2024 Updated Price List on the Cost of Living in Mumbai

The cost of living in Mumbai is very different from that of the rest of India. Though Mumbai is a less expensive city than other major cities, it still has a high cost of living compared to many locations around the world. If you are looking for someplace else to live in India but are worried about your costs, consider moving to Mumbai.

History of Mumbai

Mumbai, the financial capital of India, is known for its rich history and culture. The city has a long and colorful history dating back to the early 1600s when the Portuguese traders established trading posts along the coast. The British took over in the late 1800s and Mumbai became one of their most important colonial outposts. Over time, Mumbai grew into a major port city and commercial center.

During World War II, Bombay was occupied by the Japanese forces. Following the war, Mumbai became an important hub for trade and commerce in India. In 1992, Mumbai was declared a global city by UNESCO. Today, Mumbai is one of the most populous cities in India and is home to a diverse range of people from all over India and around the world.

Mumbai is known for its high cost of living relative to other Indian cities. However, many affordable neighborhoods offer excellent quality of life. The cost of living can be reduced by taking advantage of inexpensive housing options like shared apartments or rooms in homes with other families.

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Benefits of Living in Mumbai

  • Thriving Culture:

Mumbai is a culturally rich city with plenty of attractions and activities to keep you entertained. From art galleries and museums to nightlife options and festivals, there’s always something new to experience.

  • Affordable Living:

The cost of living in Mumbai is quite low when compared to other major cities around the world. This means that you can afford to live comfortably without having to sacrifice too much on your lifestyle.

  • Wide Range of Employment Opportunities:

Mumbai is home to a wide range of industries, so there are plenty of employment opportunities available no matter what your skill set may be. Whether you’re looking for a career in business or engineering, you’ll be able to find what you’re looking for in Mumbai.

  • Friendly Atmosphere:

The people of Mumbai are friendly and welcoming, making it easy to make new friends and connections. Whether you’re looking for social activity or just someone to chat with during your day, the locals will have plenty to offer.

Mumbai’s Gross Domestic Product

Mumbai is one of the most popular tourist destinations in India and it’s no wonder that the cost of living in Mumbai is high. According to Numbeo, the average cost of living in Mumbai is $1,263 per month. This doesn’t include rent or utilities, which can add another $200 to $300 per month to your bill.

When you take into account all expenses, including food, transportation, and entertainment, a basic budget for a single person in Mumbai would be around $2,500 per month. This figure does not include expensive items like luxury hotels or restaurants. If you are looking to live a more comfortable lifestyle, your budget will likely be closer to $5,000 per month.

In addition to the high cost of living, Mumbai also has high taxes. The city collects an estimated 9% tax on income and 4% tax on property values. These rates are among the highest in India and they can quickly add up if you are earning a salary or own a property in Mumbai.

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Different Costs of Living in Mumbai

  • Cost of Feeding

Mumbai is one of the most expensive cities in the world to live in. It’s more than double the average cost of living in a city in India. The high cost of living means that Mumbai residents have to spend a lot of money on food. Here are some costs associated with feeding a family in Mumbai:

Food Prices: According to Numbeo, the average price of food in Mumbai is around ₹1,000 per day. This means that a family of four would need to spend around ₹4,000 per month on food just to cover their basic needs.

Grocery Bills: Grocery bills can easily exceed ₹1,000 per month for a family of four. This means that they will also need to spend an additional ₹4,000 per month on other necessary items like clothing and transportation.

Meal preparation Costs: Preparation costs for meals can also be expensive in Mumbai. A typical meal might require ingredients such as spices and oil, which can cost up to ₹50 per item. Therefore, a family would need to spend an additional ₹1,500 on meal preparation each month just to cover their expenses.

  • Cost of Accommodation

Mumbai, the financial capital of India, is a bustling metropolis with an array of accommodation options to suit all budgets. From budget-friendly lodgings to luxurious five-star resorts, there’s something for everyone in Mumbai.

Here are three affordable options for lodging in Mumbai:

  1. Stay at a Hotel: If you’re looking for convenience and affordability, staying at a hotel is your best bet. There are numerous hotels in and around Mumbai that offer reasonable rates and good-quality accommodations. Prices start from around Rs 1,000 per night.
  2. Stay with Family or Friends: If you’re not too keen on staying in a hotel, another option is to stay with family or friends. You can either stay with them for the duration of your stay in Mumbai or arrange for temporary accommodation while you’re here. This second option can be cheaper than staying at a hotel, but it may not be as comfortable or convenient. Prices start from around Rs 500 per night.
  3. Find an Apartment Rental: If you want to find something closer to the action but don’t want to spend too much money, consider apartment rentals in Mumbai. There are plenty of properties available that range from affordable to luxury options, so you can find exactly what you’re looking for no matter your budget. Prices start from around Rs 2,000 per month.

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  • Cost of Transportation

For expatriates and tourists alike, one of the biggest costs of living in Mumbai is transportation. The city has a fleet of buses, trains, and metros that make getting around easy. However, Mumbai’s transport system can be quite expensive for those who aren’t used to it. Here are some tips for staying on budget while traveling in Mumbai:

  • Take public transportation if possible. Mumbai’s public transport system is extensive and cheap. Buses cost Rs.2 (US$0.30) and the metro fares are Rs.5 (US$0.90). Trains are also reasonably priced, costing Rs.10 (US$1.50) for a half-hour ride.
  • Plan your route carefully beforehand. A map of Mumbai’s transit system is available online or at most major tourist destinations in the city. Knowing which bus or train to take can save you a lot of time and money in the long run!
  • Keep an eye on your pockets – scams are common in Mumbai! Be careful when boarding buses or trains, especially at night when thieves may try to take your belongings without you realizing it.”
  • Cost of Healthcare

When it comes to living in Mumbai, the cost of healthcare is high. Healthcare in India is generally very expensive, and that includes healthcare in Mumbai. The average monthly salary in Mumbai is around Rs. 25,000, which doesn’t go far when it comes to medical bills.

The good news is that there are some ways to reduce the cost of healthcare in Mumbai. One way is to use public hospitals. Public hospitals are usually cheaper than private hospitals, and they also offer better services. Another way to save on healthcare costs is to get insured. Insured patients usually pay less for their care than uninsured patients do, and they also tend to receive better treatment.

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When it comes to the cost of living, Mumbai is one of the more expensive cities in India. However, with a little dedication and planning, you can find ways to live well on a budget. If you’re looking for ways to save money while living in Mumbai, be sure to read this article to have more knowledge on how to reduce unwanted costs from your budget.

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