for lesser rent, and the cost of living is also less.
These areas are Ghatkopar, Vikroli, Airoli, Chembur, Thane, Kandivali and Navi Mumbai. These areas allow you the advantage of living close to the main sites but rent a room in Mumbai at prices much less than the city’s suitable areas. So if you are planning to move to Mumbai soon for work/studies, make sure you head over to Nestaway to explore the latest offers and discounts- it will help you greatly in the long run.