Moving to a new city, or even country, to study opens up a whole new world of opportunities. From meeting new people to immersing yourself in a vibrant culture, there’s nothing like the feeling of studying abroad, particularly in Spain.

However, we understand that finances are a huge factor when deciding where to study. Whether you’re considering moving to stunning Madrid, beautiful Valencia or sensational Seville, it’s important to understand what your average living costs may be so that you can make the best decision for yourself.

We want to help you live your best student life which is why we’ve put together a guide to understanding the living costs in Madrid. You can use this to plan your budgets with confidence and know that you can have the time of your life without breaking the bank.

This blog will cover the following topics:

The average cost of living for students in Madrid is between 950-1,500€ per month, excluding tuition fees. This will vary depending on a number of factors, including the type of accommodation you’re staying in. 

As Spain’s bustling capital city, living costs tend to be slightly more expensive in Madrid than other student cities, such as Seville. Learn more about the living costs in Seville.

However, living in this brilliant city offers countless opportunities to learn about Spain’s rich history, discover breathtaking architecture, and experience Europe at its very best, making the costs well worth it.

Alongside your average monthly living costs in Madrid, it’s important to consider that you may need to factor in a few one-off costs before starting university, including:

On average, the cost of student accommodation in Madrid is around 900€, excluding bills. Utilities and bills tend to cost around 200€, and this number includes electricity, heating water, WiFi and mobile phone plan.

Every accommodation is unique which means the living costs in Madrid will vary hugely. For example, if you’re planning on staying in a private studio in the heart of the city, close to public transport, you can expect a higher monthly rent than if you were to stay in shared accommodation on the outskirts of the city.

One of the key things you need to look at when choosing your accommodation is what’s included in your rent. The more that’s included, the better value for money the accommodation is and the less expenses you’ll need to pay outside of your rent. For example, rent at our Nido Aravaca, Nido Plaza Castilla and Nido Principe Pio residences start from 1,050€. This price includes:

While you’re only paying one expense per month, you’ll be saving money on gym memberships, library cards, and more!

Our top three tips for saving money on accommodation costs in Madrid?

Something you need to factor into the average cost of living in Madrid for students is public transport. Whether you’re heading to your university for a morning of lectures or wanting to explore the treasures of Madrid, there are plenty of public transport options around the city.

Madrid is home to an exceptional metro system and, while ticket prices may differ depending on how many zones you need to travel through, it’s generally around 1,50€ for a one-way journey. If you’re planning on using the metro system a lot and you’re under the age of 26, you can also get a 30-day pass that costs just 8,00€.

Similar in price, Madrid also has a great bus service with one-way tickets for 1,50€. Like with the metro, you can also get discounts, travel passes and special rates if you plan on taking regular bus journeys.

While walking, taking the metro or jumping on the bus are the cheapest options for public transport, you can also hail a taxi for a base rate of 2,50€, followed by 1,15€ per kilometre.

Here are our top three tips for saving money on public transport costs in Madrid:

Everyone’s weekly shopping costs will be unique as you may have specific dietary requirements, prefer certain brands or like different foods. However, while average living costs in Madrid are slightly more expensive for students than in cities such as Valencia and Seville, groceries are still very affordable. The average cost of some of the most common groceries include:

Want to treat yourself? When it comes to food, takeaways cost around 12€ per person, while meals in restaurants may cost around 14€ (of course, this will depend on how much you order and where from). In terms of drinks, you can grab a delicious coffee on the way to lectures for around 2€ or a pint of beer to celebrate the end of the week for around 3€.

If you’re looking to save money and bring down your average living costs in Madrid, consider the following:

Living expenses in Madrid will differ greatly for students when it comes to entertainment and leisure. With so many incredible and exciting things to do, see and explore in Madrid, how much you spend each month will be down to your overall budget. There may be months where you can afford to do more than others, or you may save up to go to more expensive, one-off activities, the choice is yours.

To give you an idea of what you could be spending each month, here are few average entertainment costs you can expect to find in Madrid:

Want to save money while still living your best student life?

So, there you have it…the average cost of living in Madrid for students. As long as you stick to your budget, living in Madrid can absolutely be affordable, with a wealth of opportunities at your fingertips.

To help you keep within your budget, try creating a spreadsheet with all your monthly outgoings, as well as any income you receive (e.g. student loan or part-time job). Don’t forget to include any one-off expenses that you’ll likely need to pay for before heading to university.

If you’re still looking for student accommodation in Madrid that has all bills included and a range of additional facilities to help cut living costs down, let us introduce you to Nido Aravaca, Nido Plaza Castilla and Nido Principe Pio. Our residences have everything from cinema rooms and in-house gyms to a stunning rooftop terrace and jacuzzi. Everything you could possibly wish for in a student accommodation, all included in the cost of your rent each month. The best part? You’ll be joining a thriving, close-knit community of students and young professionals that money can’t buy. Take a look at our Madrid residences and get in touch with any questions you have today.