Monaco is one of the most expensive places to live in the world. Known for its luxury, safety, and tax benefits, it attracts the rich and famous. But what about students like you? Can you afford to live here?
If you are planning to study in Monaco, understanding the cost of living in Monaco is essential. While it is an expensive country, knowing where and how to manage your expenses can make a big difference. In this guide, I will break down the costs of living in Monaco, along with cost-saving tips to make your stay in Monaco more affordable.
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What is the Cost of Living in Monaco?
Monaco is one of the most expensive places to live in the world. From rent to groceries, everything comes at a premium. Housing is the biggest expense, followed by food, transport, and other daily costs. However, Monaco offers a luxurious lifestyle, high safety standards, and tax benefits, making it attractive for residents. Here’s a general overview of the cost of living in Monaco:
| Category | Average Cost (EUR ) |
| Housing (Rent per Month) | EUR 2,000 – EUR 60,000 |
| Food & Dining (Meal at a Restaurant) | EUR 15 – EUR 220 |
| Groceries (Basic Items – Milk, Bread, Eggs, etc.) | EUR 2 – EUR 25 |
| Transportation (Public & Fuel Costs) | EUR 1.70 – EUR 50 |
| Utilities & Internet (Monthly) | EUR 49 – EUR 500 |
| Leisure & Entertainment (Gym, Cinema, Sports, etc.) | EUR 10 – EUR 1,200 |
| Childcare & Education (Private & International Schools) | EUR 700 – EUR 60,000 |
| Clothing & Miscellaneous | EUR 75 – EUR 800 |
Costs of Accommodation in Monaco
Monaco is one of the most expensive places to live in the world. The cost of accommodation here is extremely high due to its limited space and luxury lifestyle. Whether you are renting or buying, prices are far above the European average. Here are the average costs of accommodation in Monaco:
| Type of Apartment | Monthly Rent (EUR ) |
| 1-bedroom in City Centre | EUR 6,157 – EUR 13,000 |
| 1-bedroom Outside Centre | EUR 6,981 – EUR 12,500 |
| 3-bedroom in City Centre | EUR 10,000 – EUR 60,000 |
| 3-bedroom Outside Centre | EUR 3,200 – EUR 10,000 |
Costs of Studying in Monaco
Studying in Monaco can be expensive, as the country is known for its luxury lifestyle and high living standards. Tuition fees vary depending on the university and program, with business and hospitality courses being the most popular. International students should also consider additional costs like accommodation, food, and daily expenses. Here’s a look at the top universities in Monaco and their tuition fees:
| University | Popular Programs | Annual Tuition Fees (EUR ) |
| International University of Monaco (IUM) | Business, Finance, Luxury Management | EUR 13,500 – EUR 35,000 |
| Monaco Business School | MBA, Finance, Marketing | EUR 15,000 – EUR 40,000 |
| Monaco Hotel & Tourism Institute | Hospitality, Tourism Management | EUR 10,000 – EUR 20,000 |
| École Supérieure d’Arts Plastiques de Monaco | Fine Arts, Design | EUR 5,000 – EUR 12,000 |
| Monaco Language School | French, English, Multilingual Programs | EUR 2,500 – EUR 6,000 |
Additional Education Costs
Apart from tuition fees, students should also budget for:
- Application fees (EUR 50 – EUR 200)
- Student visa fees (EUR 99)
- Books and study materials (EUR 500 – EUR 1,500 per year)
- Health insurance (EUR 400 – EUR 1,200 per year)
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Costs of Transportation in Monaco
Transportation is an important part of the cost of living in Monaco, especially for students. Monaco has an efficient public transport system, including buses, electric bikes, and taxis. Understanding these costs helps students budget better while studying in Monaco. Here, we have mentioned the costs of transportation in Monaco for students.
| Transport Type | Price (EUR |
| One-way Bus Ticket | EUR 1.70 – EUR 2.00 |
| Monthly Transport Pass | EUR 17 – EUR 50 |
| Taxi Start | EUR 5.00 – EUR 6.60 |
| Taxi (1km) | EUR 1.40 – EUR 2.00 |
| Gasoline (1L) | EUR 2.00 – EUR 2.13 |
Costs of Food in Monaco
Monaco is one of the most expensive places to live, and food costs can be high. As part of the cost of living in Monaco, students should budget carefully for groceries and dining out. Planning meals wisely and exploring affordable food options can make living in Monaco more manageable for students. By understanding the costs given below, you can effectively manage your budget in Monaco.
| Item | Price (EUR ) |
| Milk (1L) | EUR 1.25 – EUR 3.00 |
| Bread (500g) | EUR 2.36 – EUR 6.00 |
| Rice (1kg) | EUR 2.00 – EUR 6.00 |
| Eggs (12) | EUR 2.40 – EUR 5.00 |
| Chicken (1kg) | EUR 9.58 – EUR 20.00 |
| Apples (1kg) | EUR 1.65 – EUR 6.00 |
| Water (1.5L) | EUR 2.00 – EUR 9.00 |
| Inexpensive Restaurant Meal | EUR 15 – EUR 50 |
| 3-Course Meal for Two (Mid-range) | EUR 100 – EUR 220 |
| McDonald’s Combo Meal | EUR 9.23 – EUR 11.90 |
| Domestic Beer (0.5L) | EUR 4.50 – EUR 11.08 |
| Cappuccino | EUR 2.50 – EUR 8.00 |
Cost of Utilities in Monaco
Monaco is one of the most expensive places to live, and utility costs add to the high cost of living in Monaco. Students renting an apartment should budget for electricity, water, internet, and heating. Here are the average costs of utilities in Monaco to plan your expenses effectively.
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| Utility | Price (EUR ) |
| Electricity, Water, Garbage (85m²) | EUR 187 – EUR 500 |
| Mobile Plan (10GB+) | EUR 32 – EUR 56 |
| Internet (60 Mbps, Unlimited) | EUR 49 – EUR 100 |
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Miscellaneous Costs in Monaco
Apart from rent, food, and transport, there are other everyday expenses to consider when calculating the cost of living in Monaco. These include healthcare, household items, personal care, and occasional indulgences. While these costs vary depending on lifestyle choices, it’s important to budget for them. Here are the Miscellaneous expenses in Monaco:
| Expense | Price Range (EUR ) |
| Doctor’s Consultation | EUR 50 – EUR 200 |
| Basic Medicine (Paracetamol, etc.) | EUR 3 – EUR 15 |
| Personal Care (Shampoo, Deodorant, etc.) | EUR 5 – EUR 30 |
| Household Essentials (Cleaning Supplies) | EUR 20 – EUR 80 |
| Fitness Class (Yoga, Pilates, etc.) | EUR 20 – EUR 100 per session |
| Haircut (Men) | EUR 25 – EUR 70 |
| Haircut (Women) | EUR 50 – EUR 250 |
| Cigarettes (Pack of 20) | EUR 9 – EUR 12 |
| International Courier (1kg) | EUR 30 – EUR 100 |
Tips to Manage Expenses in Monaco
Living in Monaco can be expensive, but with smart planning, you can manage your budget effectively. By following these tips, you can manage the cost of living in Monaco effectively without missing out on the city’s unique experiences. Here are five practical tips for students:
1. Choose Affordable Housing: Rent is the biggest expense in Monaco. Consider living in nearby areas like Beausoleil or Cap-d’Ail in France, where rents are lower but still close to Monaco. Sharing an apartment with other students can also help reduce costs.
2. Use Public Transport: Monaco’s public transport system is efficient and affordable. A monthly bus pass costs around EUR 22, which is much cheaper than taxis or owning a car. Walking or cycling is also a great way to save money while exploring the city.
3. Shop Smart for Groceries: Supermarkets in Monaco can be expensive, but shopping in nearby French towns like Menton offers lower prices. Buying in bulk and cooking at home instead of dining out frequently can help cut down food costs.
4. Look for Student Discounts: Many places in Monaco, including restaurants, gyms, and cultural attractions, offer student discounts. Always carry your student ID and check for special offers to save on entertainment and daily expenses.
5. Plan Your Budget Wisely: Track your expenses using a budgeting app to avoid overspending. Set aside money for essentials like rent, food, and transport first, and limit unnecessary luxury spending. This will help you stay financially stable while enjoying life in Monaco.
Yes, Monaco is expensive, but with smart budgeting, students can manage. If you plan well, studying in Monaco is possible. While it’s one of the priciest places in the world, the experience, lifestyle, and opportunities make it worthwhile.
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FAQs on Cost of Living in Monaco 2025
The minimum cost for a modest lifestyle is around EUR 5,000–EUR 7,000 per month, including rent, food, transport, and utilities. For a luxury lifestyle, costs are much higher.
Yes, the cost of living in Monaco is very high. Housing, food, and daily expenses are expensive due to its luxurious lifestyle and limited space. However, there are ways to manage costs, like shopping in nearby France.
Rent in Monaco is very expensive. A one-bedroom apartment in the city center can cost EUR 4,000–EUR 7,000 per month, while a larger apartment can be over EUR 10,000 per month.
Yes, groceries and dining out are costly. A basic meal at a restaurant costs around EUR 25–EUR 50, while a three-course meal at a mid-range restaurant can cost EUR 100 or more. Supermarkets are slightly cheaper.
Salaries in Monaco are high, especially in banking, real estate, and hospitality. The average monthly salary is around EUR 5,000–EUR 7,000, but it depends on your job and industry.
Monaco is expensive for students. Some manage costs by living in France and commuting daily. Scholarships and part-time jobs can help with expenses.
Healthcare is excellent but expensive for non-residents. Residents have access to the Monaco public healthcare system, which is partially covered by employers and insurance.
Groceries are cheaper in France. Many residents shop in nearby Menton or Nice to save money. In Monaco, prices are 10–30% higher.
Public schools are free for residents. International schools charge tuition fees, which range from EUR 10,000 to EUR 30,000 per year, depending on the school and grade level.
Yes, Monaco has no income tax, which attracts many wealthy individuals. However, residents still pay VAT (20%) on goods and services.
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