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MONTHLY COST Of Living In MONACO 2023 [Expat Budget Guide]

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Cost of living in Monaco

Cost of living in Monaco 2023 Budget Guide

Hey Friends! The Cost Of Living In Monaco makes it possible to Live For $3,160 – $12,260 (€2,680 – €11,580) Per Month. For a strict Budget vs a Luxury Budget.

Welcome to our comprehensive guide on the cost of living in Monaco on the French Riviera with spectacular beauty nestled along the coastline with some of the most Luxurious land in the world with spectacular views.

This article will take you on a journey with Videos, a Table of expenses, Facebook Groups, Rental sites and more to explore the costs of living in Monaco, from housing and transportation to food and things to do here.

With our expert analysis and practical insights, Research and personal experience in Monaco, you’ll know what to expect when making the move to this unique Sovereign Country.

Whether you’re a digital nomad, Expat, Retiree, or just looking to experience Monaco for a few months, our guide is going to help you make the most of your budget with a range of expenses estimated to cost between $3,160 – $12,260 (€2,680 – €11,580) Per Month.

If you’re looking for a new place to live, you might want to consider moving to Monaco. Nestled on the French Riviera, Monaco is a small but glamorous city-state offering a high standard of living, plenty of opportunities for work and play, and amazing networking potential with some of the richest people in the world. If you’re considering a move to Monaco, here are 7 reasons why you should move Here:

  1. Cost of Living In Monaco: The Average monthly cost of living, including rent, utilities, food, and transportation, ranges from $3,160 – $12,260 (€2,680 – €11,580) Per Month. A studio apartment in the city can cost as low as $500 per month, while a one-bedroom apartment can range from $700 to $1,500 per month.
  2. If you’re looking for a new place to live, you might want to consider moving to Monaco. Nestled on the French Riviera, Monaco is a small but glamorous city-state offering a high standard of living and plenty of opportunities for work and play.
  3. One of the biggest draws of living in Monaco is the tax benefits. Monaco has no income tax, no wealth tax, and no capital gains tax. This makes it an attractive destination for entrepreneurs, investors, and high-net-worth individuals wanting to keep more money.
  4. In addition to the tax benefits, Monaco also boasts a strong economy with a diverse range of industries. Many international businesses have set up shop in Monaco, including finance, real estate, and hospitality. This means plenty of job opportunities are available for skilled professionals, particularly in finance, marketing, and sales.
  5. But it’s not all work and no play in Monaco. The city-state is known for its glamorous lifestyle, luxury shopping, fine dining, and vibrant nightlife. There are plenty of cultural events and festivals throughout the year, including the Monte Carlo Rally, the Monaco Yacht Show, and the Monaco Grand Prix.
  6. Monaco is also home to some of the most beautiful beaches in the world. The clear blue waters of the Mediterranean are perfect for swimming, boating, and other water sports. And if you’re a fan of hiking or cycling, you’ll love exploring the surrounding hills and countryside.
  7. Of course, living in Monaco can be expensive, but the high standard of living and quality of life make it worth the investment. With its stunning scenery, strong economy, and tax benefits, Monaco is a great choice for anyone looking to start a new chapter in their life. So why not take the plunge and move to Monaco? You won’t regret it.

Table Of Contents

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Cost Of Living in Monaco Quick Facts Key Takeaways

Cost of living in Monaco Quick Facts Key Takeaways

Here are some quick facts about the cost of living in Monaco:

  •  Here’s a breakdown of some key expenses: Total Monthly Living Costs in Monaco, Is $3,160 – $12,260 (€2,680 – €11,580) Per Month. For all expenses, and if you budget smartly, you can expect to spend $2500 to $3500 per month for all expenses.
  •     Monaco, is 1.5 times more expensive than New York City, United States.
  •     Living well in Monaco is possible with a monthly income of around $6000.
  •     The monthly rent, food budget, housing expenses, and transportation options in Monaco are determined by your budget.
  •     To maintain the same standard of life as $10,000 in New York City, an estimated $12,400 is needed in Monaco.
  •     On average, the cost of living in Monaco, is 20% higher than in New York City, United States.
  •     On average, rent in Monaco is 20% higher than in New York City, New York, USA.
  •     The costs of rent in Monaco range from $3,160 – $12,260 (€2,680 – €11,580) Per Month. Depending on your budget.
  •     A budget food and grocery plan in Monaco will cost around $400- $1400 per month, depending on location and budget.
  •     An estimated monthly cost for a family of four in Monaco is $8550.
  •     An estimated monthly cost for a single person in Monaco is $3500 – 8,000.
  •     Transportation costs in Monaco are estimated to be $40 – $1000 per month.
  •     Expats and digital nomads may spend more, $4000 – $8100 per month, to maintain their living standards in Monaco. We spent around $3,630 – $5,750 (€3,300 – €4,452) per month for example.

Our Personal Costs of Living in Monaco: Table of expenses Breakdown 2023

This Is a table of expenses of what we personally spent living as digital nomads every month in Monaco. Sometimes, we spent less or more.

Here’s a breakdown of our monthly cost of living in Monaco:

  • Our Monthly Cost of Rent and Accommodation: Our rent and accommodation costs range from $2,700 to $3,700 USD or €2,290 to €3,140 EUR per month.
  • Our Monthly Cost of Utilities: We spend $200 to $400 USD or €170 to €340 EUR per month on utilities, which includes electricity and water.
  • Our Gym Cost per month in Monaco: We pay $80 to $150 USD or €68 to €127 EUR per month for gym membership in Monaco.
  • Our Monthly Cost of Food and Groceries: Our monthly expenses for food and groceries range from $500 to $1,000 USD or €680 to €1,020 EUR.
  • Our Monthly Cost of Transportation: Our monthly transportation costs amount to $50 to $100 USD or €42 to €85 EUR, which covers public transport, taxis, and occasional car or scooter rentals.
  • Our Monthly Cost of Activities, Leisure, Entertainment: We spend $100 to $300 USD or €85 to €255 EUR per month on various activities, such as going to the movies, visiting museums, and dining out.
  • Our Monthly Cost of Health Insurance: Our health insurance costs range from $400 to $800 USD or €340 to €680 EUR per month, depending on the coverage we choose.

Our Monthly Cost of Living in Monaco total expenses: Our total monthly expenses for living in Monaco are between $3,630 to $5,750 USD or €3,300 to €4,452 EUR

Here is a table of Expenses for what we personally spent in Monaco:

Our Monthly Cost of Living In MonacoCost (USD)Cost (EUR)
Our Monthly Cost of Rent and Accommodation$2,700 – $3,700€2,290 – €3,140
Our Monthly Cost of Utilities$200 – $400€170 – €340
Our Gym Cost per month in Monaco$80 – $150€68 – €127
Our Monthly Cost of Food and Groceries$500 – $1,000€680 – €1,020
Our Monthly Cost of Transportation$50 – $100€42 – €85
Our Monthly Cost of Activities, Leisure, Entertainment$100 – $300€85 – €255
Our Monthly Cost of Health Insurance$400 – $800€340 – €680
Our Monthly Cost of Living in Monaco total expenses$3,630 – $5,750€3,300 – €4,452

Monthly Cost of Living in Monaco Summary Cost Of Rent, Groceries, Transportation, Healthcare: $3,160 – $12,260 (€2,680 – €11,580) Per Month

Monthly Cost Of Living in Monaco

You can live in Monaco, for around $3,160 a month for all expenses on a tight budget or $12,260 a month if you want to live much more luxuriously. The Cost of living in Monaco is from $3,160 – $12,260 (€2,680 – €11,580) Per Month.

You can still maintain a monthly budget and enjoy all the beautiful things Monaco, offers.

Here is a breakdown of the costs:

  • Rent:
    • Studio apartment: The average cost of rent for a studio apartment in Monaco is around $2,200 to $3,500 per month, which is approximately €1,870 to €2,980.
    • 1 bedroom apartment: For a one-bedroom apartment, the average monthly rent is around $2,700 to $4,200, or €2,290 to €3,570.
    • 2 bedroom apartment: The average cost of renting a two-bedroom apartment is approximately $3,500 to $6,000 per month, or €2,980 to €5,100.
    • 3 bedroom apartment: For a larger three-bedroom apartment, the average monthly rent can range from $5,500 to $10,000, which is approximately €4,680 to €8,500.
  • Utilities:
    • Electricity and water: The average monthly cost of utilities for an apartment in Monaco, including electricity and water, is approximately $200 to $400 or €170 to €340.
  • Communication:
    • Mobile phone plan: For a mobile phone plan with unlimited data, the average monthly cost is around $30 to $100, or €25 to €85.
    • Internet: The average monthly cost of internet (WiFi) in Monaco ranges from $30 to $60 or €25 to €50.
  • Food:
    • Groceries and dining out: The monthly cost of food in Monaco can vary widely depending on your preferences. On average, you can expect to spend around $400 to $1,000 per month, or €340 to €850.
    • Partying and nightlife: Monaco is known for its vibrant nightlife, but it can be expensive. Plan to spend around $400 to $1,000 per month, or €340 to €850, on partying and nightlife.
  • Transportation:
    • Public transport: The cost of public transportation in Monaco is relatively low, at around $50 to $200 per month, or €42 to €170.
    • Taxi: Taxis can be expensive in Monaco, with an average cost of around $50 to $200 per month, or €42 to €170.
    • Scooter: Renting a scooter can be a cost-effective option for getting around Monaco, with an average monthly cost of around $50 to $200, or €42 to €170.
    • Car: Owning a car in Monaco is expensive, with an average monthly cost of around $1,000 to $2,000 or €850 to €1,700, including parking.
  • Health and wellness:
    • Gym and fitness: For gym memberships and other fitness activities, the average monthly cost is around $100 to $300, or €85 to €255.
    • Health insurance: The cost of health insurance in Monaco can vary depending on the provider and level of coverage, but expect to pay around $50 to $200 per month, or €42 to €170.

Overall, the total monthly cost of living in Monaco can range from $3,160 to $12,260 or €2,680 to €11,580, depending on your lifestyle and preferences.

A great monthly budget for a single person living in Monaco, is around $5500 to $7000 monthly. You can also do it for cheaper.

The costs of living in Monaco, Depending on various factors and spending habits, the price may change. Others spend $10,000 or more each month for an extravagant, next-level lifestyle or even $3,500 on the strictest budget staying in hostels, couchsurfing, and smaller studio apartments, ensuring they make it work no matter what!

  • Expect to spend $3,160 – $12,260 (€2,680 – €11,580) Per Month. for a single person or a family living in Monaco. $2000 per Month is sufficient to live on.
  •       Local Monaco markets, Local Food trucks, Local food shops, and supermarkets are the most cost-effective and knowledgeable ways to shop and eat in Monaco!

Here is a table of expenses for a couple living in Monaco per month:

Average Cost of Living In MonacoCost in USDCost in EUR
Rent (Studio apartment)$2,200 – $3,500€1,870 – €2,980
Rent (1 bedroom apartment)$2,700 – $4,200€2,290 – €3,570
Rent (2 bedroom apartment)$3,500 – $6,000€2,980 – €5,100
Rent (3 bedroom apartment)$5,500 – $10,000€4,680 – €8,500
Utilities (electricity, water)$200 – $400€170 – €340
Mobile phone (unlimited data plan, Sim Card)$30 – $100€25 – €85
Internet (wifi)$30 – $60€25 – €50
Food (groceries, dining out, Partying, nightlife)$400 – $1,000€340 – €850
Transportation (Public transport, Taxi, Scooter, car)$50 – $200€42 – €170
Healthy activities (gym, martial arts, yoga, massages)$100 – $300€85 – €255
Health insurance (SafetyWing, World Nomads, or Medicare)$50 – $200€42 – €170
Cost of Living In Monaco Per Month Total Expenses$3,160 – $12,260€2,680 – €11,580

Cost of Living in Monaco: Table of Expenses in 2023

This table of expenses will help you plan your budget for your move to Monaco.

The Cost of living table below An extensive poll of Digital Nomads, Expats, travelers, our personal experience living Here, Locals, and Numbeo users were used to put this together.

The Exchange Rate is $1 USD is Currently equal to 0.94 EUR Currency EUR This estimate is based on a Strict Budget Vs. A luxury Budget in Monaco per Month! The Cost Of Living Per Month In Monaco, is $3,160 – $12,260 (€2,680 – €11,580) Per Month or more, depending on your spending habits! Check out the Currency Converter.

Here is the Table of the monthly budget for two people living in Monaco:

Cost of Living in Monaco per personCost in USD ($)Cost in EUR (€)
Cost of living for a single person in Monaco$3,500 – $6,500€3,000 – €5,500
Cost of living for a couple in Monaco$5,500 – $9,500€4,700 – €8,100
Cost of living for a family of four in Monaco$8,500 – $15,000€7,300 – €12,900
Average Monthly Expenses in MonacoCost in USD ($)Cost in EUR (€)
Average monthly rent for a studio$2,700 – $3,700€2,300 – €3,200
Average monthly cost for food and groceries$400 – $1,000€340 – €850
Average monthly cost for dining out$100 – $300€85 – €255
Average monthly cost for miscellaneous items$500 – $1,500€425 – €1,275
Average monthly cost for utilities$200 – $400€170 – €340
Average monthly cost for transportation$50 – $300€40 – €255
Total average monthly cost of living in Monaco$4,050 – $7,200€3,450 – €6,175
Cost of Living in Monaco ExpensesCost (Monthly) in USDCost (Monthly) In EUR
Cost of Rent and Accommodation$2,500 – $10,000€2,100 – €8,400
Cost of Food and Groceries$500 – $1,000€420 – €840
Cost of Utilities$150 – $300€130 – €250
Cost of Public Transportation$0 – $100€0 – €80
Cost of Private Transportation$500 – $1,000€420 – €840
Cost of Healthcare$100 – $300€80 – €250
Cost of Entertainment$200 – $500€170 – €420
Cost of Clothing and Personal Items$200 – $500€170 – €420
Cost of Activities and Excursions$500 – $1,000€420 – €840

Cost of Rent In Monaco In-Depth Summary And Table of Expenses

Cost of rent and accommodation in Monaco

The cost of accommodation in Monaco is essential for many expats, retirees, digital nomads, and locals. It can vary depending on the apartment type and location you are looking for.

The cost of studio and one-bedroom apartments in Monaco:

  • The cost of a studio apartment in the city of Monaco can range from $2,500 to $5,000 per month (€2,100 – €4,200).
  • The cost of a studio apartment outside the city in Monaco is typically lower, ranging from $1,800 to $3,500 per month (€1,500 – €2,900).
  • If you’re looking for a 1 bedroom apartment in Monaco, the average cost per month in the city ranges from $3,500 to $7,000 (€2,900 – €5,800).
  • Outside the city, the cost of a 1 bedroom apartment in Monaco ranges from $2,500 to $5,000 per month (€2,100 – €4,200).
Cost of an Apartment in MonacoLocationAverage Cost per Month (USD)Average Cost per Month (EUR)
Cost of a Studio in the cityCity$2,500 – $5,000€2,100 – €4,200
Cost of a Studio outside the cityOutside City$1,800 – $3,500€1,500 – €2,900
Cost of a 1 bedroom in the cityCity$3,500 – $7,000€2,900 – €5,800
Cost of a 1 bedroom outside the cityOutside City$2,500 – $5,000€2,100 – €4,200

The Cost of 2 Bedroom Apartment in Monaco:

  • The average cost per month for a 2 Bedroom apartment in Monaco’s city center ranges from $4,000 to $18,000 USD (€3,300 to €14,900 EUR)
  • The Cost of a 2 Bedroom Apartment outside the city center, it ranges from $2,800 to $13,500 USD (€2,300 to €11,100 EUR).
Cost of a 2 bedroom Apartment in MonacoLocationAverage Cost per Month (USD)Average Cost per Month (EUR)
Cost of a 2 bedroom in the city of MonacoCity$4,000 – $18,000€3,300 – €14,900
Cost of a 2 bedroom outside the city of MonacoOutside City$2,800 – $13,500€2,300 – €11,100

The Cost of a 3 bedroom apartment in Monaco:

  • The average cost per month for a 3 Bedroom Apartment in Monaco’s city center ranges from $4,000 to $20,000 USD (€3,400 to €17,000 EUR)
  • The Cost of a 3 Bedroom Apartment in Monaco outside the city center, it ranges from $3,000 to $15,000 USD (€2,500 to €12,000 EUR).
Cost of a 3 bedroom Apartment in MonacoLocationAverage Cost per Month (USD)Average Cost per Month (EUR)
Cost of a 3 bedroom in the city of MonacoCity$4,000 – $20,000€3,400 – €17,000
Cost of a 3 bedroom outside the city of MonacoOutside City$3,000 – $15,000€2,500 – €12,000

The Cost of a Luxury Apartment in Monaco per month:

  • The average cost per month for a luxury apartment in Monaco’s city center ranges from $10,000 to $50,000 USD (€8,400 to €42,000 EUR)
  • The Cost of a Luxury Apartment in Monaco outside the city center the cost ranges from $8,000 to $25,000 USD (€6,700 to €21,000 EUR).
Cost of a Luxury Apartment in MonacoLocationAverage Cost per Month (USD)Average Cost per Month (EUR)
Cost of a Luxury apartment in the cityCity$10,000 – $50,000€8,400 – €42,000
Cost of a Luxury apartment outside the cityOutside City$8,000 – $25,000€6,700 – €21,000

Suppose you’re considering renting an apartment in Monaco. In that case, your best bet is to opt for a monthly rental in person, via Facebook Marketplace, Real estate Monaco rental site, Booking.com, and Airbnb.

  • To save money on your rental and daily expenses, consider looking for an apartment located in a neighborhood with access to local markets, gyms, and restaurants and short walking distances and safe areas.
  • You can also join Facebook groups such as “Digital Nomads in Monaco” or “Expats in Monaco” and Monaco rental group on Facebook to connect with others and potentially find affordable rental options.
  • Alternatively, consider staying at a Hostel, Airbnb, hotel monthly, homestay, guesthouse, or bed and breakfast in Monaco for more affordable rates rather than a costly hotel or tourist location.

Monthly Rent in Monaco: Table of Expenses in 2023

Here is a table of expenses for the Cost of rent and Accommodation in Monaco per month:

Cost of Rent in MonacoCost per Month (USD)Cost per Month (EUR)
Studio Apartment$1,500 – $2,500€1,300 – €2,200
1 Bedroom Apartment$2,500 – $4,000€2,200 – €3,500
2 Bedroom Apartment$4,000 – $7,000€3,500 – €6,100
3 Bedroom Apartment$7,000 – $11,000€6,100 – €9,600
Luxury Apartment$10,000+€9,600+

Average Monthly Rent Expense in MonacoAverage Monthly Rent in USDAverage Monthly Rent in EUR
Average monthly rent for a studio$2,000 – $3,500€1,700 – €3,000
Average monthly rent for a 1 bedroom$3,500 – $6,000€3,000 – €5,200
Average monthly rent for a 2 bedrooms$5,000 – $10,500€4,500 – €9,100
Average monthly rent for a 3 bedrooms$8,500 – $16,500€8,100 – €14,400

Here is a table of estimated costs for rent and accommodation in Monaco:

Accommodation Type in MonacoAverage Monthly Cost in USDAverage Monthly Cost in EUR
Price of a 1 bedroom apartment in city center$3,500 – $6,000€3,000 – €5,200
Price of a 1 bedroom apartment outside city center$2,500 – $4,000€2,200 – €3,500
Price of a studio apartment in city center$2,000 – $3,500€1,700 – €3,000
Price of a studio apartment outside city center$1,500 – $2,500€1,300 – €2,200
Price of a shared room in city center$700 – $1,300€600 – €1,100
Price of a shared room outside city center$500 – $900€400 – €800
Price of a hotel room (3-star)$150 – $350€130 – €300
Price of a hotel room (5-star)$350 – $1,000€300 – €900
Price of a 2 bedroom apartment in city center$6,000 – $10,500€5,200 – €9,100
Price of a 2 bedroom apartment outside city center$4,000 – $7,000€3,500 – €6,100
Price of a 3 bedroom apartment in city center$10,500 – $16,500€9,100 – €14,400
Price of a 3 bedroom apartment outside city center$7,000 – $11,000€6,100 – €9,600
Housing Accommodation Type in MonacoPrice Range per day (USD)Price Range per day (EUR)
Hostel$30 – $60€25 – €50
Budget Hotel$80 – $150€70 – €130
Mid-range Hotel$150 – $350€130 – €300
Luxury Hotel$350 – $1,000€300 – €860
Vacation Rental$100 – $400€85 – €340
Guest House$100 – $200€85 – €170
Bed & Breakfast$80 – $250€70 – €215

Living in Monaco Credible Reliable Sources

Here is a list of Government resources for Visas, Cost of living in Monaco, Tourism Boards, and more to help you with your potential move here! I hope this helps you all as you plan your move here!


Cost Of Transportation In Monaco Summary and Table of expenses

Knowing your transportation options is essential if planning a Monaco trip. Monaco has a well-established transportation system, and visitors can choose from several modes of transportation depending on their budget and preferences.

  • The bus is one of Monaco’s most affordable and convenient transportation options. Monaco has an extensive bus network that runs from early morning until late at night, making it easy to get around the city and nearby areas. Monaco bus rides cost between $2.20 and $3.50 per ride or €2.00 to €3.00.
  • Monaco also has a train station with regular trains to nearby towns and cities in France and Italy for those looking for a faster and more comfortable way to travel. Train rides in Monaco are generally more expensive than buses, with prices ranging from $8.00 to $20.00 per ride or €7.00 to €17.00.
  • Taxis are another popular mode of transportation in Monaco, offering a convenient and comfortable way to travel around the city. Taxis can be hailed on the street or hired from a taxi stand, but they are more expensive than buses and trains, with prices ranging from $20.00 to $50.00 per ride or €17.00 to €43.00.
  • For those who want to explore the surrounding areas of Monaco, renting a car is a good option. Many car rental companies are available in Monaco, with prices varying depending on the type of car and rental period. Car rental prices in Monaco range from $60.00 to $150.00 per day or $1000 per month, or €50.00 to €130.00.
  • Bicycles and scooters are also available for rent in Monaco, providing an affordable and convenient way to get around the city and nearby areas. Bicycle rental prices range from $3.00 to $20.00 per ride or €2.00 to €17.00, while scooter rental prices range from $10.00 to $50.00 per trip or $200 or more per month, or €8.00 to €43.00.
  • Lastly, walking is a great way to explore Monaco if you prefer a more leisurely pace. Many of the major attractions in Monaco are within walking distance of each other, and walking is free. So put on some comfortable shoes, and start exploring!

Here is a detailed table of estimated costs for public transportation in Monaco:

Transportation Options in MonacoDescriptionPrice Range per ride (USD)Price Range per ride (EUR)
BusMonaco has an extensive bus network, with buses running from early morning until late at night. Buses are an affordable way to travel around the city and nearby areas.$2.20 – $3.50€2.00 – €3.00
TrainMonaco has a train station with regular trains to nearby towns and cities in France and Italy. Trains are generally more expensive than buses, but they offer faster and more comfortable travel.$8.00 – $20.00€7.00 – €17.00
TaxiTaxis are readily available in Monaco, and they can be hailed on the street or hired from a taxi stand. Taxis are more expensive than buses and trains, but they offer a convenient and comfortable way to travel around the city.$20.00 – $50.00€17.00 – €43.00
Car RentalMany car rental companies are available in Monaco, and renting a car is a good option if you want to explore the surrounding areas. Prices vary depending on the type of car and the rental period.$60.00 – $150.00 per day or $1000 per month€50.00 – €130.00
Bicycle RentalBicycles are available for rent in Monaco, and they are a great way to explore the city and nearby areas. Prices vary depending on the rental period and the type of bicycle.$3.00 – $20.00€2.00 – €17.00
Scooter RentalScooters are a popular mode of transportation in Monaco, especially during the summer months. They offer a convenient and affordable way to get around the city and nearby areas. Prices vary depending on the rental period and the type of scooter.$10.00 – $50.00 per trip or $200 or more per month€8.00 – €43.00
WalkingMonaco is a small city, and many of the major attractions are within walking distance of each other. Walking is free and provides a great way to explore the city at your own pace.FreeFree

Additionally, here are some other related expenses:

  • Gasoline (1 gallon): around $4 – $7 per gallon.
Monthly Cost Of Gas and Petrol For Scooter in MonacoCost in USDCost In EUR
Average monthly cost for gasoline, Petrol for scooter$30 – $100EUR 25 – 80 EUR

Ultimately, we recommend renting a Scooter This will give you the best experience, and you can explore Monaco this way.


Cost of Food and Markets In Monaco Explained: Table Of Expenses 2023

Monaco is known for its high cost of living, and food expenses are no exception. The cost of food in Monaco can vary depending on your lifestyle, dining preferences, and dietary restrictions. Here is a breakdown of the average monthly costs for food in Monaco:

  1. Local food: Expect to spend around $500 to $800 (€425 to €680) per month on local food, which includes fresh fruits and vegetables, bread, and other locally sourced produce.
  2. Mid-range restaurants: If you prefer dining out, mid-range restaurants will cost you between $45 and $120 (€38 to €102) per meal.
  3. Fine dining restaurants: Fine dining restaurants in Monaco can cost anywhere from $100 to $500 (€85 to €425) per meal, making them a luxurious indulgence.
  4. Groceries: If you prefer cooking at home, you can expect to spend between $300 to $500 (€255 to €425) per month on groceries.
  5. Supermarkets (imported goods): Imported goods at supermarkets can cost between $10 to $100 (€8 to €90).
  6. Street food: Street food options in Monaco are available for around $10 to $25 (€4 to €23).
  7. Specialty food stores: For specialty food items, expect to pay around $10 to $50 (€8 to €42) per item.

Overall, the cost of food in Monaco can range between $400 to $1500 (€375 to €1,400) per month, depending on your preferences and lifestyle. It is worth noting that dining out in Monaco can be quite expensive, so it is recommended to opt for local food and grocery shopping if you want to keep your food expenses in check.

Here is a table of expenses for the Cost of Food in Monaco per month:

Cost Of Food In MonacoAverage Monthly Cost (USD)Average Monthly Cost (EUR)
Local food$500 – $800€425 – €680
Mid-range restaurants$45 – $120 per meal€38 – €102
Fine dining restaurants$100 – $500 per meal€85 – €425
Groceries$300 – $500€255 – €425
Supermarkets (imported goods)$10 – $100€8 – €90
Street food$10 – $25€4 – €23
Specialty food stores$10 – $50€8 – €42
Overall Monthly Cost of Food in Monaco$400- $1500€375 – €1,400
Average Monthly Food Costs in MonacoCost in USDCost in EUR
Local Food Markets, Street food and Local Supermarkets and cheaper dining options$360 – $1,080€330 – €950
Eating out at Mid range restaurants and expensive restaurants per month (No Budget)$720 – $2,600€640 – €2,220

Here is an example table of expenses for the average monthly food and grocery costs in Monaco:

Monthly Food Expenses in MonacoCost in USDCost in EUR
Average monthly cost for groceries$400 – $500€340 – €425
Average monthly cost for dining out$600 – $800€510 – €680
Average monthly cost for miscellaneous food items$50 – $100€43 – €85
Total average monthly cost for food in Monaco$400 – $1,400€360 – €1,190

Here is a table of estimated costs for food and Groceries in supermarkets in Monaco:

Cost Of Food and Groceries In a Supermarket in MonacoEstimated Cost (USD)Estimated Cost (EUR)
Milk (1 liter)$2.40 – $2.90€2.05 – €2.48
Bread (500g loaf)$1.80 – $2.30€1.53 – €1.96
Rice (1kg)$2.30 – $3.00€1.96 – €2.55
Chicken (1kg)$8.00 – $10.00€6.81 – €8.51
Apples (1kg)$3.60 – $4.40€3.06 – €3.74
Oranges (1kg)$3.60 – $4.40€3.06 – €3.74
Eggs (1 dozen)$4.30 – $5.20€3.65 – €4.42
Cheese (1kg)$20.00 – $24.00€17.00 – €20.40
Beef (1kg)$30.00 – $36.00€25.50 – €30.60
Potatoes (1kg)$1.80 – $2.30€1.53 – €1.96
Tomatoes (1kg)$4.50 – $5.50€3.83 – €4.68
Onion (1kg)$2.30 – $3.00€1.96 – €2.55
Water (1.5 liter bottle)$0.80 – $1.00€0.68 – €0.85
Soft drink (1.5 liter bottle)$2.00 – $2.50€1.70 – €2.13
Beer (330ml bottle)$1.50 – $2.00€1.28 – €1.70
Wine (mid-range bottle)$10.00 – $15.00€8.50 – €12.75
Fast food meal$12.00 – $15.00€10.20 – €12.75
Restaurant meal (mid-range)$30.00 – $40.00€25.50 – €34.00

Cost of Utilities in Monaco Summary and Table of Expenses 2023

Here is a detailed breakdown of the estimated monthly cost of utilities in Monaco.

  1. Basic electricity/gas: The estimated monthly cost for basic electricity and gas in Monaco is between $80 and $120 (€70 – €105).
  2. Water: The estimated monthly cost for water in Monaco is between $30 and $60 (€25 – €50).
  3. Internet (Broadband): The estimated monthly cost for internet in Monaco is between $40 and $60 (€35 – €50).
  4. Mobile phone sim card (Prepaid): The estimated monthly cost for a prepaid mobile phone sim card in Monaco is between $20 and $40 (€17 – €35).
  5. Mobile phone plan (Postpaid): The estimated monthly cost for a postpaid mobile phone plan in Monaco is between $60 and $120 (€50 – €100).
  6. Mobile phone plan (Unlimited data): The estimated monthly cost for an unlimited data mobile phone plan in Monaco is between $90 and $150 (€75 – €125).

In summary, the total cost of utilities in Monaco per month ranges between $120 – $350 (€100 – €320). Keep in mind that these are only estimated costs and can vary based on factors such as usage and individual service providers.

Here is an example table of expenses for the average monthly utilities in Monaco:

Monthly Cost of Utilities in MonacoEstimated Monthly Cost (USD)Estimated Monthly Cost (EUR)
Basic electricity/gas$80 – $120€70 – €105
Water$30 – $60€25 – €50
Internet (Broadband)$40 – $60€35 – €50
Mobile phone sim card (Prepaid)$20 – $40€17 – €35
Mobile phone plan (Postpaid)$60 – $120€50 – €100
Mobile phone plan (Unlimited data)$90 – $150€75 – €125
Total Cost of utilities in Monaco$120 – $350€100 – €320

Pros and Cons of Living in Monaco: Is it the Right Choice for You?

Pros of living in Monaco:

  1. No income tax: One of the biggest advantages of living in Monaco is that it has no income tax. This means that residents can save significant money, especially if they earn a high income.
  2. Pleasant Mediterranean climate: Monaco enjoys a mild Mediterranean climate, with long, warm summers and mild winters. This makes it an ideal location for those who enjoy spending time outdoors, as plenty of beaches, parks, and other outdoor recreational activities are available.
  3. Low crime rates: Monaco has a reputation for being a safe and secure place to live. Crime rates are relatively low, and the police force is well-resourced and highly trained.
  4. Excellent healthcare system: Monaco has a high-quality healthcare system, with modern hospitals and well-trained medical professionals. Residents have access to a range of medical services, including specialist care, and the government subsidizes a significant portion of medical expenses.
  5. Safe and secure environment: Monaco is known for its safety and security. The principality has a small police force, which is supplemented by private security firms, and there are numerous surveillance cameras throughout the city-state.
  6. Multicultural and diverse community: Monaco has a diverse community of residents from all over the world. This creates a cosmopolitan atmosphere, with many different languages and cultures represented.
  7. Beautiful coastline and outdoor activities: Monaco’s location on the Mediterranean coast provides residents with access to stunning beaches, sailing, and other water sports. There are also many parks and gardens throughout the principality, providing plenty of opportunities for outdoor recreation.
  8. Luxurious lifestyle with high-end shopping and dining options: Monaco is known for its high-end shopping and dining options, with numerous luxury boutiques, Michelin-starred restaurants, and other exclusive venues located throughout the city-state.
  9. Proximity to major European cities: Monaco is located on the French Riviera, just a short distance from other major European cities such as Nice, Cannes, and Marseille. This makes it easy to travel and explore other parts of Europe.

Cons of living in Monaco:

  1. High cost of living: Monaco is one of the most expensive places to live in the world, with a high cost of living that includes high housing costs, high taxes on goods and services, and high prices for food, entertainment, and other essentials.
  2. Limited land and small living space: Monaco is a small city-state with limited land, which means that living space is at a premium. This can make it difficult to find affordable housing, and many residents live in small apartments or studios.
  3. High population density: Due to its small size, Monaco has a high population density, with many people living in a relatively small area. This can lead to congestion and overcrowding, especially during peak tourist seasons.
  4. Heavy traffic and limited parking: Monaco is known for its heavy traffic, which can make it difficult to get around by car. Parking is also limited and expensive, which can be a challenge for those who rely on a car for transportation.
  5. Crowded during tourist season: Monaco is a popular tourist destination, especially during the summer months. This can make it crowded and busy, with long lines at popular attractions and increased competition for services and amenities.
  6. Limited job opportunities: Monaco has a small job market, with limited opportunities for employment, especially in certain fields. This can make it difficult for some residents to find work or advance their careers.
  7. Limited housing availability: Due to its small size and high demand, housing in Monaco is in short supply.

Pros and Cons of Living in Monaco Table:

Pros Of Living In MonacoCons Of Living in Monaco
No income taxHigh cost of living
Pleasant Mediterranean climateLimited land and small living space
Low crime ratesHigh population density
Excellent healthcare systemHeavy traffic and limited parking
Safe and secure environmentCrowded during tourist season
Multicultural and diverse communityLimited job opportunities
Beautiful coastline and outdoor activitiesLimited housing availability
Luxurious lifestyle with high-end shopping and dining optionsLimited nightlife outside of Monte Carlo
Proximity to major European citiesStrict residency requirements and high cost of property ownership

Leisure, Activities and Things to do in Monaco

There is no shortage of things to do in Monaco. Whether you are interested in history, art, or just want to soak up the sun on the beach, Monaco has something for everyone. In this list, we will explore the 17 best things to do in Monaco that will make your trip to this glamorous city-state unforgettable.

Here are the 18 things to do in Monaco:

  1. Visit the Prince’s Palace of Monaco: This palace is the official residence of the Prince of Monaco and is a popular attraction for tourists.
  2. Explore the Oceanographic Museum: This museum is home to a diverse collection of marine life and exhibits on oceanography and marine conservation.
  3. Stroll around the Old Town: The Old Town of Monaco is a charming and historic district with narrow streets and beautiful architecture.
  4. Take a walk along the Port de Fontvieille: This picturesque harbor is a great place to relax and enjoy the view of the Mediterranean Sea.
  5. Visit the Monaco Cathedral: This impressive cathedral is the final resting place of many Monaco’s royal family members.
  6. Enjoy the Gardens of Monaco: The Jardin Exotique de Monaco and the Princess Grace Rose Garden are two of the most popular gardens in the city.
  7. Check out the Monaco Yacht Show: This annual event is a must-see for yacht enthusiasts and features some of the world’s most impressive luxury boats.
  8. Try your luck at the Casino de Monte-Carlo: This iconic casino is known for its glamour and sophistication, and is a popular spot for high rollers.
  9. Attend the Monaco Grand Prix: This famous Formula One race takes place annually in Monaco and is a major event for racing fans.
  10. Take a scenic drive along the Corniche: This beautiful coastal road offers stunning views of the Mediterranean Sea.
  11. Go shopping at the Metropole Shopping Center: This upscale shopping center is home to many high-end luxury brands.
  12. Visit the Grimaldi Forum: This cultural center hosts a variety of exhibitions, performances, and events throughout the year.
  13. Watch a show at the Opera de Monte-Carlo: This elegant opera house hosts performances by some of the world’s most talented singers and musicians.
  14. Go to the Larvotto Beach: This sandy beach is a popular spot for swimming and sunbathing, offering a beautiful sea view.
  15. Explore the Musée National de Monaco: This museum features a variety of exhibits on Monaco’s history, culture, and art.
  16. Enjoy the Monaco International Fireworks Festival: This annual event takes place in the summer and features spectacular fireworks displays set to music.
  17. Take a day trip to nearby attractions: Monaco is conveniently located near several other popular destinations, including Nice and Cannes, which are worth a visit.

Check out The Best things to do in Monaco here on Viator!


Healthcare Costs in Monaco  

Medical care in Monaco is great, make sure if you need something major done to take a short flight to France Or UK to get your procedure done cheaper.

SafetyWing Insurance is an innovative travel insurance solution designed for travelers, digital nomads, and remote workers. Whether you’re on a gap year, working abroad, or traveling for business, SafetyWing offers a comprehensive coverage plan to keep you protected and secure during your journey.

Here are just a few reasons why you should try SafetyWing Insurance for your next trip:

  1. Global Coverage: SafetyWing insurance covers you anywhere in the world, including countries that many other insurance companies exclude.
  2. Affordable: SafetyWing offers affordable, more cost-effective insurance options than many other travel insurance plans.
  3. Easy to Use: With SafetyWing, you can sign up, manage your policy, and file claims all from the comfort of your phone or computer.
  4. Wide Range of Coverage: SafetyWing offers coverage for a variety of events, including medical emergencies, trip cancellations, lost or stolen property, and more.
  5. 24/7 Support: SafetyWing provides 24/7 support to its customers, so you can get help when you need it, no matter where you are in the world.

We suggest you also have it, especially if you live as an expat and digital nomad in Monaco. We always use SafetyWing for international travel insurance and medical concerns. They start at $45 a month! It’s incredible and always reliable!


Main FAQS Section About Monaco:

What is the monthly cost of living in Monaco?

The cost of living in Monaco on average, is around $3,160 – $12,260 (€2,680 – €11,580) Per Month. This includes rent, food, transportation, and other costs like utilities and phone bills.

What is the Cost Of Living in Monaco Vs USA?

The Cost Of Living in Monaco is around 20% more than living in New York City, USA, and the average monthly Cost of living in Monaco is $3,160 – $12,260 (€2,680 – €11,580) Per Month. in Monaco vs $5500 to $10340 per month living in New York City, United States.

What is the Cost of Accommodation in Monaco?

The Cost of Accommodation in Monaco costs around $2500 to $10,000 per month. from a simple studio to a Luxury 3+ bedroom Condo

What is the best time of year to visit Monaco?

The best time to visit Monaco is during the dry season from April to October.

How Much does it cost to live in Monaco?

On average, living in Monaco costs around $3,160 – $12,260 (€2,680 – €11,580) Per Month.

What is the Cost of Utilities in Monaco?

The Cost of Utilities in Monaco Cost around $100 to $300 per month, depending on your energy consumption!

What is the Cost of Food in Monaco vs USA?

The Cost Of Food in Monaco is 20% More than in New York, United States. Monthly Food Costs in Monaco is from $400 to $1400 per month.

What is the Cost Of Rent in Monaco VS USA?

The Cost of Rent in Monaco is 20% more Than in New York, United States A 1 bedroom apartment in Monaco costs $3000 to $700 per month on average, and 1 bedroom Apartment in New York City, United States, Costs over $2890 per month.

What is the Food Expenses In Monaco?

The Food expenses in Monaco is from $400 to $1400 per month. Make sure to eat the local Food, local Food markets and supermarkets to save money.

What is the Rental Expenses In Monaco?

The monthly rent for a 1-bedroom in Monaco is from $3000 to $7500.

What is the Expenses for a Single Person in Monaco?

The Expenses for a Single Person in Monaco is from $3,160 – $12,260 (€2,680 – €11,580) Per Month for all expenses.

What is the average cost of Rent In Monaco?

The Average cost of rent in Monaco is around $2,000 to $10,100 Per Month in Monaco.

What is the average Cost of Transportation In Monaco?

The average cost of transportation in Monaco is about $5 – $30 USD per day or $40 to $1000 per month, Depending if you use a Bus, Scooter, or personal car.

What is the Cost of Mobile Phone SIM and Internet Data In Monaco?

The Cost of Phone Data and internet from in Monaco is around $25 to $100 per month.

What is the Cost of Food in Monaco?

The Cost of Food in Monaco costs around $400 to $1400 per month; try to eat at the local restaurants and street food for the best and cheapest food to stay on budget!

Is Monaco a good place to live?

Yes, Monaco regularly ranks as one of the Safest and Happiest countries in the world! but of course, you always need to watch what you are doing and keep safety of mind as you would anywhere in the world.

Is it expensive to live in Monaco?

Yes, it is expensive to Live in Monaco you can expect to spend $3,500 to $10,000 per month if you live on a budget and don’t do tourist things. I recommend renting a studio, eating local food, renting a bicycle or scooter, and shopping at the local markets. If you do this you will save a lot of money!

What is the average salary in Monaco?

The Average salary range for people working in Monaco is typically from $4200 to $10,000 per month.

What is a good salary to live in Monaco?

A great Salary to live on in Monaco is around $5000 – $10,000 per month. This will cover all expenses.

Cost Of Living in Monaco Conclusion

We hope that you have found this blog post helpful! We went all out and summarized the cost of living in Monaco and provided a table of expenses, information on rent, accommodation, food costs, videos and more from our time living there as digital nomads!

We will be continually updating this blog post! Also, below are many excellent travel resources that will help you in your Journey around the world and helping you on your journey to Monaco!

Related articles about Monaco:


Travel Resources and Reliable Sources For Monaco

  • Booking Flights: To score insane flight deals, search on Google FlightsSkyscanner. Money-saving tips: fly in the middle of the week, on the weekend; fly carry-on only on a budget airline, and take red-eyes or early morning flights.
  • Tours, tour packages, activities and booking private drivers: We love booking guided tours, especially food and walking tours, to get a local’s perspective and a history lesson while sight-seeing! We reserve our tours using Viator, and GetYourGuide for professional service.
  • Accommodations: We usually stay in budget-friendly vacation rentals, boutique hotels, or private hostel rooms. We use Booking.com to book hotels (we love their flexible cancellation policy) and Hostelworld to book hostels (low deposit, easy change/cancellation, and excellent reviews). We use Airbnb monthly for weekly or monthly rentals, where you can get an entire villa for a monthly fee in for under $400 a month! You can also book vacation rentals on Expedia USAExpedia UKHotels.com, and Vrbo, like Airbnb.
  • Travel Insurance: We always have travel insurance monthly for international trips and living abroad. We STRONGLY suggest that you have it as well, just in case other digital nomads live abroad, and we always use SafetyWing for international travel insurance and medical concerns. SafetyWing is one of the few policies covering Covid-19, and they start at $42 a month! It’s incredible and always reliable! SafetyWing is perfect for Digital Nomads and long-term travelers!
  • Travel Credit Cards
  • Vaccines & Meds: We use the travel guides on the CDC website to research recommended medications and vaccines for international trips. You can get them at your primary care doctor’s office or a walk-in pharmacy.
  • Transportation: We use GetTransfer, and the local Uber-type apps in different countries. Usually, that is GrabGrab.
  • VPN Service: A VPN keeps your digital information (like website login details, bank info, etc.) safe, even when you’re connected to an unsecured network while traveling. Plus, it lets you use Netflix & other streaming sites abroad! We use NordVPN!

If you want to keep up with our travels, go ahead and follow us on our travel page on Instagram @onelifepassport! Comment below what else you would like to know/see about our experiences traveling the world! Also, check out our YouTube Channel!

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