Cost of Living in Monaco: Rent, Housing & Income

Monaco is a city-state on the Mediterranean coast, surrounded by France and covering only a small area. Everything is urban: there is no countryside to compare against, and the rent figures describe the same few districts. The currency is the euro, so the converted amounts move with the euro and dollar exchange rate.

A small market has another consequence. With so few listings, a single unusual apartment can move an average, so treat the rent lines as a guide rather than a precise reading. The data comes from Livingcost, which compiles crowd-sourced price reports, and it is an estimate.

Livingcost lists $1,068/mo for one person without rent and $6,776/mo with it. The gap between those two totals is the largest sign of how housing dominates costs here. Average salary after tax is listed at $9,112/mo.

A one bedroom apartment in a city centre is listed at $6,930/mo, and a cheaper one bedroom at $5,391/mo. A three bedroom in the centre is listed at $7,124/mo, against $6,020/mo for a cheaper one.

The three bedroom figure sits only a little above the one bedroom figure, which is unusual. It likely reflects how few large homes are listed, and it suggests asking prices can differ widely from building to building. Compare several current listings before drawing conclusions.

Because of high rents, a notable share of people who work in Monaco live across the border in France or Italy and commute in. That choice trades a longer trip for lower housing costs, and it is worth pricing out if your employer is in Monaco but you have flexibility on where to sleep.

Utilities for one person are listed at $174/mo, an internet plan at $70.60/mo, and a monthly local transport ticket at $30.70/mo.

The transport line is low compared with the rest of the budget. The principality is small and walkable, with buses, lifts and escalators linking its steep neighborhoods, so many residents manage without a car.

A lunch menu is listed at $24.20 each. A liter of milk is listed at $1.87 each and a dozen eggs at $5.03 each. Grocery prices are higher than in many places but not wildly out of proportion with the rent. Restaurant prices depend on where you eat, and venues near the casino and the harbor cater to visitors.

Everyday life in Monaco is compact. Shops, offices and the harbor sit within a short walk of each other, and public lifts connect the levels of the hillside. That convenience is part of what the housing price buys, and it explains why transport costs so little.

For a family of four, Livingcost lists $9,821/mo including rent and $3,881/mo excluding it. Space is the main problem for families, since large apartments are rare. Schooling and childcare are not itemized, so ask providers directly.

By the housing numbers, yes: the rent lines run in the thousands a month even for the cheaper options. Groceries, bills and transport are a much smaller part of the total. The question for most people is not whether a month of groceries is affordable but whether housing can be.

Eating out is where the budget can spread. Restaurants near the casino square and the harbor charge for the setting, while a short walk away prices can be calmer. Markets and supermarkets are the ordinary way to keep the grocery line down.

1. Price current listings, not averages.
2. Decide whether to rent in Monaco or commute from a neighboring town.
3. Add utilities, transport and food using the lines above.
4. Ask about agency fees and deposits, which are not part of the monthly rent.

• Health insurance and medical costs
• Residence permit requirements and fees
• Agency fees and deposits
• Parking and car ownership
• Taxes, which depend on your status

Monaco has its own residency rules, which can be strict and depend on your situation. Check the Monaco government's official website and speak with a licensed advisor before you plan.