How much does it cost to live in Madrid?

Typical monthly costs in Madrid are approximately €1,200 in rent and €1,100 in other expenses, totalling around €2,300/month.

How much should I save in Madrid?

Based on INE Encuesta de Presupuestos Familiares 2022, people at mid-range incomes in Spain typically save 12–20% of gross income. In a high cost city like Madrid, housing costs can reduce this, particularly for renters.

Madrid · EUR · high cost city

Cost of living in Madrid — is your salary enough?

Madrid median rent reached €1,200/month in 2023, among Spain's highest but well below Western European peers. Madrid's mid-income earners face a moderate housing burden; savings benchmarks are achievable at typical professional salaries.

Rent in Madrid

Budget€900 – €1,100/mo

Typical€1,200 – €1,400/mo

Premium€1,600+/mo

Other monthly costs

Food, transport, bills, going out~€1,100/mo

Total typical monthly spend~€2,300/mo

How different incomes stack up

At typical Madrid costs (€1,200 rent)

€18,000 – €27,000→ saving -61.4%

Critical

€27,000 – €38,000→ saving -11.8%

Critical

€38,000 – €55,000→ saving 15.2%

On Track

See your personal verdict for Madrid

Country

Annual income (gross)€32,500

€8,000€124,000€240,000+

Monthly rent or mortgage€1,200/mo

€0€4,000€8,000+

Other monthly expenses

Food, transport, subscriptions, going out — everything except rent

€1,200/mo

€0€2,650€5,300+

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Cost figures are estimates based on reported median rents and typical spending patterns. Savings benchmarks from INE Encuesta de Presupuestos Familiares 2022. Figures in EUR.

Check your savings rate in Madrid →

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Also in the Verdict suite

SalaryVerdict — Is your Madrid salary competitive?SpendVerdict — Is your Madrid rent too high?