Bangalore is a vibrant city known for its booming IT industry, pleasant weather, and rich cultural heritage. It attracts professionals from all over the world. However, before moving to this bustling metropolis and searching for independent homes, a 1bhk house, or a cosy studio apartment for rent in Whitefield or HSR Layout, it is essential to understand the cost of living and its various aspects. The blog will list the top five things every potential Bangalore resident needs to know about the cost of living in the city.
Top 5 things to know about the cost of living in Bangalore:
As one of the fastest-growing cities in Asia, Bangalore is seeing a rapid rise in the number of individuals from different parts of the city. It is estimated that around 40-50% of the resident's salary goes for rent, 30% on other expenses and 10-20% goes into savings. The following are costs to consider while moving here:
Housing Costs: The cost of housing in Bangalore varies on location and accommodation type. The city offers many options, from affordable suburban apartments to luxurious villas in upscale neighbourhoods. Whitefield, Electronic City, HSR Layout, BTM Layout, Jayanagar and more are popular rental housing localities in the city. Individuals looking for an apartment for rent in Whitefield can look at localities closer to their IT offices. Rent prices constitute a significant portion of living expenses, and it is advisable to research thoroughly and consider factors such as proximity to workplaces, transportation, and amenities while making housing decisions. The average rent for a 1BHK will start from INR 11,000/- with an average electricity bill of around INR 2,000/-.
Transportation Expenses: Bangalore's traffic congestion is notorious, and commuting can be time-consuming and costly. The city has an extensive public transportation system, including buses, auto-rickshaws, and a metro rail network. Bangalore's public transportation is relatively affordable and can be a cost-effective option for daily commuting. However, if there is a preference for private transport, owning a car or using ride-hailing services like Uber and Ola may add significantly to the monthly expenses, considering fuel costs, parking fees, and maintenance expenses. Most people look for a 1BHK house or a studio apartment closer to their place of work. Monthly BMTC bus pass start from INR 1,500/-.
Food and Dining: Bangalore is a food lover's paradise, offering a diverse culinary scene that caters to every palate. The cost of food and dining can vary depending on your preferences and choices. While eating at local street food stalls and small restaurants can be inexpensive, dining at upscale establishments and international chains can be relatively more expensive. Additionally, cooking at home and buying groceries from local markets and supermarkets can help save money. Exploring the city's numerous affordable eateries and experimenting with local cuisine can be an exciting and budget-friendly way to enjoy Bangalore's food culture. Monthly groceries start from INR 1,500/- and can go up to INR 5,000/-, depending on the individual and their family.
Healthcare Expenses: Bangalore boasts a robust healthcare system, with numerous hospitals, clinics, and specialized medical facilities. The cost of healthcare services varies with the treatment types and hospitals in the locality. It is advisable to have health insurance to cover medical expenses and emergencies. Premiums for health insurance plans may vary based on coverage, age, and medical history. Researching and comparing different insurance providers can help you find a suitable plan that meets your needs and budget.
- Lifestyle and Entertainment: Bangalore offers a vibrant lifestyle with many entertainment options. There is something for everyone, From shopping malls to movie theatres to pubs and clubs. The cost of entertainment can vary widely depending on personal choices and preferences. While entry fees for clubs and excellent venues can be high, plenty of affordable or accessible events, parks, and cultural festivals offer a taste of the city's rich heritage. Exploring these options can help strike a balance between entertainment and budget. To live comfortably in the city, the individual must have an income between INR 20,000/- to INR 40,000/- per month. As per PayScale reports, the average salary of individuals residing in Bangalore is 6LPA.