Although Mumbai is a less expensive city than other major cities, it still has a high cost of living compared to many countries worldwide. If you’re looking for another place to live in India but are worried about your costs, consider moving to Mumbai.
The story of Mumbai
Mumbai, India’s financial capital, is known for its rich history and culture. The city has a long and colourful history dating back to the early 1600s, when Portuguese merchants created trading posts along the coast. The British took power in the late 1800s and Mumbai became one of their most important colonial outposts. Over time, Mumbai grew into a major port city and shopping centre.
During World War II, Bombay was occupied by Japanese forces. After the war, Mumbai became an important centre 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 the entire world.
Mumbai is known for its high cost of living compared to other Indian cities. However, many affordable neighbourhoods offer excellent quality of life. The cost of living can be reduced by taking advantage of cheap housing options like shared apartments or rooms in homes with other families.
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 worldwide. 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, regardless of what your skill set may be. If you are looking for a career in business or engineering, you will be able to find what you are looking for in Mumbai.
- Friendly atmosphere:
Mumbai people are friendly and welcoming, making it easy to create new friends and connections. Whether you’re looking for social activity or just someone to chat with during your day, locals will have a lot to offer.
Mumbai Gross Domestic Product
Mumbai is one of the most popular tourist destinations in India and it’s no surprise that the cost of living in Mumbai is high. According to Numbeo, the average cost of living in Mumbai is $1,263 a month. This does not include rent or communal utilities, which can add $200 to $300 a 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 about $2,500 a month. That figure doesn’t include expensive items like luxury hotels or restaurants. If you’re looking to live a more comfortable lifestyle, your budget is likely to be closer to $5,000 a month.
Various costs of living in Mumbai
- Cost of nutrition
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. Here are some costs related to 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 will have to spend around ₹4,000 ₹ a month on food just to cover their basic needs.
Grocery bills: Food bills can easily exceed 1,000 ₹ per month for a family of four members. This means they will also have to spend an extra ₹4,000 per month on other necessities such as clothing and transport.
Meal preparation costs: The costs of preparing for meals can also be expensive in Mumbai. A typical meal may require ingredients such as spices and oil, which can cost up to 50 ₹ per item. Therefore, a family will have to spend an extra ₹1,500 ₹ on meal preparation each month just to cover its expenses.
- Housing Costs
Mumbai, India’s financial capital, is an active metropolis with a range of accommodation options that suit all budgets. From budget-friendly accommodations to luxury five-star resorts, there’s something for everyone in Mumbai.
Here are three affordable options for accommodation in Mumbai:
- Staying in a hotel: If you’re looking for convenience and affordability, staying in a hotel is your best bet. Many hotels in and around Mumbai offer reasonable prices and good-quality accommodations.
- Stay with family or friends: If you’re not very 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 temporary accommodation while you are here. This second option may be cheaper than hotel stays, but it may not be as comfortable or convenient. Prices start at around 500 rubles per night.
- Find a rental apartment: If you want to find something closer to the action but don’t want to spend a lot of money, consider apartment rentals in Mumbai. There are many properties available ranging from affordable to luxurious options, so you can find exactly what you’re looking for no matter your budget. Prices start from around Rs 2,000 per month.